Join Our Telegram channel to stay up to date on breaking news coverage
Binance CEO Changpeng Zhao said executives from a client company were abducted and forced to drain their cryptocurrency wallets of $12.5 million after being lured on a fake business trip to Montenegro.
“We investigated the on-chain activities and reached out to our partners earlier today to have the wallet frozen,” Zhao wrote in a tweet. “We managed to freeze about $11.8m of the $12.5m stolen.”
The kidnappers had taken the funds in USDT and transferred the cryptocurrency to a Tron wallet, he said.
Executives from a client were lured on a 'business trip' to Montenegro, where they were abducted and forced to empty their wallets. Total loss ~$12.5m.
We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the…
— CZ 🔶 BNB (@cz_binance) November 10, 2023
Binance Under Fire On Decentralization Issue
The swift action by Binance to freeze the stolen funds was met with both praise and skepticism. On one hand, many users congratulated Zhao and his team on their ability to track down and freeze the stolen funds.
Other members in the cryptocurrency space, however, drew parallels between Binance and the traditional banking system, and questioned how decentralized cryptocurrencies really are. One person replied to Zhao’s post asking how “crypto is better if someone can still freeze” peoples’ personal wallets.
The Binance CEO then emphasized the importance of establishing a balance between complete decentralization and user protection, stating that “there is no perfect balance point.”
He also clarified that cryptocurrency funds cannot be frozen unless they are sent to a centralized exchange platform.
Related Articles:
- Binance Alternatives – 9 Better Platforms
- SEC In Talks With Grayscale Over Spot Bitcoin ETF Filing As Window Opens To Approve Pending Applications In Next 8 Days
- Polygon Price Prediction: Missed MATIC Cracking 12% To Top $0.92? Don’t Be Late To The Party Again With This Bitcoin ETF Presale Token
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
Join Our Telegram channel to stay up to date on breaking news coverage