#BinanceSafetyInsights In yet another case of successful public-private collaboration in the fight against crime, the Royal Malaysia Police (RMP) have recovered some 7 million Malaysian ringgit (approximately 1.6M USD) of the 20 million ringgit (4.5M USD) ransom paid by the family of a local kidnapping victim.

With ransom paid part in cash, part in crypto, Binance’s investigators helped law enforcement trace the movement of digital assets, which allowed them to identify key suspects involved in this cross-border criminal operation. The investigation is ongoing, and authorities continue to unravel the criminal network responsible for the kidnapping.

Tracing the Ransom

In the early hours of the morning of October 13, a 59-year-old businessman was abducted in the city of Johor while waiting for a taxi to take him to the airport. Later on the same day, the kidnappers released the victim upon receiving a ransom payment from his family.

Crime fighters sprang into action immediately. An effort involving the RMP, other regional law enforcement agencies, and investigators from Binance’s Financial Intelligence Unit (FIU) uncovered critical leads and identified suspects in the case.

Utilizing advanced blockchain transaction analysis, the investigative teams traced the digital assets, identifying connections and revealing the criminal syndicate’s network.

ASP Nurul Aqila, Senior Officer at the Commercial Crime Investigation Department (CCID) with expertise in cryptocurrency investigations, pointed out, “Binance’s assistance was instrumental in helping us trace cryptocurrency flows and identify key suspects across borders. Their expertise in blockchain analysis allowed us to pinpoint the exact transactions and follow the money trail, which was crucial in apprehending the suspects and recovering a significant portion of the ransom.”

Aqila added that the case demonstrated the power of cross-border cooperation in addressing emerging digital crime