Binance Assists Royal Thai Police in Recovering $277 Million From Scams

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Last Updated on October 4, 2023 by Bitfinsider

Inspector at the CCIB, Police Lieutenant Colonel Thanatus Kangruambutr, commended Binance as an essential ally in their fight against cybercrimes and cryptocurrency frauds.

Head of Financial Crime Compliance at Binance, Tigran Gambaryan, reaffirmed the exchange’s commitment to working with international law enforcement agencies to combat cryptocurrency scams.

Rebuilding faith in the ecosystem of digital assets and securing the exchange’s position as a crucial ally in the fight against these frauds are the objectives.

Hackers, cybercriminals, and cryptocurrency scammers move quickly, and their phishing and exploit strategies also change quickly.

The average cost of a data breach in the US increased somewhat from $9.44 million to $9.48 million in comparison to the prior year, according to Statista.

In 2023, the average cost of a data breach was $4.45 million worldwide. $332 million was lost in September due to cryptocurrency exploits, hacks, and scams; exit scams were responsible for $1.9 million of the losses, flash loans for $0.4 million, and exploits for $329.8 million. Scammers and hackers have targeted CoinEx and similar projects all year long.

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