Binance Impounds Funds Stolen from Abducted Execs
Changpeng Zhao, CEO of Binance, has revealed a significant incident involving the abduction of executives from a client company during a business trip in Montenegro. The executives were forced to empty their crypto wallets, resulting in a loss of approximately $12.5 million. The stolen funds were primarily in the Tether USD (USDT) stablecoin and were moved to a Tron wallet after the theft operation.
Binance’s team quickly investigated the on-chain activities and collaborated with partners to address the situation, frozing about $11.8 million of the total stolen, resulting in a 94.4% recovery with only $700,000 left with the fraudsters.
Zhao stressed the importance of staying safe in the digital asset space and clarified that cryptocurrencies cannot be impounded unless moved to centralized platforms like Binance. This case is not the first time a prominent figure in the crypto space has been abducted to rob them of their crypto holding.
(With inputs from Shikha Singh)
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