Exchange Watch News

Binance: Stolen Crypto Funds Recovered

single-image

Key Points

  • Binance has recovered 94.4% of the stolen bitcoin funds.
  • Crypto thefts highlight the industry’s mounting security challenges.
  • Changpeng Zhao underlines the need of digital asset security.

Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.

Binance, the world’s largest centralized cryptocurrency exchange, was recently at the center of a crypto theft episode involving the abduction of executives from a customer company during what was supposed to be a routine business trip in Montenegro. CEO Changpeng Zhao, also known as CZ in the crypto industry, came to Twitter to expose the distressing facts of the incident, which led in the loss of around $12.5 million in crypto assets, mostly the Tether USD (USDT) stablecoin.

Stay in the know on crypto by frequently visiting Crypto News Today

A group of executives on a business trip in Montenegro were attacked by a bunch of thugs who forced them to empty their cryptocurrency wallets at gunpoint. After completing their heist operation, the thieves swiftly transferred the stolen monies, which were mostly Tether USD (USDT), to a Tron wallet. The attack’s speed and bravado sent shockwaves through the crypto industry.

CryptoCaster Quick Check:

Binance’s team initiated an immediate investigation into the on-chain activity associated with the stolen cash in reaction to the heist. They also worked with partners in the crypto field to quickly fix the situation. Their efforts paid off handsomely, with Binance successfully freezing around $11.8 million of the total $12.5 million stolen. This outstanding sum translates to a phenomenal 94.4% recovery rate, leaving the fraudsters with only $700,000 in their possession.

Advertisement

Binance warns of cryptocurrency abduction dangers as the market recovers.

Despite the successful recovery of a significant percentage of the stolen assets, Changpeng Zhao stressed the need of digital asset security. He emphasized that cryptocurrencies cannot be impounded unless they are transferred to centralized platforms such as Binance. This tragedy is a sharp reminder of the specific issues and hazards that come with dealing with digital assets.

Advertisement

Unfortunately, this is not the first instance of persons in the cryptocurrency business being abducted in order to steal their digital assets. Earlier this year, a Dubai-based crypto portfolio manager was kidnapped and extorted while on vacation in Benalmádena, Spain. What makes this instance even more remarkable is that the victim was kidnapped by people with whom he had spent several days socializing—his new colleagues.

Advertisement

The manager’s nightmare began innocently enough, as he participated in group social events before being led to a luxurious home where he was physically chained and held captive. The kidnappers wanted a €1 million ransom for his release, demonstrating the frightening extent to which crooks are ready to go to exploit their victims’ bitcoin holdings.

The recent abduction of executives during a business trip in Montenegro, followed by the theft of bitcoin assets, has highlighted the need for increased security measures in the cryptocurrency industry. While Binance’s quick response resulted in the recovery of a substantial percentage of the stolen monies, the episode serves as a sharp reminder of the inherent hazards connected with digital assets and the significance of protecting one’s holdings.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


W

e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like