Binance CEO Thwarts $12.5M Heist, Freezes Stolen Assets
The CEO of the world's largest cryptocurrency exchange has reported a significant incident involving executives from one of its clients who recently experienced a substantial financial loss.
According to a statement on the social media platform X by Binance CEO Changpeng Zhao, the executives were deceived into traveling to Montenegro under the guise of a business trip.
However, upon arrival, they were subjected to a kidnapping, during which they were compelled to empty their cryptocurrency wallets.
This orchestrated heist resulted in a total financial setback of approximately $12.5 million. Zhao revealed that Binance, in collaboration with its partners, took swift action to restrict access to the majority of the stolen assets by freezing the wallet containing the unlawfully obtained funds.
Zhao stated, “We conducted a thorough examination of on-chain activities and promptly contacted our partners to freeze the wallet. Since all the funds were taken in USDT and transferred to a Tron wallet, we successfully froze about $11.8 million out of the $12.5 million that was stolen.”
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Addressing concerns about the vulnerability of crypto assets compared to traditional banks, Zhao acknowledged the existence of limitations in freezing crypto assets.
He emphasized the delicate balance in this regard, noting that while certain cryptocurrencies like Monero (XMR) may offer a higher level of privacy and resistance to intervention, others like Bitcoin can be traced but not frozen unless transferred to a centralized exchange (CEX).
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
