As digital finance grows, so do schemes to misuse it. Exchanges and investigators must work together to stop criminals.
A recent case in the Philippines shows how tracing crypto can help solve crimes. It also highlights the need to guard against attacks on decentralised platforms.
Binance Aids in Philippine Kidnapping Probe
Binance’s Financial Intelligence Unit joined forces with the Philippine National Police to track a $3.75 million ransom. The funds moved through private casino junket operators before turning into cryptocurrency.
By sharing on‑chain data, Binance helped law enforcement pinpoint suspects and follow the money across several platforms.
Tracing Ransom Payments
The ransom began in cash, routed through third‑party casino services that arrange travel and gaming for wealthy clients. Criminals then used complex layers to hide the trail. Local investigators struggled to piece together each step.
With Binance’s help, they could map wallet transfers and flag suspicious activity. An officer from the Anti‑Cybercrime Group said Binance’s swift support was vital to advancing the case.
Evolving Laundering Methods
This scheme mirrors a wider shift in money laundering. Criminal networks now mix fiat systems with digital tools. They use private junket operators, risky exchanges, and multiple tokens to blur the paper trail.
Despite the layers, blockchain data remains public. Binance’s analysts traced part of the ransom to offshore gambling groups and linked it to international suspects.
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Public‑Private Collaboration
Binance has built a record of working with law enforcement around the world. After helping Philippine investigators, the exchange supported Thailand’s Operation Fox Hunt, unmasking a $6 million wallet scam syndicate.
In Malaysia, Binance helped recover $1.6 million in a cross‑border kidnapping case. These efforts show how sharing intelligence can break down large crime networks. CEO Richard Teng said that when crypto is misused, Binance steps up to keep the space safe.
Protecting Against Hacks
Last month, the decentralised exchange KiloEx lost about $7.5 million in a price oracle attack. A hacker manipulated token values and withdrew inflated funds.
Binance again played a key role in recovering stolen assets. This case underlines the need for solid security and quick response teams to protect users and platforms.
As criminals develop new tricks, the fight against financial crime must evolve too. Tracing ransom funds and stopping hacks both depend on open data and strong partnerships.
Binance’s work with law enforcement in the Philippines and support during the KiloEx exploit demonstrate the power of cooperation. Continued vigilance and teamwork will be essential to guard the integrity of digital finance.
Other exchanges can strengthen the entire crypto ecosystem by sharing intelligence and aiding investigations. When one platform helps trace illicit funds or recovers stolen assets, it raises the bar for the security industry‑wide.
Also Read: Binance Security Team Helped To Track Down $243M Crypto Heist