Skip to content

Binance Freezes $11.8 Million In Stolen Belongings Following Kidnapping Incident

Chief Govt Officer of Binance, Changpeng “CZ” Zhao, has shared a report through which the change intervened within the theft of thousands and thousands of {dollars} price of crypto property. By means of a quick response operation, the Binance International Head said they have been in a position to stop the unhealthy actors from making away with over 90% of the stolen loot.

Binance Confiscates $11.8 Million In Belongings Belonging To Kidnapped Shoppers

In a Friday put up on X, CZ said that executives from one in all Binance’s shopper corporations have been deceived into happening a enterprise journey to Montenegro, throughout which they have been kidnapped and compelled to forfeit all property of their crypto wallets.

In whole, the Binance CEO said that the unhealthy actors have been in a position to receive roughly $12.5 million {dollars} price of digital property from their victims, which have been all transformed to USDT and moved to a TRON pockets. 

Nevertheless, Binance was in a position to shortly intervene within the matter, alerting their companions to the scenario, who have been then in a position to freeze the pockets. In doing so, Binance foiled the kidnapper’s entry to $11.8 million of the $12.5 million loot.

The incident recounted by CZ just isn’t a brand new incidence within the crypto house, as generally unhealthy actors resort to such brazen strategies to steal crypto property from traders.

In 2020, Le Duc Nguyen, a Vietnamese investor, was kidnapped and robbed of about VND 35 billion ($1.5 million) price of crypto property by one other Vietnamese man named Ho Ngoc Tai with the assistance of 15 gang members.

Tai claimed that he misplaced 1,000 Bitcoins valued at VND 100 billion by investing in different tokens based mostly on monetary recommendation. The crypto investor felt cheated and proceeded to acquire a “refund” by way of forceful means. 

Albeit, Tai and his employed arms have been ultimately apprehended by the police and confronted trial in Could 2023, throughout which 14 of the 16 culprits got sentences starting from 9 to 19 imprisonments.

CZ Faces Questions On Crypto’s Decentralization

Following Zhao’s account of the profitable crypto asset restoration, some crypto lovers raised considerations over Binance’s capacity to freeze customers’ property at will, a function synonymous with the fiat banking system.

Nevertheless, the Binance boss said that crypto customers have a option to keep away from such occurrences, as property can solely be frozen on centralized exchanges (CEX). Utilizing different types of storage, reminiscent of non-custodial wallets, customers’ property are certain to stay inaccessible to any third get together.


Complete crypto market valued at $1.382 trillion on the day by day chart | Supply: TOTAL chart on

Featured picture from Shuttershock, chart from Tradingview

continue reading