Binance Aids Dutch Probe into ZKasino Crypto Fraud Scheme

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As a researcher with a background in cryptocurrency and cybersecurity, I strongly believe that Binance’s collaboration with law enforcement to tackle online gambling scams is commendable. The recent investigation into ZKasino, which tricked investors into believing they were earning higher returns over a short period, highlights the importance of such partnerships in safeguarding the crypto community from fraudulent activities.

I’ve learned that Binance collaborated with Dutch authorities to dismantle a significant online gambling operation. The main target of the investigation was ZKasino, a platform that deceived investors by promising artificially inflated returns during brief periods.

#Binance takes pride in collaborating with Dutch law enforcement in the probe of a gambling scam. Our Investigations unit played a pivotal role in recovering millions of euros. Discover more details in this article from NOS below. 👇

— Binance (@binance) May 3, 2024

Binance has previously joined forces with global law enforcement agencies to thwart crypto scams. In October 2023, they played a crucial role in dismantling a notorious “pig butchering” operation in Thailand, which aimed to swindle victims out of approximately $277 million.

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog — CZ 🔶 BNB (@cz_binance) October 3, 2023

The 26-year-old suspect is believed by law enforcement to have orchestrated the scam, worth approximately 11.4 million euros in total assets. These assets were discovered in a bank account and held in cryptocurrencies. This sum represents just a fraction of the global $30 million in crypto transactions moving through ZKasino.

It’s commendable that Binance is working with law enforcement to combat cryptocurrency crimes. However, it remains unclear if the affected parties in the ZKasino incident will receive a complete reimbursement.

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2024-05-04 03:01