In a recent joint effort, Binance and the Royal Malaysia Police were able to trace and recover a significant portion of a $4.5 million kidnapping ransom. The investigation led to the arrest of 14 suspects connected to the high-profile kidnapping case, which occurred on October 13.
The case involved a 59-year-old Malaysian businessman who was abducted while en route to the airport. His family paid the ransom, which included both cryptocurrency and cash, securing his release the same day.
However, according to a statement by the crypto exchange, its Financial Intelligence Unit employed advanced blockchain analysis to track the flow of the cryptocurrency payments made to the kidnappers. This approach allowed law enforcement to meticulously follow the money trail, which led to apprehending the suspects and recovering a substantial portion of the stolen funds.
In total, the authorities were able to seize 1.95 million Malaysian ringgit ($443,000) and 1 million Singapore dollars ($760,000) in cash, as well as cryptocurrency valued at 1.75 million ringgit ($398,000). Additionally, they confiscated a firearm, 250 rounds of ammunition, and a pair of handcuffs.
Erin Fracolli, Binance’s Global Head of Investigations, highlighted this case as a stark reminder of the potential misuse of cryptocurrency in criminal activities. She urged individuals and businesses to remain vigilant and take proactive measures to safeguard themselves against similar threats.
This is not the first time Binance has collaborated with law enforcement agencies globally to combat illicit financial activities. Last month, the exchange assisted Indian authorities in dismantling a fraudulent crypto-linked operation. The operation falsely linked itself to India’s renewable energy goals, promising high returns while claiming ties to the Ministry of Power. Binance’s support enabled investigators to trace over $100,000 worth of USDT, resulting in several arrests and the seizure of funds.
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