Binance announced its role in assisting law enforcement authorities in the Asia-Pacific region to freeze nearly $50 million in illicit funds in June 2024. The operation was part of a multi-stakeholder investigation involving Binance, Chainalysis, and other industry partners. The investigation utilized blockchain analysis to trace funds linked to a fraud network active in Southeast Asia, tracking transactions from victims between November 2022 and July 2023. The scammers had consolidated funds into a primary wallet, distributing them to five final wallets, amassing nearly $47 million in USDT. To sustain the scam, they occasionally returned small amounts to victims. Upon receiving intelligence, authorities instructed the stablecoin issuer to freeze the funds, effectively preventing the exchange of the illicit proceeds.