{"content":"Binance CEO Addresses $47M USDT Freeze in Major Scam Crackdown Aug 29, 2025, Binance CEO Richard Teng announced the successful freeze of nearly $50 million in USDT linked to "pig butchering" scams, marking one of the year’s largest fraud crackdowns. Collaborating with APAC authorities and Chainalysis, Binance traced funds through multiple wallet layers to five addresses holding approximately $47 million, which were frozen in June to prevent conversion to fiat currency. Pig butchering scams, which build trust with victims over weeks before luring them into fake investment platforms, have been a growing concern. “Proud of our team’s work in a major international operation... protecting vulnerable victims from sophisticated scams.” This effort underscores Binance’s commitment to a safer crypto ecosystem. The crackdown coincides with Binance’s participation in the Beacon network, launched with Coinbase and Ripple to track and block stolen cryptocurrency in real-time. This move aligns with the CFTC’s review of offshore trading rules, potentially easing Binance’s access to U.S. markets. Teng highlighted the case as evidence of effective public-private partnerships, reinforcing Binance’s role in combating global fraud. #USDT #xrp ","images":["https://d2kdcqywr8ua22.cloudfront.net/uploadfile/article/blog/2025082025/08/29/f6446b5b5d9940b099bbe220c8740f25.jpg"],"tags":[],"tradingPairs":["XRP/USDT"],"quotearticleid":0}