Binance freezes stolen Cryptopia funds

[CloudFarm]

Cryptopia hacker moves stolen crypto to Binance; Community alerts Changpeng Zhao (Binance CEO) and Funds Are Frozen.

"Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them."
— CZ Binance (@cz_binance) January 16, 2019

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[joseyphil82]

Haha! Right about time ,binanace did great ,if this continues hackers won't be able to steal from one exchange and sell on the other ,I think what we lack in cryptocurrency space is having each others back ,I've been hearing news of kidnappers demanding for bitcoin for ransom payments ,they don't know that its trackable ,let's keep scammers and hackers off crypto world and that would build a strong trust

[apilpirman.bisnis]

Are you sure Binance take freezes their asset, my opinion is not true because Binance is the greatest exchange market and impossible could make freezes balance, we have trust Binance is the best market and have higher secure of quality.

[pooya87]

that is a very strange move by the hacker! there are already many ways to exchange coins with each other and there is also mixing techniques that could be used to make it harder and even impossible to trace the coins! i am wondering why someone who were able to "hack an exchange" doesn't already know this!
was it an inside job by a dumb employee who got access to the keys?!

[coinwizard_]

It can't be a pro hacker, they would have mixed it and used decentralised exchanges instead. This indicates that the theft was a inside job by one of the password keepers

[CloudFarm]

This case is very strange ... Let's wait.

[UserU]

While Binance has done this several times prior to this incident (e.g. Bitgrail), it might not deter the hackers much since they could just sell them off elsewhere.

[Kemarit]

that is a very strange move by the hacker! there are already many ways to exchange coins with each other and there is also mixing techniques that could be used to make it harder and even impossible to trace the coins! i am wondering why someone who were able to "hack an exchange" doesn't already know this!
was it an inside job by a dumb employee who got access to the keys?!

Exactly, why would a supposed to be intelligent and smart hacker/s will simply move the tainted coins to a exchange, not just any exchange for that matter, but the top exchange we have right now. LOL. It doesn't really makes any sense. Even a casual crypto enthusiast knows how to used mixing services or tumbler to obscure the finger prints. So I guess another angle has surface, perhaps it was a inside job or something. Let's see how it pans out.

[ranman09]

So binance can freeze your account? hmm.. okay then back to the subject, how come they send the funds straight to binance not considering that they can be traced? Considering the fact that they HACKED an exchange. They must have known that.

[sunsilk]

Nice maneuver made by Binance and good to see that they were able to track the fund that came from cryptopia. Anyone has an idea on how much that 'some' funds was?

So I guess another angle has surface, perhaps it was a inside job or something. Let's see how it pans out.

Or he was just too careless and confident that the funds he stole will never be tracked by Binance. But good to see that Binance do act with such hackings once it penetrated to their exchange addresses.

[UserU]

So binance can freeze your account? hmm.. okay then back to the subject, how come they send the funds straight to binance not considering that they can be traced? Considering the fact that they HACKED an exchange. They must have known that.

My guess is that they send the funds and liquidate them hopefully before Binance catches wind of the incident.

Not many exchanges could react on time (like Binance).

[Pablito89]

This is a smart move. Freezing doesn't mean they will take any action.
But it is great that Binance is taking it seriously, let's see what happens.

[bitfocus]

that is a very good and bold step from Binance authority!

[IgorShumilo]

This is why "crypto is a money laundering machine!" narrative is not true. Binance has been freeze funds sent by Cryptopia hackers, it is very easy to tag suspicious transaction on the public blockchain network.

[Red-Apple]

it looks like Binance is using this chance to advertise their own exchange as much as they can! so far they have been so active after this hack and have been all over the news with their "warnings" about not leaving your coins on exchanges and now this one talking about how they froze coins there were deposited.

i am more curious about what they are going to do with those coins. are they going to send it back to cryptopia or will they keep it for themselves?

[MFahad]

Haha! Right about time ,binanace did great ,if this continues hackers won't be able to steal from one exchange and sell on the other ,I think what we lack in cryptocurrency space is having each others back ,I've been hearing news of kidnappers demanding for bitcoin for ransom payments ,they don't know that its trackable ,let's keep scammers and hackers off crypto world and that would build a strong trust

This shows the immaturity of the hackers who are in a hurry to sell the stolen funds. If they were a little wise, they would have been not doing these childish act and keep the stolen tokens and coins in the offline wallets. Once the things are clear , they could have sell it at good prices.

[Jating]

So binance can freeze your account? hmm.. okay then back to the subject, how come they send the funds straight to binance not considering that they can be traced? Considering the fact that they HACKED an exchange. They must have known that.

My guess is that they send the funds and liquidate them hopefully before Binance catches wind of the incident.

Not many exchanges could react on time (like Binance).

I agree. That's why Binance is on top of the game right now. They are really attentive and their operational support is top notch. If you guys remember, they foil a hack like months ago and actually the hackers lost some money as well.

Anyways, it looks like the investigating is rolling and it's not a matter of time before they can identify the culprit or many new developments may appear in the next coming days.

[Johnzky]

that is a very strange move by the hacker! there are already many ways to exchange coins with each other and there is also mixing techniques that could be used to make it harder and even impossible to trace the coins! i am wondering why someone who were able to "hack an exchange" doesn't already know this!
was it an inside job by a dumb employee who got access to the keys?!

You got the right point mate,being a hacker of a exchange (in which not so easy job to do)it is impossible that the hacked coins will be transferred in some places that has a capabilities of freezing or even holding the amount

For me this thread is not reliable since you’re correct again that they can use atleast mixing site to keep the hacked coins safer for them.this is not considerate

[pilosopotasyo]

that is a very strange move by the hacker! there are already many ways to exchange coins with each other and there is also mixing techniques that could be used to make it harder and even impossible to trace the coins! i am wondering why someone who were able to "hack an exchange" doesn't already know this!
was it an inside job by a dumb employee who got access to the keys?!

You got the right point mate,being a hacker of a exchange (in which not so easy job to do)it is impossible that the hacked coins will be transferred in some places that has a capabilities of freezing or even holding the amount

For me this thread is not reliable since you’re correct again that they can use atleast mixing site to keep the hacked coins safer for them.this is not considerate

Very interesting and I agree if I am a hacker I will do mixing techniques to make it untraceable, they are so hurrying to convert these tokens to fiat money, that they undermined the whole scenario, it was almost a complete heist until they blunder doing a simple thing.

[clonely]

This is a positive situation. I like Binance being very sensitive about it. Even if they had a blind eye for a while, these thieves would use it.