The CEO of the world’s largest crypto exchange says executives from one of his clients recently fell victim to a multi-million dollar heist.
In a post on social media platform say The executives were lured into traveling to Montenegro for a supposed business trip, but were instead kidnapped and forced to empty their crypto wallets.
The heist’s design resulted in a total loss of approximately $12.5 million, but Zhao says the perpetrators have lost access to most of the stolen assets since Binance and its partners worked to freeze the wallet containing the ill-gotten funds.
“We investigated the activity on the chain and contacted our partners earlier today to have the wallet frozen as all funds were being withdrawn in USDT and transferred to a Tron wallet. We managed to freeze approximately $11.8 million of the stolen $12.5 million.”
When asked how crypto is better than banks if digital assets can also be seized, Zhao says there are limitations when it comes to freezing crypto assets.
“It’s an equilibrium, and there is no perfect equilibrium point.
If you’re using XMR (Monero), there isn’t much anyone can do (or help you with) that I know of. Bitcoin can be traced, but not frozen, until you send it to a CEX (centralized exchange).”
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