Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets - page 3.

electronicash

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Quote from: DaNNy001 on November 14, 2023, 10:29:58 AM

Kidnapping and forcing customer to empty wallet? Hmm, sounds strange to me because I haven't heard of such case although I know it's very possible but I believe someone already said which is if this particular story is even true because it's kind of awkward that CZ was on the frontpage and saying that binance had already frozen the funds just makes more weird. Well if it's true then everyone now knows how important it is to actually keep and try securing your holding and how keeping it secret is really important to you.

its hard to believe when it comes from CZ and no police report so far even if you search it online there is no Montenegro police report coming up about this Binance executive. all articles are published by crypto news only with no names about this victim. but i'm not gonna be surprised if CZ silences the police

this kind of crime may not be common for now but with the adoption and criminals knowing about Bitcoin, those criminals will start learning to get around and find someone to point their guns to and take their hard wallets or send their coins. this is when social media gonna be of help to the criminals for they will start watching those users posting crypto wallets.

kryptqnick

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It's awesome that they managed to track the vast majority of funds and somehow freeze them, but the story is still pretty scary. To me, it actually shows a risk of centralized storage because someone responsible for that storage might be targeted and forced to give up the money.
TRX is decentralized, so I guess the wallet itself was centralized? It's somewhat unclear to me how they managed to freeze the funds, and whether freezing means that they also managed to get the money back yet.
Maybe those saying it's just a publicity thing for CZ are right, a sort of success story of a centralized platform, but who knows, maybe it's genuine.

DaNNy001

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Kidnapping and forcing customer to empty wallet? Hmm, sounds strange to me because I haven't heard of such case although I know it's very possible but I believe someone already said which is if this particular story is even true because it's kind of awkward that CZ was on the frontpage and saying that binance had already frozen the funds just makes more weird. Well if it's true then everyone now knows how important it is to actually keep and try securing your holding and how keeping it secret is really important to you.

tbct_mt2

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Quote from: yazher on November 14, 2023, 10:19:31 AM

Back then, other people always bragged or flexed about their crypto wallet but they had no knowledge of keeping their identity hidden so when the criminals could reach them easily, they were kidnapped or forced to send their bitcoins to the attacker's wallet address. You can search on the internet, I remember there is a site that listed every incidence related to this matter in the last 10 years and they were accurate. When you read that news, you won't be bragging about your crypto ever again because of how it ends up for the victims.

If they are rich and want to show it, let them be because they need to flex their rich to satisfy their high ego.

I feel ridiculous if those people flex their wallets, successful trading are not rich as what they want to show to the public eyes. I believe there are people like this and they even take more risk and might have to pay their life as cost for flexing.

People are flexing are like recently get rich as people who are rich a long time usually don't have to flex their rich. They even try to live a hidden life and don't want to see their privacy is broken by the public eyes. Privacy will become their higher priority than flexing it on social media.

yazher

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Quote from: sokani on November 14, 2023, 09:14:30 AM

The reoccurring physical attacks is becoming worrisome and this is enough reason to discourage people who go about bragging and flaunting their crypto wealth on social media.

Back then, other people always bragged or flexed about their crypto wallet but they had no knowledge of keeping their identity hidden so when the criminals could reach them easily, they were kidnapped or forced to send their bitcoins to the attacker's wallet address. You can search on the internet, I remember there is a site that listed every incidence related to this matter in the last 10 years and they were accurate. When you read that news, you won't be bragging about your crypto ever again because of how it ends up for the victims.

Queentoshi

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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? 😎

There is this common saying that it is the rats inside that tell the rats outside that there is food to come feast on, so for that purpose I can agree with what you think. Another thing can be that the victims made the mistake of not living a private life, and maybe somehow along the line due to their actions made themselves target for these kidnappers maybe by revealing their Job positions. Kidnappers always have good knowledge of the people they are kidnapping; it is not common for kidnappers to set out to kidnap anyone.

We can learn from this, that privacy is always very important.

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

-snip-
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

Research that aims to organize all the plans from start to finish and how the field will be,
thieves or kidnappers like this must have many skills and they certainly work in groups.

All details are recorded and the slightest problem will be resolved quickly so as not to arouse suspicion.
But if this news is true, an executive should have good security when meeting with any client and everything must be clear about the place,
who is meeting, and others.

Theft like this will be easy to uncover if Binance immediately reports and conducts an investigation.

cabron

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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.

This article promotes more of the self-custody web3 crypto wallet built within the Binance app that CZ wants users to use because one of the key shares is controlled by Binance.

Franctoshi

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This news kind of made headlines because it happened to a Binance client executive, if this were to be a Binance regular client, that reported this case they would do nothing about it and they wouldn't even care to trace it and those funds would have been a thing of story. It would have been more interesting to say how they recovered a customer's funds and not the Binance client executive because they will definitely treat this case with priority.

However, that doesn't remove the fact they are a centralized exchange and the news to me still never guarantees the exchange is a safe place to store cryptos and from the point that they were able to track and freeze 94% of the stolen funds. They will only tell you about the good side of the platform and will hide the bad side.

albert0bsd

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

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

Well, this kind of situations is not new, those happened all the time and yes it is dark place to living.

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

... 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]

Two things...

1.- As everybody said this history is just publicity full of BS
2.- If that really happened the kidnappers are just idiots its easy to exchange all to bitcoin and keep it mixed out of any CEX

sokani

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The reoccurring physical attacks is becoming worrisome and this is enough reason to discourage people who go about bragging and flaunting their crypto wealth on social media.

Quote from: Fiatless on November 14, 2023, 08:10:05 AM

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.

You've a valid point, it's looks like a publicity stunt, just another way to deceive people that their funds are SAFU with them and it's only newbies will fall for it. Binance cannot trace your coins, only blockchain analytics companies like Chainlysis, Ellytic, Cipher Trace can do that. Binance can only freeze stolen funds after been alerted, and which looks like what really happened.

Jawhead999

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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.

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

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.”

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Quote from: Z-tight on November 14, 2023, 07:37:17 AM

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.

I find it funny how CZ wrote "Real Event" on his tweet. I can't speak for others but stuff like that has the opposite effect on me lol e.g. scammers writing no scam

Also, am I the only one who can't find this sensational news on most popular crypto (or in general) news outlets?

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

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

I hate to make this worse for you but... you'll find more stories here, see: Known Physical Bitcoin Attacks -- and since this has an emphasis on bitcoin +the unreported cases, there are absolutely more than this list has.

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Quote from: icalical on November 14, 2023, 08:34:27 AM

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

- I think this is impossible to happen without inside work from Binance.

If this crime is actually happened, then it should be an inside job involved, the kidnapper would need to identify the Executive and know exactly his/her schedule. And the kidnapper could only know that from the insider information, CZ should investigate the staff.

emphsis on "lured on a 'business trip'"

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

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

- I think this is impossible to happen without inside work from Binance.

If this crime is actually happened, then it should be an inside job involved, the kidnapper would need to identify the Executive and know exactly his/her schedule. And the kidnapper could only know that from the insider information, CZ should investigate the staff.

Quote from: Fiatless on November 14, 2023, 08:10:05 AM

Quote from: Z-tight on November 14, 2023, 07:37:17 AM

~

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 is actually my first thought when reading the CZ tweet, if this is actually happened, then CZ is using this unfortunate event to promote binance, and if this is a made up story, the he is lying, neither one is good, in my opinion.

DaveF

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Although it's the 1st time we are hearing about it with a crypto exchange it's far from the 1st time it has happened to business executives.
Sometimes the kidnappers are going after a ransom other times they are going after something the company has.

It's why many large companies have large insurance policies on key people and contingency plans in place.

-Dave

franky1

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Quote from: Fiatless on November 14, 2023, 08:10:05 AM

Quote from: Z-tight on November 14, 2023, 07:37:17 AM

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.

only if you have his number on speed dial.. goodluck to regular customers that have to rely on "support ticket" style systems

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.

"freeze own funds" yep centralised wallets do that. people need to learn SOON

"if you want to keep dollars" only $xxxK is insured. but atleast you can get local authorities involved. but i prefer to self custody real crypto(not on my phone i carry around to stranger invitations)
best dollar advice. dont carry more then a meals worth of cash on you. if they blackmail you into using your ATM card the most they can get is $500
not $12m. dont carry easy access to $12m on you

LoyceV

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Quote from: Fiatless on November 14, 2023, 08:10:05 AM

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.

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.

Fiatless

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Quote from: Z-tight on November 14, 2023, 07:37:17 AM

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.

Aanuoluwatofunmi

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I don't know if the executive should be the only one to have access to the authorization of the use of the user's account, also maybe this could serves a warning to make some act on taking a quick decision to take their money off exchange except they are trading with just little amount they could afford to loose, using an exchange like Binance is havi it own risk as thesame with using any other, they are all centralized which makes no difference despite the fact that Binance is globally recognized.

Topic: Binance Client Executives Kidnapped, Forced to Empty Crypto Wallets - page 3. (Read 463 times)