Binance announced that it collaborated with Asia-Pacific (APAC) law enforcement, Chainalysis, and stablecoin issuers to freeze nearly $50 million associated with pig butchering scams. This announcement was made in a press release.
According to Binance’s press release, pig butchering scams are a form of long-term fraud where criminals build trust with victims before convincing them to invest in fraudulent opportunities. The company emphasized that while these schemes are increasingly linked to cryptocurrency, they are an extension of older investment and romance fraud models that have existed for decades. Binance positioned its involvement in the investigation as part of a broader mission to enhance trust in digital assets by strengthening security and sharing expertise with global partners.
Chainalysis investigators utilized blockchain analytics to trace victim transfers from dozens of individuals between November 2022 and July 2023. They mapped the flow to multiple consolidation wallets and ultimately identified five final Tether (USDT) addresses holding nearly $47 million. As part of the scheme, scammers even sent small amounts—such as $63,900 in one case—back to victims to create the illusion of legitimate returns and prolong the fraud. This detailed tracing work underscores how blockchain intelligence tools were pivotal in uncovering and mapping the scam network.
Following the intelligence sharing, APAC law enforcement instructed stablecoin issuer Tether to freeze the identified funds in June 2024, effectively preventing the scammers from converting them into fiat currency. This collaboration—between Binance, Chainalysis, stablecoin issuers, and regional authorities—resulted in nearly $50 million in illicit USDT being held and blocked from further movement. Multiple independent outlets confirmed how this public-private partnership achieved a major disruption of a cross-border crypto scam.
Binance is a major global cryptocurrency exchange founded in 2017, offering trading, blockchain infrastructure, and compliance solutions. According to WIRED, the company has emerged as the most regulated exchange globally, securing regulatory approvals in more jurisdictions than its competitors. This emphasis on compliance and multi-jurisdictional licensing supports its broader mission to protect users and foster trust in the digital asset ecosystem.
