Indonesia’s Criminal Investigation Agency (Bareskrim), in collaboration with Binance and Tokocrypto, has successfully dismantled a significant cryptocurrency fraud operation, seizing $200,000 in ill-gotten funds. The operation, which began in November 2023, was part of an investigation into a suspected trading crypto fraud, revealing a complex pig butchering scam network.
The fraud operation involved a crypto trading website that was discovered to be a front for siphoning funds. Bareskrim arrested several individuals managing the accounts that received the stolen assets. Investigators seized around 50 mobile phones, numerous local bank cards, and various banking apps found on the suspects’ devices. While the suspects refused to cooperate regarding the cryptocurrency wallets under their control, forensic analysis by authorities led to the identification of key wallet addresses linked to the fraudulent activities.
Recognizing the complexity of the case, Bareskrim sought assistance from Tokocrypto, which referred the matter to Binance’s Financial Intelligence Unit (FIU). Binance’s FIU played a critical role by providing in-depth analysis, helping identify and freeze the assets, and ensuring the funds could be recovered.
Nils Andersen Röed, Head of Binance FIU, emphasized the importance of collaboration in such cases, stating, “By maintaining open communication with global law enforcement agencies, we were able to work with Bareskrim and take valuable action. Together, we can track and seize illicit funds, helping maintain the integrity of the cryptocurrency ecosystem.”
Ferry Maulana, a Bareskrim investigator, praised the success of the operation, saying, “The partnership with Binance FIU and Tokocrypto was essential in uncovering this fraud and holding those responsible accountable.”
The investigation is ongoing, with authorities pursuing additional leads uncovered during the operation. Azizah Mutia Karim, Tokocrypto’s VP of Legal, Compliance & Government Relations, reaffirmed the platform’s commitment to combating financial fraud, stating, “This case demonstrates the power of collaboration in uncovering fraudulent activities and protecting the public.”
Binance remains committed to working with global law enforcement to ensure the security of the cryptocurrency ecosystem. In 2023 alone, Binance’s FIU processed over 58,000 law enforcement requests, further solidifying its role in protecting users worldwide.
