Binance Freezes Nearly 50 Million USDT in "Pig Butchering" Scam Crackdown

On August 29, 2025, Binance CEO – Richard Teng – announced that the world’s largest cryptocurrency exchange successfully froze nearly 50 million USDT related to the “pig butchering” scam. This is considered one of the largest anti-fraud campaigns of the year. According to reports, Binance has closely cooperated with regulatory authorities in the Asia-Pacific region (APAC) and the blockchain analysis company Chainalysis to trace the flow of funds. These funds were concealed through multiple layers of wallets before being consolidated at 5 wallet addresses containing a total of approximately 47 million USDT. The entire amount has been frozen since June, effectively preventing conversion to fiat currency. Pig Butchering Scam – A Growing Threat This type of scam often builds trust with victims over several weeks, even months, before luring them into “fake investment platforms.” When victims invest a large amount of money, the scammer immediately withdraws everything and disappears. Recently, “pig butchering” cases have caused billions of USD in losses globally, becoming one of the biggest challenges for the cryptocurrency industry. Richard Teng affirmed: “We take pride in the efforts of the Binance team in this important international campaign. This is not only about preventing financial crime but also about protecting vulnerable investors from sophisticated scams.” Binance Joins the Beacon Network Against Blockchain Crime Notably, this campaign coincides with Binance’s participation in the Beacon Network – an alliance built alongside Coinbase and Ripple. This network allows exchanges and organizations to monitor the flow of cryptocurrencies in real-time, facilitating quicker detection and freezing of stolen or fraudulent assets. This move is said to align with the review process of the U.S. Commodity Futures Trading Commission (CFTC) regarding foreign trading regulations. If Binance meets the new standards, the exchange may expand its access to the U.S. market in the near future. Reinforcing Binance’s Role in the Global Fight Against Fraud Through this event, Binance wants to affirm its commitment: Enhancing public-private cooperation in monitoring and addressing blockchain crime. Protecting the crypto ecosystem from risks posed by cross-border fraud. Promoting transparency and safety to facilitate the sustainable development of cryptocurrencies. The campaign to freeze 47 million USDT not only helps prevent financial repercussions for many victims but is also seen as a strong testament to Binance’s leadership role in building a safer and more reliable cryptocurrency market.