KEY TAKEAWAYS
- São Paulo law enforcement and Binance’s Special Investigations team dismantled a phone-theft gang targeting cryptocurrency users, showcasing effective public-private partnerships.
- Operation Sleipnir, led by CyberGaeco, utilized Binance’s blockchain tracking tools to trace stolen digital assets, resulting in significant asset recovery.
- Binance’s global initiatives in 2024 included supporting over 65,000 law enforcement requests and recovering $88 million in assets, highlighting its commitment to security and collaboration.
A coordinated effort between São Paulo law enforcement and Binance’s Special Investigations team has successfully dismantled a phone-theft gang targeting cryptocurrency users. This operation highlights the effectiveness of public-private partnerships in combating digital crime.
The operation, known as Operation Sleipnir, was spearheaded by CyberGaeco, the cybercrime division of São Paulo’s Public Prosecutor’s Office. Binance played a crucial role by utilizing advanced blockchain tracking tools to trace the flow of stolen digital assets and identify key suspects. The operation culminated on March 19, when authorities executed search and seizure warrants in São Paulo’s city center, recovering approximately BRL 260,000 in cash and crypto assets, along with other valuables.
According to Lister Caldas Braga Filho, Public Prosecutor of CyberGaeco, the proactive support from Binance was essential in the operation. He emphasized the importance of cooperation between the public and private sectors in fighting crime, especially when it involves emerging technologies like blockchain.
Tracing the Digital Trail
Binance’s involvement in the operation underscores its commitment to security beyond its platform. Renato Bastos, Binance’s Senior Investigations Specialist for the Americas, noted that the seamless collaboration with CyberGaeco demonstrated the power of united public and private forces in tracking down sophisticated criminals.
This operation is part of a broader trend of declining cryptocurrency transactions related to illicit activities. A report by Chainalysis indicated that the share of crypto addresses linked to illicit activity fell to 0.14% in 2024, down from 0.61% in 2023.
Commitment to Collaborative Security
Binance’s efforts extend beyond investigations. The company has been actively involved in training and equipping Brazilian authorities, including the Federal Police and public prosecutors. In March, Binance participated in a seminar in Brasília to discuss the role of cryptocurrency in fighting crime and the importance of regulation.
Globally, Binance’s initiatives have scaled significantly. In 2024, the company supported over 65,000 law enforcement requests, trained more than 1,300 investigators from 80 countries, and helped protect 2.8 million users from fraud. Binance has also recovered over $88 million in stolen or misplaced assets.
Guilherme Nazar, Binance’s Regional Vice President for Latin America, affirmed the company’s commitment to eliminating bad actors from the ecosystem, emphasizing the importance of sustainable growth in the digital asset industry.
For more details on the operation, visit the official announcement here.
Why This Matters: Impact, Industry Trends & Expert Insights
Authorities in São Paulo, with Binance’s assistance, have dismantled a gang involved in crypto theft, showcasing the effectiveness of public-private partnerships in combating digital crime.
Recent industry reports indicate a notable decrease in illicit cryptocurrency transaction volume, reflecting the positive impact of enhanced cooperation and technologies in preventing crypto crimes. This aligns with the successful operation in São Paulo, where collaboration between law enforcement and Binance was key to dismantling the theft gang.
As per insights from a 2025 Crypto Crime Report, there is a decline in illicit crypto volume, yet evolving threats such as ransomware still pose challenges. This supports the significance of Binance’s role in enhancing security measures and collaborating with authorities to effectively counteract crypto-related crimes.
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