Binance CEO breaks silence with a $47 million USDT freeze

Binance CEO Richard Teng confirmed that the exchange has frozen nearly $50 million in cryptocurrency linked to the so-called “pig slaughter” scam. The operation included Asia-Pacific Region (APAC), chain dialysis, and law enforcement agencies for stubcoin issuers, which prevented them from winning as much as $47 million.

This is one of the biggest fraud oppressions of the year. Pig slaughter fraud usually targets unsuspecting victims for weeks or months and slowly builds trust through online communication before pressured to invest in fake platforms.

Once deposits are created, the funds are shuffled through multiple layers of wallets, obscuring their origins.

In this case, chain melting led to dozens of transfers being tracked by the integrated wallet, then to five addresses holding about $47 million in USDT. In June, authorities moved decisively to freeze these assets, preventing conversion into Fiat currency.

Binance is official

Interestingly, last week Binance joined Coinbase, Ripple and others to launch Beacon Network, a real-time system that tracks and blocks stolen cryptocurrencies across the industry.

Development will allow trading on offshore platforms in parallel with reviewing CFTC rules. By working closely with authorities and showing their ability to destroy fraud, Binance appears to be unisolated from US regulations, allowing American users to access not only Binance.us but also global exchanges.

Binance uses this case as evidence of deeper collaboration with global partners. According to Teng, the initiative clearly shows how public-private partnerships protect users and disrupt increasingly sophisticated fraud schemes that operate on a global scale.