Binance CEO Richard Teng confirmed the exchange's involvement in a multinational operation that froze nearly $50 million in cryptocurrency linked to pig butchering scams. The crackdown, conducted in collaboration with Asia-Pacific (APAC) law enforcement, blockchain analytics firm Chainalysis, and stablecoin issuer Tether, successfully prevented $47 million in USDT from being cashed out.
According to investigations, scammers operated between November 2022 and July 2023, using sophisticated methods to build trust with victims over months before persuading them to invest in fake platforms. Funds were shuffled through multiple wallet layers to obscure origins before being consolidated into five addresses holding approximately $47 million in USDT. In June 2024, Tether froze these assets following intelligence shared by Chainalysis, with Binance and OKX helping confirm wallet links to scam activity.
Teng praised the operation as evidence of Binance's deeper cooperation with global partners, stating: "Proud of our team's work in a major international operation... This is what it means to build a safer ecosystem for all." The action mirrors a similar 2023 case where Tether and OKX assisted the U.S. Department of Justice in freezing $225 million tied to human trafficking.
Pig butchering scams have cost victims billions worldwide, with $3.6 billion lost to such schemes in 2024 alone. The operation represents one of the largest fraud crackdowns this year and highlights growing industry-law enforcement collaboration against financial crime.