$BTC When cryptocurrencies are misused, we act. Our team worked with Philippine authorities to track a $3.75 million cryptocurrency ransom, identifying suspects and their flows using our intelligence tools.

The Philippine National Police's Cybercrime Taskforce faced challenges in tracking multi-layered transactions due to the involvement of private actors managing travel and betting arrangements for high-stakes gamblers. These operators acted as intermediaries, helping obscure the financial trail before the funds reached cryptocurrency wallets. A law enforcement official emphasized the importance of Binance's support, saying, "The ransom money was distributed to multiple addresses before finally reaching cryptocurrency wallets. Binance's prompt assistance was crucial in helping us advance the investigation."