Binance Freezes $47 Million in Cryptocurrency Amid "Pig Butchering" Scams

Binance CEO Richard Teng confirmed the exchange froze nearly $50 million in cryptocurrency tied to "pig butchering" scams, preventing up to $47 million from being cashed out. The operation, which included law enforcement in the APAC region, Chainalysis, and stablecoin issuers, is one of the largest fraud crackdowns of the year. Binance has joined Coinbase and Ripple in launching the Beacon network, a real-time system that tracks and blocks stolen cryptocurrency across the industry. This effort demonstrates the exchange's cooperation with global partners and potential cooperation with US regulations, allowing American users access to the global exchange.