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.
CZ Shares Story of How Binance Freezes Stolen Funds
Binance CEO Changpeng Zhao (CZ) shared a story of how the crypto exchange froze stolen funds on social media platform X Friday. Noting that the event was real, he explained that executives of a Binance client were abducted while on a business trip in Montenegro. Emphasizing that they were forced to empty their crypto wallets, CZ said the executives suffered a total loss of about $12.5 million.
Zhao detailed that Binance investigated the on-chain activities of the crypto transactions and reached out to its partners to freeze the wallet with stolen funds. He revealed 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.
