Binance helped freeze $47 million in assets of fraudsters.

# Binance helped freeze the assets of fraudsters worth $47 million.

Law enforcement agencies in the Asia-Pacific region have frozen nearly $50 million in illegal funds with the support of Binance, Chainalysis, and other participants in the crypto industry.

Proud of our team's work in a major international operation. By collaborating with @Chainalysis and APAC authorities, we helped freeze ~$50M, protecting vulnerable victims from sophisticated scams.

This is what it means to build a safer ecosystem for all.

— Richard Teng (@_RichardTeng) August 29, 2025

The collective investigation concluded in June 2024, and its details were shared in Binance only now.

The seized assets are linked to a fraudulent "pig butchering" scheme. The term means that the perpetrators "fatten up" the victim over a long period before deceiving them. The criminals build trust and then encourage investment in fake projects before disappearing with the money.

Chainalysis experts used blockchain analytics tools to track the transactions of dozens of victims of the scheme from November 2022 to July 2023. Ultimately, the experts linked the operations to the wallets of the perpetrators, which contained $47 million in USDT.

Source: Chainalysis. The information obtained was passed on to law enforcement agencies, which demanded that the stablecoin issuer freeze the funds. The prompt blocking of assets prevented the conversion of the fraudsters' earnings into fiat.

"Our collaboration with these organizations highlights the crucial role of public-private partnerships in curbing criminal activities and working on compensation payments to victims," said Erin Fracolli, head of the intelligence and investigations department at Binance.

The company noted that "pig butchering" is a global problem that extends far beyond the crypto industry, but it is the blockchain technology that offers effective tools to combat fraudulent schemes.

Recall that in August, Binance, Coinbase, Kraken, and other exchanges established the Beacon Network — the first real-time cryptocurrency crime response system.