Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets

[BabyBandit]

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.

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. 👼

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[NotATether]

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.

[_act_]

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

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

Herevealed that all the funds were taken in tether (USDT) and transferred to a Tron wallet. According to CZ, Binance managed to freeze about $11.8 million, or 94.4%, of the $12.5 million stolen.

Beginners & help will be a better board for it.

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.

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

[BabyBandit]

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.

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. 👼

[EarnOnVictor]

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!

[_act_]

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.

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.

[BabyBandit]

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.

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. 👼

[Z-tight]

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?

[franky1]

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

[Aanuoluwatofunmi]

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.

[Fiatless]

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.

[LoyceV]

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.

What he doesn't say, is that he can freeze your own funds 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.

[franky1]

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.

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

What he doesn't say, is that he can freeze your own funds 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.

"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

[DaveF]

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

[icalical]

- I think this is impossible to happen without inside work from Binance.

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 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 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.

[franky1]

- I think this is impossible to happen without inside work from Binance.

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.

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

[Potato Chips]

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.

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

I hate to make this worse for you but... you'll find more stories here, see: Known Physical Bitcoin Attacks -- and since this has an emphasis on bitcoin +the unreported cases, there are absolutely more than this list has.

[Jawhead999]

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.

When asked on X about whether crypto is better than fiat currencies kept in banks if your crypto wallet can be frozen, CZ replied: “It’s a balance, and there is no perfect balance point. If you use XMR, then there isn’t much anyone can do (or to help you with), as far as I know. Bitcoin can be traced, but not frozen, until you send it to a CEX [centralized exchange].” CZ emphasized: “The key point is, you have the choice.”

[sokani]

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.

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.

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.

[albert0bsd]

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

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

... 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]

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