Topic: Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets - page 2. (Read 463 times)
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.
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November 14, 2023, 07:40:19 PM
Thiefs or rubber, whatever, they don't act when they don't have a lead. Those guys usually know how to play their cards, make all necessary investigations on the pray they have sighted, and make sure they have gotten all the information and tools they need to be successful at their mission before they strike, and thats exactly what happened. Based on the threads that some users have created on the forum, it's something that is happening in some parts of the world: crypto investors being kidnapped and forced to give up their crypto assets or pay ransom in Bitcoin. However that incident was made successful, I think there might have been some insider who gave the thief the information of the man and how they could kidnap him and how much they could extut from him because I believe he might have offered them less than what he lost, but they would reject it, knowing that he has more than that.
November 14, 2023, 07:34:44 PM
That can happen to anyone who uses centralized exchanges and surely there is a lot of risk for the ones who use centralized exchanges to store their crypto-currencies. I believe that someone from the internal team might have leaked the data of those executive clients to the robbers, scammers, hackers, and then they have made their proper plans of kidnapping those clients and steal their crypto-currency.
I believe CZ has taken a good step to secure most of the funds of the clients and surely by sharing this he got some free marketing and fame for Binance. It's a good story for us to be careful that letting a lot of your money into a centralized exchange can be risky for your well-being and even letting others know about your crypto portfolio can be a risky thing.
I believe CZ has taken a good step to secure most of the funds of the clients and surely by sharing this he got some free marketing and fame for Binance. It's a good story for us to be careful that letting a lot of your money into a centralized exchange can be risky for your well-being and even letting others know about your crypto portfolio can be a risky thing.
November 14, 2023, 07:21:48 PM
Honestly, this is the first story that I've heard of someone kidnapped and forced to empty his exchange wallet.
Sounds weird right? Yeah, in the first place how the kidnapper know about your asset if you don't revealing it to anyone else.
I think there's a lesson to learn on this, we should always take care of our privacy and not reveal what we have even our friends or co-workers.
IMO, privacy and security are closely intertwined.
We should protect them at all costs to avoid being victims of fraud.
We hope that CZ will help the victim to find out easily and arrest the kidnapper.
Sounds weird right? Yeah, in the first place how the kidnapper know about your asset if you don't revealing it to anyone else.
I think there's a lesson to learn on this, we should always take care of our privacy and not reveal what we have even our friends or co-workers.
IMO, privacy and security are closely intertwined.
We should protect them at all costs to avoid being victims of fraud.
We hope that CZ will help the victim to find out easily and arrest the kidnapper.
November 14, 2023, 06:47:03 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.
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.
Unfortunately, this remains insufficient and not reassuring enough to trust Binance or others. The loophole that the criminals used to make their crime successful was that the victim was putting all his savings on Binance, and therefore it was easy for the criminals to force him to open his account (this requires nothing more than using the phone application) and send all his savings. Even though they lost 98% of the stolen items as a result of freezing on the Tron network, they succeeded in gaining 2%, which represents a good amount as well.
I really hope that this raises awareness of the danger of using exchanges to store large amounts, no matter how reliable the platform is.
November 14, 2023, 06:13:51 PM
CZ has issued a statement regarding this
November 14, 2023, 06:09:00 PM
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.
It is becoming common because people are not leaving a private life. I mean a privacy life for their crypto holdings.But kidnappings? That only happens quite rarely.
We really need cyber security and privacy board.
This is a very important suggestion that will take much of the burden in the Beginners & Help Board since security issues usually take bulk of the discussion. Perhaps you can create a topic about this in Meta so it gain more attention. The ropsed cyber security and privacy board can come as a sub board under Beginners & Help. 
November 14, 2023, 05:18:08 PM
the thief/kidnapper obviously done research, found wealthy people, formed a relationship, and invited them somewhere.. the victims know details of the perpetrator. im sure the thief is being chased if not already arrested
It will definitely be insider work, or the client is someone who showcases his or her assets online or to people that are close to him or to the society he lives in, which may result in some people planning against him. If not, why did the kidnappers focus on his crypto wallet instead of something else?Hard to believe, how can someone who carry a big amount of money isn't protected by any security.
After reading this paragraph, it's really clear CZ is promoting his exchange as he indirectly say to hold your Bitcoin in CEX and not hold XMR because it's a privacy coin lol.
I thought as much, especially seeing that people are trying to get involved in crypto investment against next year's halving, and most people do not like the stress of creating their wallet and keeping their private key; they prefer to leave it in an exchange where they will only log in and access their coins. CZ is doing this post to give people confidence while using Binance exchange so that they can get many users above other exchanges. After reading this paragraph, it's really clear CZ is promoting his exchange as he indirectly say to hold your Bitcoin in CEX and not hold XMR because it's a privacy coin lol.
When asked on X about whether crypto is better than fiat currencies kept in banks if your crypto wallet can be frozen, CZ replied: “It’s a balance, and there is no perfect balance point. If you use XMR, then there isn’t much anyone can do (or to help you with), as far as I know. Bitcoin can be traced, but not frozen, until you send it to a CEX [centralized exchange].” CZ emphasized: “The key point is, you have the choice.”
November 14, 2023, 05:04:12 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.
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.
November 14, 2023, 04:44:24 PM
I just read this, what the hell is going on in this world? It's a dark place we all living in. 
It's corrupting in on itself. Corruption starts at the top, and over time, makes its way to the masses. Over the last 15 years, the world, namely the US, has been band-aiding the collapse of the global economy that we saw in the GFC. Before that, we saw multiple instances of the failure of money, which were also solved with band-aid solutions. Now we are at a point where there aren't enough band-aids left to solve the amount of problems there are, and these problems are now going to start corrupting society faster than we know it. Heck, did you know that MIT did a study to predict when society will collapse in itself, the initial study was by 2040 and now some institutions are predicting even sooner? If you aren't able to build a safe haven of protection for yourself and your family, you may find yourself needing to be more careful than once thought in the next 10 years.
It's a very sad story for humanity and I hope that a miracle, other than the existing miracle we have (Bitcoin), can bring the wolrd back to peace.
Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
This is right, as is Franky's post. You can't pull something like this off without planning and without knowing who the people are/doing research prior.
November 14, 2023, 02:27:41 PM
Good point by Franky1 and something to think about.
- Regards BabyB. 👼
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
- Regards BabyB. 👼
That's something can't be done without insider support. People can obviously found wallets holding millions of dollars, but they can't find the person associated with that wallet unless the owner is openly talking about it or someone internal helped the criminals to identify the person. This incident should prompt CZ to start with an internal inquiry and fix the loopholes in his own system. Not having a great feeling about this incident. It's great that majority of the stolen funds are frozen now.
Yeah I thinking so to... It must be someone on the inside that are a part of this in someway.
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."
I just read this, what the hell is going on in this world? It's a dark place we all living in.
Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Good point by Franky1 and something to think about.
- Regards BabyB. 👼
"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."
I just read this, what the hell is going on in this world? It's a dark place we all living in.
Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Good point by Franky1 and something to think about.
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
- Regards BabyB. 👼
Hopefully, the thieves get caught.
It really makes you think about how easy it can be to steal Bitcoin, due to the fact that the thief never leaves any physical trail behind him. It's good that we can track the coins and find out who was behind them once they do something stupid, like link their identity to their wallet. And that happens even to the best of us. One wrong website visit with your real IP, and it is over. So really, compared to fiat, Bitcoin makes it both easier to steal and harder to not get caught. What a world we live in!
Hope so to bro! You have a very good point here.
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Well, firstly I pray for the person who is being kidnapped. This is a very serious matter we saw many hackers who stole funds but they did not threaten to person but in this case, he might be in great danger if the kidnapper is a psychopath or something related to it. Secondly, we don't know what will happen how the kidnapper approaches him, and how he got him, I agree with the OP that there are some official persons involved in it but we need to wait for the binance official that what happened. This case is a reminder for all of us that we need to be more serious about our security and our privacy, we all need to make our cryptocurrency world more safeguarded so our lives and our assets will be saved.
Me to bro. 🙏
And you have right, we should always remind ourself's about it.
- Regards BabyB. 👼
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.
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.
November 14, 2023, 01:35:22 PM
To be fair it is not really that shocking, people did kidnap other people before crypto was invented, and they will do so later on, what currency they use will or may change but in the end there are bad people out there, that is guaranteed. I understand that we may not approach this all that clearly, but we could totally make sure that its going the way we want it to go by just trying to hide the fact that we have money. If you go around telling others that you have money, then it is going to be hard to be safe, so it is smart to just make sure that no matter how much you have, even if its just few hundred dollars, do not tell anyone that you have some crypto and hide it from everyone.
November 14, 2023, 01:28:08 PM
The story does sound like made up but if it is then surely the robber wouldn't want to send it all to an exchange as binance and exchanges today are organized and can freeze the balance once they know the origins of the coins. And indeed they did freeze the funds in a Tron wallet.
The part about them tracking and freezing it might be, but I believe the part about the kidnapping.
There was a similar case in Russia a few years ago where a man was attacked at home and the robbers were torturing him to get him to send them bitcoin. This isn't really anything strange since people get attacked and robbed every single day. I know a few guys who were attacked at night. One was beaten, the other stabbed in the back. One guy that I know was stabbed and they stole his jacket. They were ready to kill a man over a piece of clothing, so imagine what they'd do for 1 bitcoin.
November 14, 2023, 12:35:29 PM
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."
I just read this, what the hell is going on in this world? It's a dark place we all living in.
Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Good point by Franky1 and something to think about.
Regards BabyB. 👼
"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."
I just read this, what the hell is going on in this world? It's a dark place we all living in.
Source: https://news.bitcoin.com/binance-client-executives-kidnapped-forced-to-empty-crypto-wallets-cz-says-total-loss-was-12-5-million/
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Good point by Franky1 and something to think about.
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
Regards BabyB. 👼
Hopefully, the thieves get caught.
It really makes you think about how easy it can be to steal Bitcoin, due to the fact that the thief never leaves any physical trail behind him. It's good that we can track the coins and find out who was behind them once they do something stupid, like link their identity to their wallet. And that happens even to the best of us. One wrong website visit with your real IP, and it is over. So really, compared to fiat, Bitcoin makes it both easier to steal and harder to not get caught. What a world we live in!
November 14, 2023, 12:33:42 PM
- Me personal think this is impossible to happen without inside work from Binance. What do you think? 😎
Well, firstly I pray for the person who is being kidnapped. This is a very serious matter we saw many hackers who stole funds but they did not threaten to person but in this case, he might be in great danger if the kidnapper is a psychopath or something related to it. Secondly, we don't know what will happen how the kidnapper approaches him, and how he got him, I agree with the OP that there are some official persons involved in it but we need to wait for the binance official that what happened. This case is a reminder for all of us that we need to be more serious about our security and our privacy, we all need to make our cryptocurrency world more safeguarded so our lives and our assets will be saved.
November 14, 2023, 12:30:29 PM
I hope this isn't a comedy - but if it is true then I think this is why all crypto users need to take good care of their financial privacy. Each of us is obliged to maintain privacy and never tell anyone how much bitcoin or other crypto assets we own. Obviously this can put you at risk, especially because money and wealth are the biggest attraction why this crime exists.
I can find several people who don't seem to care about their financial privacy on social media. They tend to be proud of having a lot of assets without hesitation in posting them there - but they fail to understand what the worst risks are. Cases like this has existed before - but they may not be exposed because they don't involve hundred or million of dollar.
I can find several people who don't seem to care about their financial privacy on social media. They tend to be proud of having a lot of assets without hesitation in posting them there - but they fail to understand what the worst risks are. Cases like this has existed before - but they may not be exposed because they don't involve hundred or million of dollar.
November 14, 2023, 12:09:31 PM
To look at it from another angle, cz may just be saying this to boost customer trust in Binance by claiming that they were able to intercept the stolen funds and recover nearly everything. If you follow the thread on X, many people there claimed they have lost funds in Binance, but the exchange were not able to recover anything, even when the stolen funds was sent to another Binance account; so is there a chance that this story by cz is made-up?
This story is targeted at promoting Binance. CZ is using the story to showcase Binance as the protector of customers' funds by claiming that they can trace and recover stolen funds. He is showing that his platforms is an option because they can recover stolen funds when he said that stolen funds can only be frozen if they are send to centralized platforms.This news might be true or made up but it is good that we have a chance to choose between Cex and Dex. Binance and other platforms will only showcase their strength and hide their weakness. He can only deceive newbies or those who have not learned any lesson from the failure of many exchanges. If CZ likes to let him come up with stories of how he recovered funds from millions of scammers, Binance will not keep my coins.
I know that Bitcoin is not that popular right now in my country, but I am a bit concerned that when it's a popular thing people will start targeting other people, that's why I decide to pretend as if I don't have anything to do with Bitcoin.
There is something that happened within my family, it involved a elder sister who knew that I was into crypto for the past years and she keep telling others about it, and now I hate myself for letting her know, it's really not my fault as her children sees interest in Bitcoin and I have to teach them, now she is speculating on my worth and telling others in the family that I have money since I am a Bitcoin investor.
I don't know how to stop this but I am been careful, I have decide to move out of my location and go far distance where anyone knows about me, I mean they have placed me in a high level like a millionaire in dollars when I am not even this right now.
November 14, 2023, 11:49:20 AM
Good point by Franky1 and something to think about.
Regards BabyB. 👼
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
Regards BabyB. 👼
That's something can't be done without insider support. People can obviously found wallets holding millions of dollars, but they can't find the person associated with that wallet unless the owner is openly talking about it or someone internal helped the criminals to identify the person. This incident should prompt CZ to start with an internal inquiry and fix the loopholes in his own system. Not having a great feeling about this incident. It's great that majority of the stolen funds are frozen now.
November 14, 2023, 11:49:01 AM
"were lured on a business trip" this criminal must have watched several films and done online searches about crypto before he committed his crime. But it seems he is not an expert in crypto considering that he uses USDT and TRX in his transactions and uses a centralized exchange to make withdrawals. If he had transferred it to his bitcoin wallet and not traded it directly, I don't think Binance would have been able to do anything with the assets he had stolen.
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