Binance recently helped Britain's Metropolitan Police track down a Bulgarian phishing scam artist who has bribed victims for millions of dollars.
The 5th largest crypto exchange in the world is actively supporting law enforcement to fight cybercrime and fraud in the crypto industry.
On Thursday, Binance Chief Compliance Officer Samuel Lim revealed that the company helped the British capital police investigate a Bulgarian man who intended to make and sell phishing scripts.
The suspect created phishing scripts that mimicked 53 different services (especially law firms) in an attempt to obtain private customer information.  Believing that the email was legitimate, the victims provided fraudulent data totaling $ 51.1 million [AU$75.5 million]. A total of about 500,000 po Tential victims were targeted.
Finally, the Bulgarian suspect stood trial and pleaded guilty to five counts of fraud.
Afterwards Binance stated:
"We are grateful to the UK metro police service, also like the many other agencies that are actively working with us and other industry players, to continue the fight against cybercrime and maintain a healthy, legitimate market. "
How phishing works
Phishing is insidious because the cumulative effect is to erode trust among online consumers.
These criminals are often targeted to older adults because they are seen as more trusting and sending emails seems to be the most common means of initiating a phishing attack.
These emails often take the form of a warning that seeks to safeguard customer accounts which links to a legitimate site asking victims for their account and other personal information.
Once cyber criminals have access to private data, they can sell it on it dark web for a hefty price.
Selling customer information on the dark web can be a lucrative business, where victims' records sell anywhere from a few dollars to thousands of dollars or more, depending on the type of information being sold.
A clear motivation to stop cybercrime
Binance officials highlight their commitment to account security and take various proactive measures to prevent cyber attacks.
After all, the exchange is still infected from a major hack just four months ago where 7,000 Bitcoin was stolen (about $ 40 million).
Fortunately, the lost funds were covered by Binance's Secure Asset Fund for Users (SAFU), an emergency insurance fund.
Since then, Binance has improved its efforts to be proactive in security.
“Binance has always prioritized security, and we always work to protect our customers from bad actors like this person, the statement reads.
"When we stay true to that, we refine and further develop the technology we use to keep our platform secure, which helps you ensure that we continue to set and maintain industry standards."
Binance also educates customers how to recognize potential security risks and phishing scams (see Binance Academy & # 39; s Phishing Quiz).
When it comes to helping UK authorities, Binance believes such collaboration is necessary to help create and maintain a safe environment in the crypt area.