Binance’s $1.6m crypto trace leads Malaysian police to kidnappers

Binance, together with the Royal Malaysian Police, successfully tracked down the $1.6 million ransom paid for the release of a 59-year-old businessman.

The leading cryptocurrency exchange cooperated with Malaysian law enforcement to track down part of the $4.5 million ransom paid by the victim’s family. According to the statement made by Binance, the investigation led to the detention of 14 people connected to the case.

The victim was abducted on his way to the airport in the early morning hours of October 13. He was released that day after a ransom was paid in a combination of cryptocurrency and cash.

Researchers from Binance’s Financial Intelligence Unit used advanced blockchain transaction analysis to trace the cryptocurrency paid to the kidnappers. Commercial Crime Investigation Department Senior Officer ASP Nurul Aqila said that as a result, law enforcement “was able to follow the money trail, which was crucial to nab the suspects and recover a significant portion of the ransom.”

RMP seized 1.95 million ringgit ($443,000) in cash, one million Singapore dollars ($760,000) and 1.75 million ringgit ($398,000) worth of cryptocurrency, as well as a gun, 250 rounds of live ammunition and a pair of managed to capture it. from handcuffs.

Binance’s Head of Global Investigations, Erin Fracolli, called the case a clear example of how cryptocurrency can be used in criminal activities and added: “We urge individuals and businesses to remain vigilant and take proactive measures to protect themselves against such threats.”

Past collaborations

Binance has a history of assisting law enforcement agencies around the world in tracking illicit crime-related funds. Last month, the exchange worked with Indian police to help dismantle a $100,000 crypto scam that duped investors by claiming to have ties to India’s renewable energy startups.

In September, it worked with the Indian Enforcement Directorate to remove a fraudulent online gaming app that caused more than $47.6 million in losses. During the investigation, 4 people behind the operation were detained.

Binance was also registered as an Indian Intelligence reporting agency earlier this year.

Last year, the Royal Thai Police Cyber ​​Crime Investigation Bureau busted a $277 million fraud operation with the help of Binance.