Binance freezes stolen Cryptopia funds

[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.

Maybe I think that way, the thief is too stupid and doesn't know that the Binance system exchange is very good for that. Yes, hopefully the Binance system will continue like this so that users who trade at Binance will be very safe from thieves.

I have read and understood what happened base on what bL4nkcode said.

But good to see that Binance do act with such hackings once it penetrated to their exchange addresses.

Base on some of his tweets, some people on social media did report the transfer to binance and to CZ that's why they act immediately.

The community helped the funds to be traced and followed. Thanks to those tweets and posts of the concerned citizen of those stolen funds. Good to see that they really act accordingly upon knowing that it went through their system.

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[Mr.Ease]

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.

Hey, someones thinking outside the box. Like the bigger question - What happens with these tokens now that they are Frozen IN Binance?

Lol, So are these now Binances tokens now? After some 5year wait time they get forfieted...   
ha, I bet some policy like that starts happening in the next few years with exchanges and dormant accounts.


I suppose, one should be happy a hacker didn't profit. But now you have some Multi-Billion $$ daily-volume exchange getting it... fo free 

[Ribbitforum]

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

i also read it on twitter, do you think cryptopia could still recover at least 50% of the funds hack

[tytanhamon04]

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

This is of course my assumption but perhaps hackers are trying to spoil the reputation of the exchange or they just thought that the transaction will take place quietly on the exchange with a huge volume in trade.

[aad140386]

I hope that this steps will take all cryptocurrency exchanges to fight hackers in a timely manner. Such actions will help create a healthier crypto community with a high degree of security. True, I have heard that the management of the exchange is also often concerned with the theft of cryptocurrencies from the Cryptopia exchange, which can have a very negative effect on people's attitudes towards the exchanges in general. I hope that everything will be resolved safely, because now there is already quite a lot of negativity regarding cryptocurrencies.

[johnleo]

Nice move from binance, it makes their reputation better and imo they are truly supporting crypto community. A bit strange behavior from that hacker, are they really want to stole the money or just make fun to ruin binance reputation? Or maybe this is just bad competition between exchange? Too many question in my mind about this cryptopia hack.

[Irvinn]

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.

If criminal proceedings are instituted and the investigating authorities have applied to this exchange with an official document on the imposition of arrest on specific cryptocurrency wallets placed on their stock exchange, the exchange must fulfill these legal requirements, or it becomes an accomplice to the committed fraud. Some not very smart scammers caught. Apparently, they quickly wanted to cash the stolen property on another stock exchange, but did not have time. It is very good that this idea they have failed. Too often, hackers began to steal cryptocurrency from various exchanges, this can cause great harm to the cryptocurrency as a whole.

[BurgerCash]

Props on all of you public detectives who spammed CZ with the information.
Hopefully the hackers will not only fail to liquidate the assets, but also get caught.

[aoluain]

Good move by Binance, silly mistake by the hacker, mixing would have
been the way to go, I wonder was the transfer just a move while being
exulted in the fact that the hack was successful?
I wonder will Binance be able to relocate the finds back to Cryptopia?

[Oceat]

It just so strange that the hacker sends it to Binance, aren't they aware of the watchlist? I wonder if they have another plan on why they have to send it to exchange or maybe it was just a test that hackers did it or total stupidity. Anyway, it's a great job for CZ since he managed to lock down that account.

[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.

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).

Agreed. That's what's great with Binance. They are very attentive and is urgent with things. So what they will do to the funds now?

[Elby]

Binance still the best!

[peter0425]

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

[img].. snip ..

This is of course my assumption but perhaps hackers are trying to spoil the reputation of the exchange or they just thought that the transaction will take place quietly on the exchange with a huge volume in trade.

How can hackers spoil the reputation of Binance? That's too dump move for them to really deposit to Binance because it's one of the most trusted and anything of suspicious can be flagged. They should have move it somewhere else, or hide it. I hope that Binance and authorities are working together so that they can investigate and solve this crime and those guilty can be punished.

[Burogh]

I think its good for crypto community. This indicated that we should fight hackers together. If hackers can not sell their stolen coin in any exchange, i am believe hackers wont stealing coin again. Hopely this binance step followed by others exchanger and make cryptomarket become safe market

[bhadz]

Binance still the best!

I don't think so. Did he just deleted this?
https://www.reddit.com/r/CryptoCurrency/comments/agb1w6/cz_responds_to_cryptopia_hack_news/

[vv181]

This is getting weird, how could possibly an exchange's hacker doesn't know how to remain their anonymity on the spaces, and why would they sent it to Binance with a tainted coin. Ethereum has a coin mixer and DEX, why they don't maximize the benefit of those services. I'm started to think that it may possibly an inside job, or a person that extremely uneducated about cryptocurrencies but somehow got access to Cryptopia system.

[imstillthebest]

This is getting weird, how could possibly an exchange's hacker doesn't know how to remain their anonymity on the spaces, and why would they sent it to Binance with a tainted coin. Ethereum has a coin mixer and DEX, why they don't maximize the benefit of those services. I'm started to think that it may possibly an inside job, or a person that extremely uneducated about cryptocurrencies but somehow got access to Cryptopia system.

Hackers were verry smart people and i know that they know how to use mixers but they didnt use it . this isnt also the case that i saw someone got hack but the hacker did imediately send the funds to his own wallet . they didnt care at all if they are being traced or not because what important for them is that they already withdrew the money . they might use another address again for another transactions  .

[romero121]

I think its good for crypto community. This indicated that we should fight hackers together. If hackers can not sell their stolen coin in any exchange, i am believe hackers wont stealing coin again. Hopely this binance step followed by others exchanger and make cryptomarket become safe market

What Binance has done is the right work. It hasn't frozen the fund of an individual who has the intention to use Binance as a trading platform. With proper understanding about the hack and after the request from cryptopia the funds were freezed. Good work. Unified security development could enhance the usage of cryptocurrencies among people who fear using cryptocurrencies just because of the lack in security and hacks that happens quite often.

[figmentofmyass]

Good move by Binance, silly mistake by the hacker, mixing would have
been the way to go

how do you mix millions of dollars worth of ERC20 tokens? there are no mixing services for dentacoin, lol. their best bet was to quickly wash those funds through an exchange in hopes that they could do it before the exchange noticed.

CZ said binance was only able to freeze some of the funds, so it was at least a partial success for the hacker. for all we know, the hacker also sent coins to kucoin, hitbtc, livecoin, etc and got away scotch free.

[Bloodseekers]

That statement so great, that's why i only love trading in binance. cryptocurrency can be tracked, and binance freezes it, prevent them from making a profit but that's means can to trade so will reduce the total supply in circulation. If all exchanges, work together not to accept the hacked funds, crypto world will be better