Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets

[oktana]

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.

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.

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.

[tbct_mt2]

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.

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

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
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. Roll back the Bitcoin blockchain because of a hack on their exchange.

[Ruttoshi]

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.

[tbct_mt2]

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.

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.

[BabyBandit]

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.

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.

[Hispo]

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.

[DabsPoorVersion]

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.

[crwth]

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.

[Z-tight]

or a cooked story by CZ to make people have more trust and confidence on Binance.

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.