Binance's Financial Crimes Investigation and Prevention team has partnered with the Dutch Financial Intelligence Unit to freeze millions of euros related to a large-scale gambling platform scam.
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As FIOD reported, on April 29, an individual was arrested on suspicion of fraud, embezzlement, and money laundering amid a large-scale fraud investigation involving the alleged gambling platform ZKasino. Specifically, "ZKcasino presented itself as a blockchain gambling and casino platform. Investors were led to believe that they would receive their investment back within 30 days." However, when the truth came to light, it was discovered that the way the smart contract on the ZKcasino blockchain was set up "had no intention" of returning profits.
Upon initial community alert to the potential scam, members of the Binance Investigation Team and FCC proactively investigated the case, gathering and verifying available information from open sources. They then identified the suspect, who was also the Binance account holder, to law enforcement and provided necessary transaction tracing information to crime fighters to build a more complete picture of the case.
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