Binance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident – Details

Chief Govt Officer of Binance, Changpeng “CZ” Zhao, has shared a report during which the trade intervened within the theft of tens of millions of {dollars} value of crypto belongings. By means of a quick response operation, the Binance World Head said they have been capable of stop the dangerous actors from making away with over 90% of the stolen loot.

Binance Confiscates $11.8 Million In Assets Belonging To Kidnapped Purchasers

In a Friday post on X, CZ said that executives from one in every of Binance’s consumer firms have been deceived into happening a enterprise journey to Montenegro, throughout which they have been kidnapped and compelled to forfeit all belongings of their crypto wallets.

In complete, the Binance CEO said that the dangerous actors have been capable of get hold of roughly $12.5 million {dollars} value of digital belongings from their victims, which have been all transformed to USDT and moved to a TRON pockets. 

Nonetheless, Binance was capable of shortly intervene within the matter, alerting their companions to the scenario, who have been then capable of freeze the pockets. In doing so, Binance foiled the kidnapper’s entry to $11.8 million of the $12.5 million loot.

The incident recounted by CZ is just not a brand new incidence within the crypto area, as typically dangerous actors resort to such brazen strategies to steal crypto belongings from traders.

In 2020, Le Duc Nguyen, a Vietnamese investor, was kidnapped and robbed of about VND 35 billion ($1.5 million) value of crypto belongings by one other Vietnamese man named Ho Ngoc Tai with the assistance of 15 gang members.

Tai claimed that he misplaced 1,000 Bitcoins valued at VND 100 billion by investing in different tokens based mostly on monetary recommendation. The crypto investor felt cheated and proceeded to acquire a “refund” by way of forceful means. 

Albeit, Tai and his employed fingers have been ultimately apprehended by the police and confronted trial in Might 2023, throughout which 14 of the 16 culprits got sentences starting from 9 to 19 imprisonments.

CZ Faces Questions On Crypto’s Decentralization

Following Zhao’s account of the profitable crypto asset restoration, some crypto fans raised considerations over Binance’s skill to freeze customers’ belongings at will, a characteristic synonymous with the fiat banking system.

Nonetheless, the Binance boss said that crypto customers have a option to keep away from such occurrences, as belongings can solely be frozen on centralized exchanges (CEX). Utilizing different types of storage, similar to non-custodial wallets, customers’ belongings are sure to stay inaccessible to any third get together.

Complete crypto market valued at $1.382 trillion on the each day chart | Supply: TOTAL chart on

Featured picture from Shuttershock, chart from Tradingview

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, is here for you.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button