Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets

[Franctoshi]

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.

[cabron]

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.

[taufik123]

-snip-
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

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.

[Queentoshi]

- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

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.

[yazher]

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.

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.

[tbct_mt2]

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.

[DaNNy001]

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.

[kryptqnick]

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.

[electronicash]

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.

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.

[retreat]

"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.

[avikz]

Good point by Franky1 and something to think about.

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

Regards BabyB. 👼

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.

[Crypt0Gore]

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 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.

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.

[_BlackStar]

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.

[JunaidAzizi]

- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

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.

[goldkingcoiner]

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."

I just read this, what the hell is going on in this world? It's a dark place we all living in.  

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


- 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.

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

Regards BabyB. 👼

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!

[coolcoinz]

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.

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.

[Captain Corporate]

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.

[coupable]

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.

[BabyBandit]

Good point by Franky1 and something to think about.

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

- Regards BabyB. 👼

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.

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

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."

I just read this, what the hell is going on in this world? It's a dark place we all living in.  

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


- 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.

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

- Regards BabyB. 👼

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!

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

- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

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.

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



- Regards BabyB. 👼

[BenCodie]

I just read this, what the hell is going on in this world? It's a dark place we all living in.  

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.

Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

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.