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Crypto exchanges Binance and Tokocrypto collaborated with Indonesian law enforcement to crack down on a crypto scam, seizing $200,000 in stolen assets. “During the investigation, multiple individuals involved in managing the accounts that received the stolen funds were arrested,” Binance stated.
Binance and Tokocrypto Help Bust Major Crypto Fraud in Indonesia
Crypto exchange Binance announced on Monday that it had worked alongside Tokocrypto and Indonesian authorities to expose a cryptocurrency scam, resulting in the recovery of $200,000. The joint operation, involving Indonesia’s Criminal Investigation Agency (Bareskrim), led to the identification of multiple suspects and the recovery of stolen funds. Tokocrypto, a leading Indonesian cryptocurrency exchange backed by Binance, played a critical role in supporting the investigation.
The investigation, which began in November 2023, focused on a suspected trading fraud tied to a pig butchering scam. The announcement details:
During the investigation, multiple individuals involved in managing the accounts that received the stolen funds were arrested.
Authorities seized around 50 mobile phones, local bank cards, and digital evidence linking the suspects to stolen funds. Tokocrypto initially assisted before referring the case to Binance’s Financial Intelligence Unit (FIU). Binance’s FIU contributed by freezing assets and analyzing data.
Binance explained:
The seized funds, totaling $200,000, were handed over to law enforcement. One account holder was arrested in connection with the case.
The investigation is still ongoing, with authorities pursuing additional leads. Tokocrypto’s VP of Legal, Compliance & Government Relations, Azizah Mutia Karim, emphasized: “This case is a testament to the power of collaboration in uncovering fraudulent activities.” In 2023, Binance’s FIU processed 58,000 law enforcement requests globally, underscoring its role in combating crypto-related crimes.