Crypto exchange Binance collaborated with the Royal Thai Police and the U.S. Homeland Security Investigation (HSI) to expose and dismantle a significant "pig butchering" scam.

This operation led to the arrest of key members of the criminal network and the seizure of assets worth approximately $277 million.

The development comes ahead of Benzinga's Future of Digital Assets conference on Nov. 14, which is set to discuss the evolving landscape of digital currencies and their impact on global finance.

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The term "pig butchering" refers to a hybrid investment-romance fraud that targets inexperienced investors. Scammers build trust with their victims, encouraging them to invest in sham platforms. Or, as Wired explains, attackers "fatten victims up and then take everything they’ve got."

They then display fake profits to entice further investments and often trick victims into paying additional fees under the guise of "taxes" for fund withdrawals.

Ultimately, the fraudsters vanish with all the invested funds.

The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, with intelligence from Binance and HSI, arrested five main culprits behind this scam.

The seized assets included luxury cars, homes, land, and other high-end items.

Since the crackdown, over 3,200 victims have approached authorities seeking compensation.

Police Lieutenant Colonel Thanatus Kangruambutr, from Thailand's Cyber Crime Investigation Bureau, praised the collaboration.

“We appreciate Binance’s significant contribution to the disruption of this criminal group. Through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals," Kangruambutr said.

Furthermore, Binance's involvement was not limited to this case.

The exchange played a key role in identifying another vast crypto scam led by a network of transnational criminals. This investigation led to arrests across multiple Thai provinces and the confiscation of numerous illicit assets.

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the importance of such partnerships. He added, “Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity."

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