Bareskrim Busted the Pig Butchering Scams
The Binance FIU, along with its Indonesia partner, Tokocrypto, has teamed up with Bareskrim (Indonesian Criminal Investigation Agency) in defeating such fraud related to cryptocurrency. The investigation results reportedly presented the authority to detain some suspects and seize illegal money worth about US$200,000.
Bareskrim is a division under the Indonesian national police that deals with grave crimes, including financial fraud and cybercrime. The collaboration has become one of the very crucial steps taken in crypto-related crime-fighting efforts across Indonesia.
Tokocrypto’s PFAK License and Its Role
This month alone, Tokocrypto received a license as a Physical Crypto Asset Trader (PFAK) from Indonesia’s commodity regulator, Bappebti. Such a license would only go to attest to the rising reputation of Tokocrypto in the region and to assure that the exchange is committed to cooperation with local government entities in regulating and securing the crypto market.
Understanding Pig Butchering Scams
The investigation by Bareskrim found that the scams were related to a “pig butchering scam,” which was emerging as a trend in crypto fraud. Scammers in those schemes trick their victims into making major investments, touted as valid trades, only to withdraw the cash later. Chainalysis reports a sharp upsurge in such scams in the cryptocurrency market in 2024.
Law Enforcement Takes Action
The police officials did not waste any time after discovering the alleged fraudulent website for crypto trading. It apprehended some people who were running accounts for money laundering of the stolen fund. More than 50 mobile phones, many local bank cards, and several banking apps linked with the suspects were seized.
Forensic analysis of crypto wallets and the use of Telegram by the suspects were crucial in providing evidence to investigators that helped them piece together the breadth and depth of this fraud.
Joint Operation with Binance and Tokocrypto
Given the complexity of the case, Bareskrim sought assistance from Tokocrypto and brought in Binance’s FIU. “We open the line of communication for all global law enforcement agencies to reach us for connectivity, as with this case with Bareskrim,” said Nils Andersen Röed, Head of Binance FIU.
Through resource sharing and valuable insight, Binance, Tokocrypto, and Bareskrim have torn down this criminal network to show that cross-border collaboration is key in preserving the integrity of the digital asset ecosystem.
