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Binance helped Dutch authorities in an investigation that led to the seizure of assets worth millions of euros and the arrest of a 26-year-old man on suspicion of online fraud, the outlet reported Dutch NOS.
Luxury cars and cryptocurrency seized
Dutch authorities, alongside the Fiscal Information and Investigation Service (FIOD), have seized assets totaling €11.4 million, including a luxury car and cryptocurrency holdings, as part of the 'investigation. The saga involves a multi-million euro scam via an online platform, ZKasino.
Binance mentioned on
#Binance is proud to have supported the Dutch authorities in the investigation into a game release scam. Our investigation team contributed to the recovery of millions of euros. Find out more in this article from Dutch national media NOS 👇https://t.co/61jqNcCrzN
– Binance (@binance) May 3, 2024
The culprit is suspected of being involved in the online monetary deposit platform. FIOD mentioned that ZKasino promised investors lucrative returns within 30 days. The scale of the alleged fraud is enormous, with over $30 million believed to have been funneled into ZKasino globally.
The investigation, triggered by information from various sources including Binance, began following concerns raised regarding ZKasino's operations. The collaboration between FIOD and a division of Binance proved useful in securing millions of euros in crypto assets. However, the possibility of recovering all the funds remains uncertain.
Seek recourse for victims
While hoping for restitution, the FIOD stressed the need for cooperation from those involved in the scam and urged victims seeking to recover lost investments to approach the authorities.
Last year, Binance helped Thai law enforcement combat major cryptocurrency scams plaguing the region. Working closely with the Cybercrime Investigation Bureau of the Royal Thai Police, Binance's investigation team has helped dismantle criminal networks such as the infamous “pig butchery” scheme that affected thousands victims in Thailand.
#Binance helps Royal Thai Police crack down on criminal networks | @Binance Blog https://t.co/GzMGjTlzmI
– CZ 🔶BNB (@cz_binance) October 3, 2023
Through this collaboration, five key members of a criminal group were arrested and assets totaling approximately 10 billion Thai Baht (THB) (approximately $277 million) were seized. These assets include luxury cars, houses and land. Additionally, more than 3,200 victims have come forward to seek compensation for their losses.
In addition to the successful crackdown on the “pig butchery” scam, Binance played a crucial role in disrupting another large-scale crypto scam involving a vast network of transnational criminal entities. This operation led to arrests at 30 locations and the seizure of illicit assets, including luxury residences, vehicles and cash.
This article was written by Jared Kirui at www.financemagnates.com.
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