Binance helped crack the cross-border Ransom Forkcrypt networks as it freezes assets, tracks blockchain trails and demolishes $3.75 million laundry rings hidden in the casino.
Binance neutralizes Crypto Laundering Hub hidden in Junket-Casino Labyrinth
Crypto Exchange Binance announced on June 13 that the Financial Information Unit (FIU) supported Philippine law enforcement in dismantling a sophisticated lure operation that includes $3.75 million laundered through Cryptocurrency. Criminals moved ransom payments through casino junket operators before spreading funds across digital asset channels. With Binance’s cooperation, investigators were able to identify suspects and track the flow of illegal funds on the blockchain.
Binance CEO Richard Teng commented on social media platform X on June 13th.
When ciphers are misused, we step up. Our team worked with Philippine authorities to track a $3.75 million crypto ransom, identify suspects, and flowed through intelligence tools.
The Philippine National Police Anti-Reserve Group encountered challenges in tracking tiered transactions due to the involvement of private junket operators. These operators served as intermediaries and helped obfuscate the financial path before the funds reached the crypto wallet. Law enforcement officials emphasized the importance of Binance’s support. “The ransom fund was fragmented at several addresses before it finally reached the crypto wallet. Binance’s rapid support was important to advance the investigation.”
In addition to providing analysis, Binance disrupts its laundry operations by locking in the associated assets. The crypto exchange states:
Our team also freezes over $3.5 million with associated crypto assets, disrupting the network’s financial infrastructure. Lynn was later arrested and pleaded guilty in US federal court to drug conspiracy, money laundering and misleading drug distribution.
Binance noted that similar efforts have helped dismantle cybercrime networks in Thailand and Malaysia. While digital currencies present new challenges for global enforcement, Crypto supporters argue that blockchain transparency provides a novel way of law enforcement to detect and disrupt illegal finances.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
