Cryptocurrency exchange Binance recently announced that it had assisted Thai police in recovering $277 million from a fraudulent activity. This is a major step forward in the fight against cryptocurrency-related crime, and it demonstrates the power of blockchain technology to help law enforcement agencies track down criminals.

The fraud was perpetrated by a group of criminals who had created a fake cryptocurrency exchange called “Modern Tech”. The group had used the exchange to scam investors out of their money by promising high returns on investments. The criminals had also created their own cryptocurrency, called “Ifan”, which they used to facilitate the fraud.

Binance was able to help the Thai police track down the criminals by using blockchain technology. Blockchain is a distributed ledger technology that records transactions in a secure and immutable manner. By using blockchain, Binance was able to trace the transactions made through the Modern Tech exchange and identify the criminals responsible for the fraud.

The recovery of the $277 million is an important step in the fight against cryptocurrency-related crime. It shows that blockchain technology can be used to help law enforcement agencies track down criminals and recover stolen funds. It also demonstrates the power of collaboration between law enforcement agencies and cryptocurrency exchanges.

Binance’s assistance in this case is a testament to its commitment to fighting cryptocurrency-related crime. The company has also implemented a number of measures to ensure that its platform remains secure and free from fraud. These measures include Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, as well as stringent security measures to protect user funds.

The recovery of $277 million from fraudulent activity is an important milestone in the fight against cryptocurrency-related crime. It shows that blockchain technology can be used to help law enforcement agencies track down criminals and recover stolen funds. It also demonstrates the power of collaboration between law enforcement agencies and cryptocurrency exchanges. Binance’s assistance in this case is a testament to its commitment to fighting cryptocurrency-related crime, and it is a major step forward in the fight against fraud.