Indonesian Authorities Bust Crypto Fraud with Help from Binance and Tokocrypto.

Binance, Tokocrypto, and Bareskrim

have busted a major crypto fraud, seizing $200,000.

The joint operation uncovered a pig slaughtering fraud ring with several suspects identified.

Binance’s Financial Intelligence Unit played a key role in analyzing and freezing the illicit assets.

Indonesian cryptocurrency exchanges Tokocrypto and Binance worked with the Criminal Investigation Agency (Bareskrim) to uncover a major cryptocurrency fraud. The operation resulted in the arrest of several suspects and the return of $200,000 in stolen funds.

Bareskrim began investigating the trading fraud case in early November 2023. The case involved a crypto trading website that was suspected of being a pig slaughtering fraud ring. Several people were arrested, including those involved in managing the accounts that received the stolen funds.

During the operation, authorities found around 50 mobile phones, along with local bank cards and banking apps on the suspects’ devices. Despite the suspects’ unwillingness to cooperate, Bareskrim managed to identify the wallet addresses of the cryptocurrency funds received through forensic analysis. They also tracked several major wallets.