Crypto exchange Binance has helped the Malaysian police crackdown on a ransom scam that affected a local victim. The platform was able to help retrieve $1.6 million, leaving a mark in the industry.
The collaboration comes at a time when big crypto platforms have made multiple partnerships to help crackdown on illicit activities in the sector.
Binance Collaborates with Police in Malaysia
According to the announcement, the family of a local abduction victim paid a ransom of 20 million ringgit (4.5 million USD), of which the Royal Malaysia Police (RMP) has retrieved about 7 million Malaysian ringgit (about 1.6 million USD).
Law enforcement was able to identify important suspects in this cross-border criminal operation because of the assistance of Binance’s investigators in tracking down the transfer of digital assets, including ransom payments made in cryptocurrency and cash.
Authorities are still investigating and working to identify the criminal organization behind the kidnapping.
Also read: Malaysian Police Pursue Final Suspects In $1.2 Million Crypto Ransom Kidnapping
How Did The Kidnapping Happen?
The 59-year-old businessman was kidnapped in Johor early on October 13 when he was waiting for a cab to take him to the airport. The victim was freed by the kidnappers later the same day after his family paid a ransom.
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Crime fighters instantly went to work. The RMP, various local law enforcement organizations, and detectives from Binance’s Financial Intelligence Unit (FIU) worked together to find important leads and suspects in the investigation.
The investigative teams tracked down the digital assets, found links, and exposed the criminal syndicate’s network by using sophisticated blockchain transaction analysis.
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ASP Nurul Aqila, Senior Officer at the Commercial Crime Investigation Department (CCID) with expertise in cryptocurrency investigations, pointed out, “Binance’s assistance was instrumental in helping us trace cryptocurrency flows and identify key suspects across borders. Their expertise in blockchain analysis allowed us to pinpoint the exact transactions and follow the money trail, which was crucial in apprehending the suspects and recovering a significant portion of the ransom.”
Aqila added that the case demonstrated the power of cross-border cooperation in addressing emerging digital crime threats.
Also read: Toronto-based Crypto Firm’s CEO Kidnapped For $1 Million Ransom
Crypto Giants Collaborate For a Safer Trading Experience
The constant effort of many crypto platforms and industry giants to help make a safer trading environment has made the sector more credible and efficient.
Previously, in order to address persistent cryptocurrency-related criminality, the Calgary Police Service and Chainalysis organized a private workshop earlier this year that brought together several Canadian law enforcement organizations and cryptocurrency companies.
According to the data, over 770 people—119 of them were Canadians—were victims of Bitcoin fraud, with a total estimated loss of $59 million. In order to stop additional victimization, the cooperating organizations acted quickly to notify the affected persons through this session.