{"id":560256,"date":"2023-11-11T20:30:10","date_gmt":"2023-11-11T20:30:10","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=560256"},"modified":"2024-06-11T07:56:26","modified_gmt":"2024-06-11T07:56:26","slug":"binance-freezes-11-8-million-in-stolen-assets-following-kidnapping-incident-details","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/binance-coin\/binance-freezes-11-8-million-in-stolen-assets-following-kidnapping-incident-details\/","title":{"rendered":"Binance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident – Details"},"content":{"rendered":"

Chief Executive Officer of Binance, Changpeng \u201cCZ\u201d Zhao<\/a>, has shared a report in which the exchange intervened in the theft of millions of dollars worth of crypto assets. Through a fast response operation, the Binance Global Head stated they were able to prevent the bad actors from making away with over 90% of the stolen loot.<\/span><\/p>\n

Related Reading: CME Overtakes Binance In Bitcoin Futures: A New Era For Institutional Crypto Investments?<\/a><\/div>\n

Binance Confiscates $11.8 Million In Assets Belonging To Kidnapped Clients<\/strong><\/h2>\n

In a Friday post<\/a> on X, CZ stated that executives from one of Binance\u2019s client companies were deceived into going on a business trip to Montenegro, during which they were kidnapped and forced to forfeit all assets in their crypto wallets.<\/span><\/p>\n

\n

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.<\/p>\n

We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the\u2026<\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) November 10, 2023<\/a><\/p><\/blockquote>\n

In total, the Binance CEO stated that the bad actors were able to obtain approximately $12.5 million dollars worth of digital assets from their victims, which were all converted to USDT and moved to a TRON wallet.\u00a0<\/span><\/p>\n

However, Binance was able to quickly intervene in the matter, alerting their partners to the situation, who were then able to freeze the wallet. In doing so, Binance foiled the kidnapper\u2019s access to $11.8 million of the $12.5 million loot.<\/span><\/p>\n

The incident recounted by CZ is not a new occurrence in the crypto space, as sometimes bad actors resort to such brazen methods to steal crypto assets from investors.<\/span><\/p>\n

In 2020, Le Duc Nguyen, a Vietnamese investor, was kidnapped and robbed of about VND 35 billion ($1.5 million) worth of crypto assets by another Vietnamese man named Ho Ngoc Tai with the help of 15 gang members.<\/span><\/p>\n

Tai claimed that he lost 1,000 Bitcoins valued at VND 100 billion by investing in other tokens based on financial advice. The crypto investor felt cheated and proceeded to obtain a \u201crefund\u201d via forceful means.\u00a0<\/span><\/p>\n

Albeit, Tai and his hired hands were eventually apprehended by the police and faced trial in May 2023, during which 14 of the 16 culprits were given sentences ranging from 9 to 19 imprisonments.<\/span><\/p>\n

Related Reading: Binance Founder CZ\u2019s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading<\/a><\/div>\n

CZ Faces Questions On Crypto\u2019s Decentralization<\/strong><\/h2>\n

Following Zhao’s account of the successful crypto asset recovery, some crypto enthusiasts raised concerns over Binance\u2019s ability to freeze users’ assets at will, a feature synonymous with the fiat banking system.<\/span><\/p>\n

\n

I really condemn this loss and happy coz most of the money is safe but I have a question @cz_binance<\/a>
\nIn fiat banks, everyone say that those guys can freeze money at any time without any reason
\nHow crypto is better if someone can still freeze our personal wallet??<\/p>\n

Simple\u2026<\/p>\n

\u2014 Crypto Eagles (@CryptoProject6) November 10, 2023<\/a><\/p><\/blockquote>\n

However, the Binance boss stated that crypto users have a choice to avoid such occurrences, as assets can only be frozen on centralized exchanges (CEX). Using other forms of storage, such as non-custodial wallets, users’ assets are bound to remain inaccessible to any third party.<\/span><\/p>\n

\"Binance\"<\/p>\n

Total crypto market valued at $1.382 trillion on the daily chart | Source: TOTAL chart on Tradingview.com<\/a><\/pre>\n
Featured image from Shuttershock, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Chief Executive Officer of Binance, Changpeng \u201cCZ\u201d Zhao, has shared a report in which the exchange intervened in the theft of millions of dollars worth of crypto assets. Through a fast response operation, the Binance Global Head stated they were able to prevent the bad actors from making away with over 90% of the stolen loot. Related Reading: CME Overtakes Binance In Bitcoin Futures: A New Era For Institutional Crypto Investments? Binance Confiscates $11.8 Million In Assets Belonging To Kidnapped Clients In a Friday post on X, CZ stated that executives from one of Binance\u2019s client companies were deceived into going on a business trip to Montenegro, during which they were kidnapped and forced to forfeit all assets in their crypto wallets. 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\u2026 \u2014 CZ \ud83d\udd36 Binance (@cz_binance) November 10, 2023 In total, the Binance CEO stated that the bad actors were able to obtain approximately $12.5 million dollars worth of digital assets from their victims, which were all converted to USDT and moved to a TRON wallet.\u00a0 However, Binance was able to quickly intervene in the matter, alerting their partners to the situation, who were then able to freeze the wallet. In doing so, Binance foiled the kidnapper\u2019s access to $11.8 million of the $12.5 million loot. The incident recounted by CZ is not a new occurrence in the crypto space, as sometimes bad actors resort to such brazen methods to steal crypto assets from investors. In 2020, Le Duc Nguyen, a Vietnamese investor, was kidnapped and robbed of about VND 35 billion ($1.5 million) worth of crypto assets by another Vietnamese man named Ho Ngoc Tai with the help of 15 gang members. Tai claimed that he lost 1,000 Bitcoins valued at VND 100 billion by investing in other tokens based on financial advice. The crypto investor felt cheated and proceeded to obtain a \u201crefund\u201d via forceful means.\u00a0 Albeit, Tai and his hired hands were eventually apprehended by the police and faced trial in May 2023, during which 14 of the 16 culprits were given sentences ranging from 9 to 19 imprisonments. Related Reading: Binance Founder CZ\u2019s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading CZ Faces Questions On Crypto\u2019s Decentralization Following Zhao’s account of the successful crypto asset recovery, some crypto enthusiasts raised concerns over Binance\u2019s ability to freeze users’ assets at will, a feature synonymous with the fiat banking system. I really condemn this loss and happy coz most of the money is safe but I have a question @cz_binance In fiat banks, everyone say that those guys can freeze money at any time without any reason How crypto is better if someone can still freeze our personal wallet?? Simple\u2026 \u2014 Crypto Eagles (@CryptoProject6) November 10, 2023 However, the Binance boss stated that crypto users have a choice to avoid such occurrences, as assets can only be frozen on centralized exchanges (CEX). Using other forms of storage, such as non-custodial wallets, users’ assets are bound to remain inaccessible to any third party. Total crypto market valued at $1.382 trillion on the daily chart | Source: TOTAL chart on Tradingview.com Featured image from Shuttershock, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":560263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,86230,1273,15845,10395,12374],"class_list":["post-560256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-binance-ceo","tag-changpeng-zhao","tag-cz","tag-kidnapping","tag-robbery"],"acf":[],"yoast_head":"\nBinance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident - Details<\/title>\n<meta name=\"description\" content=\"Binance CEO, Changpeng \u201cCZ\u201d Zhao, has shared a report in which the exchange were able to freeze $11.8 million of stolen loot.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shenyangcang.com\/news\/binance-coin\/binance-freezes-11-8-million-in-stolen-assets-following-kidnapping-incident-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident - 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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