Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets

Z-tight

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Quote from: Ruttoshi on November 16, 2023, 08:20:18 AM

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.

crwth

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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.

DabsPoorVersion

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Quote from: Hispo on November 17, 2023, 06:50:00 AM

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.

Hispo

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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.

BabyBandit

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Quote from: tbct_mt2 on November 16, 2023, 10:04:11 AM

Quote from: Ruttoshi on November 16, 2023, 08:20:18 AM

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.

tbct_mt2

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Quote from: Ruttoshi on November 16, 2023, 08:20:18 AM

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.

Ruttoshi

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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

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Quote from: LoyceV on November 14, 2023, 08:15:55 AM

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.

oktana

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Quote from: Jating on November 15, 2023, 04:39:39 PM

Quote from: oktana on November 14, 2023, 07:45:39 PM

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.

CryptoHeadlineNews

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Quote from: BabyBandit on November 14, 2023, 06:17:31 AM

Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets — CZ Says Total Loss Was $12.5 Million

"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."

Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/

I just read this, what the hell is going on in this world? It's a dark place we all living in. Cry

Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

People who do not own even just a million dollars get kidnapped everyday and their families been asked for ransom, so for people of such caliber as a Binance executive client, he/she ought to have known his/her worth and never work without a proper security, because this client was even lucky enough that the kidnappers were so stupid enough to have sent the fund to another Binance account and not a hardware or non-custodian software wallet they own the private keys to their funds, because only if had they done that, I bet you it never could have been possible for Binance recovering the said acclaimed 94%. And this should be a lesson to everyone known to be having huge funds to make privacy his/her top priority.

boyptc

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Quote from: Jating on November 15, 2023, 04:39:39 PM

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.

Yeah, that's the feature that we've known and done in the past and I think that they'll do that and contact all other exchanges to freeze any funds coming from that specific address.

They're influential and if CZ is going to help on this case, he can. But if the kidnappers will be wise not to touch it for now and will wait for a long time to send it to any exchange or jumble it to increase privacy, will they still be able to do that?

Rikafip

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Quote from: BabyBandit on November 14, 2023, 06:17:31 AM

Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎

It doesn't have to be that someone from Binance helped the perpertraors at all.

Considering the amount of money stolen, their client was obviously rich and rich people (especially nouveau riche who made money overnight via crypto) tend to flaunt their wealth around, letting people know how they made their money so it wasn't that hard for someone with band intentions to figure things out.

Jating

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Quote from: oktana on November 14, 2023, 07:45:39 PM

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.

Abu-Naim

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Quote from: NeilLostBitCoin on November 15, 2023, 02:12:32 PM

Despite the thiefs efforts in selecting their target for kidnapping, they seem to have lacked the necessary knowledge to transfer the illegal funds effectively in the crypto space. But it is encouraging to know that some of the funds have already been frozen, which is a result of the authorities' swift action. Is the victim already safe?

Some of the victim's funds were already frozen in the wallets they sent them to, according to CZ's statement in the article, but the security of the victim is the question now. Since Binance was able to broadcast the news, it means that the client is safe, and Binance broadcasted the incident to them before they took action to freeze all the wallets the USDT was sent to. The challenge now is the safety of our funds in CEX. We no longer have control of our funds; in fact, our funds can also be frozen if care is not taken.
Let's just avoid CEX.

Bitstar_coin

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Inside job - yes but from binance not too sure about that. This executive is not an alien, he/she must have family, friends, acquaintance who must know him and also aware of what he does for a living. It could be anyone who knows him personally.
It is also very important in this present time were so many insecurities happening to be extremely careful. people who work in this type of place should know the type of company they keep and if necessary seek protection.
This kidnappers already very familiar with the victim and knows all personal information to assist them carry out this heinous crime. Good thing binance was able to act quickly to freeze part of the stolen funds.

NeilLostBitCoin

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Quote from: franky1 on November 14, 2023, 08:43:52 AM

The thief/kidnapper obviously done research, found wealthy people, formed a relationship, invited them somewhere.. the victims know details of the perpetrator. im sure the thief is being chased if not already arrested

Despite the thiefs efforts in selecting their target for kidnapping, they seem to have lacked the necessary knowledge to transfer the illegal funds effectively in the crypto space. But it is encouraging to know that some of the funds have already been frozen, which is a result of the authorities' swift action. Is the victim already safe?

coupable

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Quote from: AmoreJaz on November 14, 2023, 05:04:12 PM

Quote from: coupable on November 14, 2023, 01:35:34 PM

I was surprised why the perverts did not force the victim to transfer his balances into Bitcoin or any other currency on a network that cannot be controlled. This would have prevented them from freezing 98 percent of the amount they received.

This is one aspect of the problem of privacy in Binance. This is an obvious example of how using binance can affect privacy.
There is a strongly likely hypothesis regarding users on Binance Peer-to-Peer. When carrying out any buying or selling transaction, you can see the profile of the counterparty user (his full name) and data about his activity. This can help scammers choose their victims more easily.

it means, these perpetrators did not do much of their homework how to cover their tracks. they are already in crypto so why not use the features of it so they won't be traced? but good thing as they have frozen most of the funds.
this is why it is quite a challenge to trust people these days especially if you met them over the net.
also, as much as possible, don't disclose matters to your social media about what you are into. most of the time, these people are lurking around the net and looking for their potential victims as they learn more about your daily life.

As I previously explained, in the example of Binance, it is not possible to hide identity at all because in peer-to-peer transactions, the identifying data of the seller/buyer is visible, which is his full name, his bank account number, or his phone number if he uses it as a local payment method, or email. Once you have the full name, it will be easy to identify the person, and this does not cost more than a simple search on Facebook.
The only solution to continue using these services, with all the accompanying violation of privacy, is not to keep the assets in the Binance account and to use private wallets for storage. This is more guaranteed than any other method.

qwertyup23

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Quote from: NotATether on November 14, 2023, 06:51:20 AM

First of all, your topic is in the wrong place, it should be in Bitcoin Discussion.

Also, technically anyone who uses the Binance exchange is a client, so I imagine a lot of people who happen to use Binance had been extorted & robbed over the platform's lifetime too.

But kidnappings? That only happens quite rarely.

I agree with your statement.

Kidnapping a client involves knowing that such a customer is a client of Binance in the first place. Probably the kidnappers have done their research on whom to target as their next victim. Also, the fact that they also know the basics of transactions imply that they probably know their knowledge in the crypto space.

These are just some of the things that can potentially happen in any kind of currency in which money is involved. I just hope that people would be able to secure their funds and lives at the same time to prevent things from happening.

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Quote from: oktana on November 14, 2023, 07:45:39 PM

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.

It's because they are known to the public, and known rich people tend to face such scenarios. Of course, the culprint does research into crypto currency, and luckily they take action. Even without capturing the suspect, they are able to freeze the stolen assets, which is good, but what if it happens to none of the executive people? Will they receive this kind of treatment, or will they be able to have justice like what happened in the OP's topic? I guess not. That's why many people in crypto choose to stay quiet because they know they can't do anything when their assets are stolen, by force or not. That's why, in this industry, we need to stay anonymous and avoid flexing our assets, which might cost money. Staying vigilant and anonymous is the safest way toA protect your assets. You will get nothing from spreading about your crypto things, so just stay quiet and keep on earning.

hatshepsut93

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Yet another proof that altcoins are building a centralized system similar to banking, and it has none of the properties of so-called "blockchain technology". No decentralization, no full control of funds, no immutability and censorship resistance. If they can freeze stolen coins, they can also freeze coins when government tells them to.

Bitcoins can't be frozen and returned back, so you have to mitigate the risks as best as you can, but you also can be sure that only you control your money.

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