PANews reported on August 28 that Binance disclosed that in June 2024, law enforcement agencies in the Asia-Pacific region froze nearly $50 million of illegal funds after a multi-stakeholder investigation supported by Binance, Chainalysis, and other industry partners. In the case that year, the Chainalysis investigation team used Blockchain analysis technology to track the flow of funds related to another active scam network in Southeast Asia. They tracked transactions of dozens of victims from November 2022 to July 2023, identifying a series of consolidated wallets controlled by scammers. The criminals centralized the funds into a main wallet and redistributed them to five final wallets through intermediate addresses, collectively holding nearly $47 million in USDT. To prolong the scam, the scammers would also return a small amount of funds. After receiving intelligence, the Asia-Pacific law enforcement agencies instructed stablecoin issuers to freeze the funds in June, and investigators acted quickly to prevent the conversion of the illegal proceeds.
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