Secure your funds! This is how CZ from Binance concluded the tweet in which he told a case of kidnapping of executives in Montenegro. The latter had to empty their crypto wallet under pressure from the kidnappers. Details !
CZ saves a whale stripped of its cryptos
We may criticize centralized cryptocurrency exchanges (CEX) but they have a considerable advantage in the event of theft of funds: freezing. Binance, for example, has carried out this practice on numerous occasions to save assets recovered against the wishes of their owners. This was the case with the Harmony bridge where Binance and Huobi collectively got their hands on 1.4 million stolen cryptos.
“ Executives from a client were lured by a ‘business trip’ to Montenegro, where they were kidnapped and forced to empty their wallets. The total loss was approximately $12.5 million.
We investigated the chain’s activities and contacted our partners earlier today to have the wallet frozen, as all funds were taken in USDT and transferred to a Tron wallet. We managed to freeze approximately $11.8 million of the $12.5 million stolen.
This is a real event. Stay SAFU! »
Based on this tweet from Changpeng Zhao, Investing.com insisted on the plurality of executives belonging to a Binance client company. Having been encouraged to move to Montenegro, the latter easily fell into the trap of kidnappers. The situation made it easy for them to strip their funds of cryptocurrencies, probably under threat of kidnappers.
Fortunately CZ was brought up to speed very quickly. After observing the theft of crypto funds, the boss of the BNB issuing platform quickly froze the $11.8 million in USDT of the victims moved into a TRON wallet. Note that the total sums extorted were 12.5 million Tether USD.
Freezing cryptocurrencies is only possible on CEXs
In addition to its regulatory challenges, against a backdrop of legal battles against the SEC, Binance is also called upon to commit, like most of its peers, to curbing illicit movements of crypto-assets. But CZ recognizes that this is only possible under one condition:
“ If you’re using Monero (XMR), there’s not much anyone can do (or help you), as far as I know. Bitcoin can be traced, but not frozen, until you send it to an exchange. »
And you are aware that Monero, the one and only anonymous crypto, was delisted by Binance in May 2023.
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