Bitcoin Forum

Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets — CZ Says Total Loss Was $12.5 Million

"Binance CEO Changpeng Zhao (CZ) has shared a story of how executives of a Binance client were abducted and forced to empty their crypto wallets. CZ detailed how the cryptocurrency exchange was able to track the transactions and freeze over 94% of the stolen funds."

Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/

I just read this, what the hell is going on in this world? It's a dark place we all living in.  :'(
Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

Good point by Franky1 and something to think about.


- Regards BabyB. 👼

First of all, your topic is in the wrong place, it should be in Bitcoin Discussion.

Also, technically anyone who uses the Binance exchange is a client, so I imagine a lot of people who happen to use Binance had been extorted & robbed over the platform's lifetime too.

But kidnappings? That only happens quite rarely.

The stolen fund is not in bitcoin but altcoins which is USDT on Tron blockchain.


Beginners & help will be a better board for it.

It is becoming common because people are not leaving a private life. I mean a privacy life for their crypto holdings.

Swedish Bitcoiners targeted by armed criminals (https://bitcointalk.org/index.php?topic=5473473.msg63129391#msg63129391)

Thanks, changed it now. was not sure where it fitted the best since the action is some way of robbery and BTC is just the currency.

- Regards BabyB. 👼

I read the news 2 days ago and this is pathetic now but we should get used to it as many more would happen. This is why we should be very careful in our crypto dealings and communications so that it won't land us in trouble. Do not let people know your worth in crypto and do not let anyone know in what crypto you have your assets.

It's money for a Binance client executive now, what if it would cost the life of another in another event? Let's be wise. And I love the smartness of the victim, he actually declared the asset in the USDT knowing that there would still be a solution through tracking. Kudos!

I have said before, it is not about bitcoin but about altcoin which is USDT on Tron blockchain. We would not like it in altcoin discussion but instead in beginners & help board and beginners & help can help newbies to understand more about this and why they need to leave a private crypto life

We really need cyber security and privacy board.

Ok thanks and calm down, nobody will die if a post is in wrong thread.  :)
Ye agree it would be better to add a board like that.

Regards BabyB. 👼

Crazy story, cz said they were 'lured' to a business trip, so i guess it means the attackers organized the meeting and lured these clients in order to attack them, cz didn't provide too much information, like where these clients travelled from to Montenegro. It is strange that they could fall for a fake meeting such as this one, and since they were robbed of crypto, i believe they must have exposed themselves by talking much about crypto with their attackers before embarking on the 'business trip'.

To look at it from another angle, cz may just be saying this to boost customer trust in Binance by claiming that they were able to intercept the stolen funds and recover nearly everything. If you follow the thread on X, many people there claimed they have lost funds in Binance, but the exchange were not able to recover anything, even when the stolen funds was sent to another Binance account; so is there a chance that this story by cz is made-up?

this topic is not bitcoin this is a USDT topic or a wallet/service topic

general binance customers dont get the same level of support compared to "executive clients"
most users wait days for automated responses of please read guides/FAQ

seems it is only news worthy because "clients" had direct communication access with leaders in binance to trigger a analysis investigation and contact other wallet service to act, and the act was 94% successful

other stories of stolen funds where services say "not our problem" dont get the same attention, result

I don't know if the executive should be the only one to have access to the authorization of the use of the user's account, also maybe this could serves a warning to make some act on taking a quick decision to take their money off exchange except they are trading with just little amount they could afford to loose, using an exchange like Binance is havi it own risk as thesame with using any other, they are all centralized which makes no difference despite the fact that Binance is globally recognized.

This story is targeted at promoting Binance. CZ is using the story to showcase Binance as the protector of customers' funds by claiming that they can trace and recover stolen funds. He is showing that his platforms is an option because they can recover stolen funds when he said that stolen funds can only be frozen if they are send to centralized platforms.

This news might be true or made up but it is good that we have a chance to choose between Cex and Dex. Binance and other platforms will only showcase their strength and hide their weakness. He can only deceive newbies or those who have not learned any lesson from the failure of many exchanges. If CZ likes to let him come up with stories of how he recovered funds from millions of scammers, Binance will not keep my coins.

What he doesn't say, is that he can freeze your own funds (https://bitcointalk.org/index.php?topic=5370726.0) for any reason too. If you want to keep dollars, just keep them on a bank instead of using a company in the Cayman Islands. At least the bank is regulated in your own country.

only if you have his number on speed dial.. goodluck to regular customers that have to rely on "support ticket" style systems

"freeze own funds" yep centralised wallets do that. people need to learn SOON

"if you want to keep dollars" only $xxxK is insured. but atleast you can get local authorities involved. but i prefer to self custody real crypto(not on my phone i carry around to stranger invitations)
best dollar advice. dont carry more then a meals worth of cash on you. if they blackmail you into using your ATM card the most they can get is $500
not $12m. dont carry easy access to $12m on you

Although it's the 1st time we are hearing about it with a crypto exchange it's far from the 1st time it has happened to business executives.
Sometimes the kidnappers are going after a ransom other times they are going after something the company has.

It's why many large companies have large insurance policies on key people and contingency plans in place.

-Dave

If this crime is actually happened, then it should be an inside job involved, the kidnapper would need to identify the Executive and know exactly his/her schedule. And the kidnapper could only know that from the insider information, CZ should investigate the staff.



This is actually my first thought when reading the CZ tweet, if this is actually happened, then CZ is using this unfortunate event to promote binance, and if this is a made up story, the he is lying, neither one is good, in my opinion.

emphsis on "lured on a 'business trip'"

the thief/kidnapper obviously done research, found wealthy people, formed a relationship, invited them somewhere.. the victims know details of the perpetrator. im sure the thief is being chased if not already arrested

I find it funny how CZ wrote "Real Event" on his tweet. I can't speak for others but stuff like that has the opposite effect on me lol e.g. scammers writing no scam

Also, am I the only one who can't find this sensational news on most popular crypto (or in general) news outlets?


I hate to make this worse for you but... you'll find more stories here, see: Known Physical Bitcoin Attacks (https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md) -- and since this has an emphasis on bitcoin +the unreported cases, there are absolutely more than this list has.

Hard to believe, how can someone who carry a big amount of money isn't protected by any security.

After reading this paragraph, it's really clear CZ is promoting his exchange as he indirectly say to hold your Bitcoin in CEX and not hold XMR because it's a privacy coin lol.

The reoccurring physical attacks is becoming worrisome and this is enough reason to discourage people who go about bragging and flaunting their crypto wealth on social media.


You've a valid point, it's looks like a publicity stunt, just another way to deceive people that their funds are SAFU with them and it's only newbies will fall for it. Binance cannot trace your coins, only blockchain analytics companies like Chainlysis, Ellytic, Cipher Trace can do that. Binance can only freeze stolen funds after been alerted, and which looks like what really happened.

Well, this kind of situations is not new, those happened all the time and yes it is dark place to living.


Two things...

1.- As everybody said this history is just publicity full of BS
2.- If that really happened the kidnappers are just idiots its easy to exchange all to bitcoin and keep it mixed out of any CEX

This news kind of made headlines because it happened to a Binance client executive, if this were to be a Binance regular client, that reported this case they would do nothing about it and they wouldn't even care to trace it and those funds would have been a thing of story. It would have been more interesting to say how they recovered a customer's funds and not the Binance client executive because they will definitely treat this case with priority.

However, that doesn't remove the fact they are a centralized exchange and the news to me still never guarantees the exchange is a safe place to store cryptos and from the point that they were able to track and freeze 94% of the stolen funds. They will only tell you about the good side of the platform and will hide the bad side.

The story does sound like made up but if it is then surely the robber wouldn't want to send it all to an exchange as binance and exchanges today are organized and can freeze the balance once they know the origins of the coins. And indeed they did freeze the funds in a Tron wallet.

This article promotes more of the self-custody web3 crypto wallet built within the Binance app that CZ wants users to use because one of the key shares is controlled by Binance.

Research that aims to organize all the plans from start to finish and how the field will be,
thieves or kidnappers like this must have many skills and they certainly work in groups.

All details are recorded and the slightest problem will be resolved quickly so as not to arouse suspicion.
But if this news is true, an executive should have good security when meeting with any client and everything must be clear about the place,
who is meeting, and others.

Theft like this will be easy to uncover if Binance immediately reports and conducts an investigation.

There is this common saying that it is the rats inside that tell the rats outside that there is food to come feast on, so for that purpose I can agree with what you think. Another thing can be that the victims made the mistake of not living a private life, and maybe somehow along the line due to their actions made themselves target for these kidnappers maybe by revealing their Job positions. Kidnappers always have good knowledge of the people they are kidnapping; it is not common for kidnappers to set out to kidnap anyone.

We can learn from this, that privacy is always very important.

Back then, other people always bragged or flexed about their crypto wallet but they had no knowledge of keeping their identity hidden so when the criminals could reach them easily, they were kidnapped or forced to send their bitcoins to the attacker's wallet address. You can search on the internet, I remember there is a site that listed every incidence related to this matter in the last 10 years and they were accurate. When you read that news, you won't be bragging about your crypto ever again because of how it ends up for the victims.

If they are rich and want to show it, let them be because they need to flex their rich to satisfy their high ego.

I feel ridiculous if those people flex their wallets, successful trading are not rich as what they want to show to the public eyes. I believe there are people like this and they even take more risk and might have to pay their life as cost for flexing.

People are flexing are like recently get rich as people who are rich a long time usually don't have to flex their rich. They even try to live a hidden life and don't want to see their privacy is broken by the public eyes. Privacy will become their higher priority than flexing it on social media.

Kidnapping and forcing customer to empty wallet? Hmm, sounds strange to me because I haven't heard of such case although I know it's very possible but I believe someone already said which is if this particular story is even true because it's kind of awkward that CZ was on the frontpage and saying that binance had already frozen the funds just makes more weird. Well if it's true then everyone now knows how important it is to actually keep and try securing your holding and how keeping it secret is really important to you.

It's awesome that they managed to track the vast majority of funds and somehow freeze them, but the story is still pretty scary. To me, it actually shows a risk of centralized storage because someone responsible for that storage might be targeted and forced to give up the money.
TRX is decentralized, so I guess the wallet itself was centralized? It's somewhat unclear to me how they managed to freeze the funds, and whether freezing means that they also managed to get the money back yet.
Maybe those saying it's just a publicity thing for CZ are right, a sort of success story of a centralized platform, but who knows, maybe it's genuine.

its hard to believe when it comes from CZ and no police report so far even if you search it online there is no Montenegro police report coming up about this Binance executive. all articles are published by crypto news only with no names about this victim. but i'm not gonna be surprised if CZ silences the police

this kind of crime may not be common for now but with the adoption and criminals knowing about Bitcoin, those criminals will start learning to get around and find someone to point their guns to and take their hard wallets or send their coins. this is when social media gonna be of help to the criminals for they will start watching those users posting crypto wallets.

"were lured on a business trip" this criminal must have watched several films and done online searches about crypto before he committed his crime. But it seems he is not an expert in crypto considering that he uses USDT and TRX in his transactions and uses a centralized exchange to make withdrawals. If he had transferred it to his bitcoin wallet and not traded it directly, I don't think Binance would have been able to do anything with the assets he had stolen.

That's something can't be done without insider support. People can obviously found wallets holding millions of dollars, but they can't find the person associated with that wallet unless the owner is openly talking about it or someone internal helped the criminals to identify the person. This incident should prompt CZ to start with an internal inquiry and fix the loopholes in his own system. Not having a great feeling about this incident. It's great that majority of the stolen funds are frozen now.

I like this writeup, if this is a real story we should have heard more about it right now, or did he choose to keep it on the low? Maybe its really made up, but I have one time got worried about this, because me trying to teach people to invest in Bitcoin have made me realise that I could be in danger if I keep teaching new people.

I know that Bitcoin is not that popular right now in my country, but I am a bit concerned that when it's a popular thing people will start targeting other people, that's why I decide to pretend as if I don't have anything to do with Bitcoin.

There is something that happened within my family, it involved a elder sister who knew that I was into crypto for the past years and she keep telling others about it, and now I hate myself for letting her know, it's really not my fault as her children sees interest in Bitcoin and I have to teach them, now she is speculating on my worth and telling others in the family that I have money since I am a Bitcoin investor.

I don't know how to stop this but I am been careful, I have decide to move out of my location and go far distance where anyone knows about me, I mean they have placed me in a high level like a millionaire in dollars when I am not even this right now.

I hope this isn't a comedy - but if it is true then I think this is why all crypto users need to take good care of their financial privacy. Each of us is obliged to maintain privacy and never tell anyone how much bitcoin or other crypto assets we own. Obviously this can put you at risk, especially because money and wealth are the biggest attraction why this crime exists.

I can find several people who don't seem to care about their financial privacy on social media. They tend to be proud of having a lot of assets without hesitation in posting them there - but they fail to understand what the worst risks are. Cases like this has existed before - but they may not be exposed because they don't involve hundred or million of dollar.

Well, firstly I  pray for the person who is being kidnapped. This is a very serious matter we saw many hackers who stole funds but they did not threaten to person but in this case, he might be in great danger if the kidnapper is a psychopath or something related to it. Secondly, we don't know what will happen how the kidnapper approaches him, and how he got him, I agree with the OP that there are some official persons involved in it but we need to wait for the binance official that what happened.

This case is a reminder for all of us that we need to be more serious about our security and our privacy, we all need to make our cryptocurrency world more safeguarded so our lives and our assets will be saved.

Hopefully, the thieves get caught.

It really makes you think about how easy it can be to steal Bitcoin, due to the fact that the thief never leaves any physical trail behind him. It's good that we can track the coins and find out who was behind them once they do something stupid, like link their identity to their wallet. And that happens even to the best of us. One wrong website visit with your real IP, and it is over. So really, compared to fiat, Bitcoin makes it both easier to steal and harder to not get caught. What a world we live in! :D

The part about them tracking and freezing it might be, but I believe the part about the kidnapping.

There was a similar case in Russia a few years ago where a man was attacked at home and the robbers were torturing him to get him to send them bitcoin. This isn't really anything strange since people get attacked and robbed every single day. I know a few guys who were attacked at night. One was beaten, the other stabbed in the back. One guy that I know was stabbed and they stole his jacket. They were ready to kill a man over a piece of clothing, so imagine what they'd do for 1 bitcoin.

To be fair it is not really that shocking, people did kidnap other people before crypto was invented, and they will do so later on, what currency they use will or may change but in the end there are bad people out there, that is guaranteed. I understand that we may not approach this all that clearly, but we could totally make sure that its going the way we want it to go by just trying to hide the fact that we have money. If you go around telling others that you have money, then it is going to be hard to be safe, so it is smart to just make sure that no matter how much you have, even if its just few hundred dollars, do not tell anyone that you have some crypto and hide it from everyone.

I was surprised why the perverts did not force the victim to transfer his balances into Bitcoin or any other currency on a network that cannot be controlled. This would have prevented them from freezing 98 percent of the amount they received.

This is one aspect of the problem of privacy in Binance. This is an obvious example of how using binance can affect privacy.
There is a strongly likely hypothesis regarding users on Binance Peer-to-Peer. When carrying out any buying or selling transaction, you can see the profile of the counterparty user (his full name) and data about his activity. This can help scammers choose their victims more easily.

Yeah I thinking so to... It must be someone on the inside that are a part of this in someway.



Hope so to bro! You have a very good point here.



Me to bro. 🙏
And you have right, we should always remind ourself's about it.



- Regards BabyB. 👼

It's corrupting in on itself. Corruption starts at the top, and over time, makes its way to the masses. Over the last 15 years, the world, namely the US, has been band-aiding the collapse of the global economy that we saw in the GFC. Before that, we saw multiple instances of the failure of money, which were also solved with band-aid solutions. Now we are at a point where there aren't enough band-aids left to solve the amount of problems there are, and these problems are now going to start corrupting society faster than we know it. Heck, did you know that MIT did a study to predict when society will collapse in itself, the initial study was by 2040 and now some institutions are predicting even sooner? If you aren't able to build a safe haven of protection for yourself and your family, you may find yourself needing to be more careful than once thought in the next 10 years.

It's a very sad story for humanity and I hope that a miracle, other than the existing miracle we have (Bitcoin), can bring the wolrd back to peace.



This is right, as is Franky's post. You can't pull something like this off without planning and without knowing who the people are/doing research prior.

it means, these perpetrators did not do much of their homework how to cover their tracks. they are already in crypto so why not use the features of it so they won't be traced? but good thing as they have frozen most of the funds.
this is why it is quite a challenge to trust people these days especially if you met them over the net.
also, as much as possible, don't disclose matters to your social media about what you are into. most of the time, these people are lurking around the net and looking for their potential victims as they learn more about your daily life.

It will definitely be insider work, or the client is someone who showcases his or her assets online or to people that are close to him or to the society he lives in, which may result in some people planning against him. If not, why did the kidnappers focus on his crypto wallet instead of something else?


I thought as much, especially seeing that people are trying to get involved in crypto investment against next year's halving, and most people do not like the stress of creating their wallet and keeping their private key; they prefer to leave it in an exchange where they will only log in and access their coins. CZ is doing this post to give people confidence while using Binance exchange so that they can get many users above other exchanges.

Actually, a lot of Bitcoiner with fat portfolios are noisy especially on social media and that is not safe. However, I'm wondering how someone as big as Client Executive of Binance can be private without being known. I serious doubt the possibility.

This is a very important suggestion that will take much of the burden in the Beginners & Help Board since security issues usually take bulk of the discussion. Perhaps you can create a topic about this in Meta so it gain more attention. The ropsed cyber security and privacy board can come as a sub board under Beginners & Help.

CZ has issued a statement regarding this

This was fortunate for the victim, waiting to recover his savings.
Unfortunately, this remains insufficient and not reassuring enough to trust Binance or others. The loophole that the criminals used to make their crime successful was that the victim was putting all his savings on Binance, and therefore it was easy for the criminals to force him to open his account (this requires nothing more than using the phone application) and send all his savings. Even though they lost 98% of the stolen items as a result of freezing on the Tron network, they succeeded in gaining 2%, which represents a good amount as well.
I really hope that this raises awareness of the danger of using exchanges to store large amounts, no matter how reliable the platform is.

Honestly, this is the first story that I've heard of someone kidnapped and forced to empty his exchange wallet.
Sounds weird right?  Yeah, in the first place how the kidnapper know about your asset if you don't revealing it to anyone else.
I think there's a lesson to learn on this, we should always take care of our privacy and not reveal what we have even our friends or co-workers.

IMO, privacy and security are closely intertwined.
We should protect them at all costs to avoid being victims of fraud.

We hope that CZ will help the victim to find out easily and arrest the kidnapper.

That can happen to anyone who uses centralized exchanges and surely there is a lot of risk for the ones who use centralized exchanges to store their crypto-currencies. I believe that someone from the internal team might have leaked the data of those executive clients to the robbers, scammers, hackers, and then they have made their proper plans of kidnapping those clients and steal their crypto-currency.

I believe CZ has taken a good step to secure most of the funds of the clients and surely by sharing this he got some free marketing and fame for Binance. It's a good story for us to be careful that letting a lot of your money into a centralized exchange can be risky for your well-being and even letting others know about your crypto portfolio can be a risky thing.

Thiefs or rubber, whatever, they don't act when they don't have a lead. Those guys usually know how to play their cards, make all necessary investigations on the pray they have sighted, and make sure they have gotten all the information and tools they need to be successful at their mission before they strike, and thats exactly what happened. Based on the threads that some users have created on the forum, it's something that is happening in some parts of the world: crypto investors being kidnapped and forced to give up their crypto assets or pay ransom in Bitcoin. However that incident was made successful, I think there might have been some insider who gave the thief the information of the man and how they could kidnap him and how much they could extut from him because I believe he might have offered them less than what he lost, but they would reject it, knowing that he has more than that.

This can’t happen unless they’ve been following them up for a while. This is why it is discouraged to flaunt what you have in this cryptocurrency space. I’m not saying this was their case but this is something that will most likely happen to people who like to talk about how much they have because there’s no way someone can randomly rob you and ask you to send all your crypto money if they didn’t know it somehow.

Yet another proof that altcoins are building a centralized system similar to banking, and it has none of the properties of so-called "blockchain technology". No decentralization, no full control of funds, no immutability and censorship resistance. If they can freeze stolen coins, they can also freeze coins when government tells them to.

Bitcoins can't be frozen and returned back, so you have to mitigate the risks as best as you can, but you also can be sure that only you control your money.

It's because they are known to the public, and known rich people tend to face such scenarios. Of course, the culprint does research into crypto currency, and luckily they take action. Even without capturing the suspect, they are able to freeze the stolen assets, which is good, but what if it happens to none of the executive people? Will they receive this kind of treatment, or will they be able to have justice like what happened in the OP's topic? I guess not. That's why many people in crypto choose to stay quiet because they know they can't do anything when their assets are stolen, by force or not. That's why, in this industry, we need to stay anonymous and avoid flexing our assets, which might cost money. Staying vigilant and anonymous is the safest way toA protect your assets. You will get nothing from spreading about your crypto things, so just stay quiet and keep on earning.

I agree with your statement.

Kidnapping a client involves knowing that such a customer is a client of Binance in the first place. Probably the kidnappers have done their research on whom to target as their next victim. Also, the fact that they also know the basics of transactions imply that they probably know their knowledge in the crypto space.

These are just some of the things that can potentially happen in any kind of currency in which money is involved. I just hope that people would be able to secure their funds and lives at the same time to prevent things from happening.

As I previously explained, in the example of Binance, it is not possible to hide identity at all because in peer-to-peer transactions, the identifying data of the seller/buyer is visible, which is his full name, his bank account number, or his phone number if he uses it as a local payment method, or email. Once you have the full name, it will be easy to identify the person, and this does not cost more than a simple search on Facebook.
The only solution to continue using these services, with all the accompanying violation of privacy, is not to keep the assets in the Binance account and to use private wallets for storage. This is more guaranteed than any other method.

Despite the thiefs efforts in selecting their target for kidnapping, they seem to have lacked the necessary knowledge to transfer the illegal funds effectively in the crypto space. But it is encouraging to know that some of the funds have already been frozen, which is a result of the authorities' swift action. Is the victim already safe?

Inside job - yes but from binance not too sure about that. This executive is not an alien, he/she must have family, friends, acquaintance who must know him and also aware of what he does for a living. It could be anyone who knows him personally.
It is also very important in this present time were so many insecurities happening to be extremely careful. people who work in this type of place should know the type of company they keep and if necessary seek protection.
This kidnappers already very familiar with the victim and knows all personal information to assist them carry out this heinous crime. Good thing binance was able to act quickly to freeze part of the stolen funds.

Some of the victim's funds were already frozen in the wallets they sent them to, according to CZ's statement in the article, but the security of the victim is the question now. Since Binance was able to broadcast the news, it means that the client is safe, and Binance broadcasted the incident to them before they took action to freeze all the wallets the USDT was sent to. The challenge now is the safety of our funds in CEX. We no longer have control of our funds; in fact, our funds can also be frozen if care is not taken.
Let's just avoid CEX.

That's what criminals do, if they see a target, they are going to follow their victims, no matter what. And it will just take time before they strike. But yeah, this is kinda scary, usually what he heard is that criminals targeting individuals and then asking them to empty wallets that they have total control, and we think that it is safe to have that kind of wallet.

The best they can do right now is to ask tether to freeze the funds (usdt), that is if the criminals hasn't move it to another wallet.

So let's see how the news developed, it's a huge money to begin with and hopefully they can catch the criminals.

It doesn't have to be that someone from Binance helped the perpertraors at all.

Considering the amount of money stolen, their client was obviously rich and rich people (especially nouveau riche who made money overnight via crypto) tend to flaunt their wealth around, letting people know how they made their money so it wasn't that hard for someone with band intentions to figure things out.

Yeah, that's the feature that we've known and done in the past and I think that they'll do that and contact all other exchanges to freeze any funds coming from that specific address.

They're influential and if CZ is going to help on this case, he can. But if the kidnappers will be wise not to touch it for now and will wait for a long time to send it to any exchange or jumble it to increase privacy, will they still be able to do that?

People who do not own even just a million dollars get kidnapped everyday and their families been asked for ransom, so for people of such caliber as a Binance executive client, he/she ought to have known his/her worth and never work without a proper security, because this client was even lucky enough that the kidnappers were so stupid enough to have sent the fund to another Binance account and not a hardware or non-custodian software wallet they own the private keys to their funds, because only if had they done that, I bet you it never could have been possible for Binance recovering the said acclaimed 94%. And this should be a lesson to everyone known to be having huge funds to make privacy his/her top priority.

This boldly spells how much we are centralized even in decentralization. I know someone may want to say that it was helpful (in a case like this) but what of the other times when there’s no robbery? I’ve never trusted storing my funds in centralized exchanges, and this story doesnt make any difference to how I feel about centralized systems.

He and his team can freeze user fund anytime. They can freeze their chain, Binance Smart Chain, when the chain has technical issues.
Binance Smart Chain Halted Over 'Potential Exploit,' $100 Million Taken Off Chain (https://decrypt.co/111433/binance-smart-chain-hack/)

What will come in future with their Binance Web3 wallet? Freezing user fund in their Web3 wallet?

They can ban user addresses anytime like other smart contract coins.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055.0)
USDT banned addresses https://dune.com/phabc/usdt---banned-addresses
USDC banned addresses https://dune.com/phabc/usdc-banned-addresses

The most weird proposal from Changpeng Zao is Binance Considered Pushing for Bitcoin 'Rollback' Following $40 Million Hack (https://www.coindesk.com/markets/2019/05/08/binance-considered-pushing-for-bitcoin-rollback-following-40-million-hack/). Roll back the Bitcoin blockchain because of a hack on their exchange.

Nowadays, since crypto is where most crypto lovers use to keep their funds. Scammers and Arm robbers are now after cryptocurrency investors, because the robbers knows that this investors have any funds on them in cryptocurrency because they have exposed this to the public. Also most crypto users move around with their phones that have their crypto wallet app on it and it becomes more easy to force them on gun point to transfer their funds to another wallet.

I believe that those who flaunt their wealth in social media for others to see are bringing big risk to their lives and that of their family, because they can easily be a target and get robbed. If this robbery wasn't the fault of Binance client then it must have been an insider from Binance or a cooked story by CZ to make people have more trust and confidence on Binance.

Who do it actually forget or ignore a rule, don't store all bitcoin or cryptocurrency on phone, mobile devices.

It is like a hot wallet that is not a good choice to store all of your fund. If they are careless, ignore important reminder, they deserve to lose their funds (in bitcoin or cryptocurrency) in many accidents like a phone is dead (technically broken, can not be fixed or retrieved data), a phone is lost or stolen, and accidents like kidnap, kill.

Most of your fund must be in a safer wallet like hardware wallet, airgap, cold storage or multisig wallet and you should not store them on phones.

I agree with you that a cold wallet is better then using a hot wallet, but saying that someone deserve to lose their funds, maybe hard worked funds, long time farmed funds, is just wrong.
The most people that using a cold wallet probably also using a hot wallet for daily use, do they also deserve to lose their funds on their hot wallet?
I understand your point but nobody deserve to get robbed either way no matter how smart or stupid they are.

Just another big reason not to disclose one's holding to anyone and do not tell anyone beyond reasonable boundaries one works with crypto...
I agree criminals must have gone through a probably long period of selection, sereach, baiting in order to get this person in a position of vulnerability and force him to empty that wallet of his.
This should serve as a cautionary tale to all of us, only because most of us are not a big target as a Binance execute is, does not mean we are fully save from being physically attacked over whatever amount of satoshis the attacker knows we have, the same way there are sophisticate attacks like this one, does not mean people out his mind will try to knock us down with a hammer in our own neighborhood.

That's true, this is the most alarming incident I've heard so far that is related to crypto. This only shows that a person can do everything for money. Also, we really shouldn't disclose any information regarding our crypto investments even with our friends or family, only to the people we really trusted. Better to be safe than sorry. It's a good thing there's nothing bad happened to the owner.

It's really sad to see that there are people who are desperate to get their way and make it go scam and even make the part that heinous to kidnap the executives and force it. It's like the famous "wrench attack" that you just need to be physical with someone with a wrench and you could take the whole stash. Something like that.

At least, the majority of the coin is already a frozen, no one would get those bad coins.

If you read through all the posts in this topic, you'll see that people are praising cz and Binance for freezing nearly all the funds, cz got his wish, didn't he. I think this story is made-up, except cz and binance proves otherwise, not that it is difficult to plan it all from the beginning with on-chain evidence to make it real. But i don't just believe this story of some client executive 'lured' to Montenegro for a 'business meeting', only to be kidnapped and their funds stolen, and then the same scammers 'stupidly' sent the funds into addresses that can be frozen, sounds hard to believe.

Now, asides if it is true or not, for those people who have believe so much in cz and are praising him for this 'great' work, take note that cz and Binance can also confiscate your funds if it is in their exchange or in their chain, now think if that's a good thing or not.