Tokocrypto Together With Binance And Bareskrim Unload Crypto Fraud In Indonesia

Bareskrim, Tokocrypto, and Binance collaborations (photo: Tokocrypto)

JAKARTA - Tokocrypto together with Binance and the National Police's Criminal Investigation Agency (Bareskrim), succeeded in uncovering crypto fraud operations in Indonesia, through fake websites, which were later discovered to be part of a pic butchering scheme.

During the arrest, the police found about 50 cellphones containing various types of banking applications used by the perpetrators to store stolen funds from victims who were deceived by the fake website.

Then, based on evidence from their communication history on Telegram, the Bareskrim Investigation team through forensic analysis managed to identify the wallet address which was allegedly controlled by the suspects.

Bareskrim then asked Tokocrypto for assistance in collaboration with the Binance Financial Intelligence Unit (FIU) to analyze the crypto transaction process.

Reflecting on this case, VP of Legal, Compliance & Government Relations of Tokocrypto Azizah Mutia Karim and Head of Binance FIU Nils Andersen R\"oed, emphasized the importance of government and private collaboration in fighting fraud in the financial sector, especially crypto assets.

"Through cooperation with Bareskrim, we managed to take important action in this case," Nils said in a written statement received on Tuesday, September 24.

Binance FIU and its partners provide in-depth analysis support, ranging from initial investigations, data processing, asset freezes, to confiscation of US$200,000 or around Rp3 billion which was handed over to law enforcement for further action.

"Collaboration with Binance FIU and Tokocrypto is very important in uncovering the complexity of this case and arresting the perpetrators," said Ferry Maulana, one of the investigators at Bareskrim Polri.

This operation is also strong evidence that cooperation between the public and private sectors is effective in fighting financial fraud, especially in the crypto world.