Binance freezes stolen Cryptopia funds

coinnumber

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Activity: 504

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Quote from: CloudFarm on January 17, 2019, 02:32:17 AM

Cryptopia hacker moves stolen crypto to Binance; Community alerts Changpeng Zhao (Binance CEO) and Funds Are Frozen.

"Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them."
— CZ Binance (@cz_binance) January 16, 2019

This is indeed a great news and big development in the cryptospace may exchanges has been hacked and they all succeeded I believed if what Binance just started continue with other exchanges the image of bitcoin and blockchain will be highly protected as this will reduce the rate of scam and give the news investors to take part without much fear of been scam.

Malam90

full member

Activity: 1099

Merit: 116

This hacker may be is a nonsense. He has hacked and stolen funds from Cryptopia to Binance. There are a lot of ways to exchange funds but all actions has an end. Thanks social media for reporting quickly. Binance team has frozen that hackers funds. Its a good achievement from Binance team.

Gibreil

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Merit: 26

Quote from: ranman09 on January 17, 2019, 05:15:21 AM

So binance can freeze your account? hmm.. okay then back to the subject, how come they send the funds straight to binance not considering that they can be traced? Considering the fact that they HACKED an exchange. They must have known that.

Do I have misunderstanding in this news? Why they will freeze accounts? If there could be an attack to their exchange, they could make any wall to interrupt some interceptions of hackers. They must have a strong internal system just to protect their costumers and investors from hacks. Binance is famous exchange and they must show to the people that they are trusted exchange.

ilbahja

jr. member

Activity: 42

Merit: 5

explorer of cryptocurrency world

This is a good and clever move from Binance, that's not surprising, a good legit exchange platform must do something similar.

this hackers can't be so stupid, may be a way to get more birds with one stone.

but Binance must take into consideration that not every owners of these receiving addresses can be in relation with this hackers.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: adrianto1995 on January 19, 2019, 11:30:49 PM

Wut, really ??
Never realize that Binance can freeze user funds. ~

why are you surprised?!!! that is how a centralized platform works after all! you give them your coins and they gain the full control over your money and can decide whether to give it back to your or not. that is why people keep saying don't leave your coins on exchanges and silly things like "proof of keys" exists in the social media.

adrianto1995

full member

Activity: 714

Merit: 160

Wut, really ??
Never realize that Binance can freeze user funds. But, I personally don't think sure these damn hackers really want to move their stolen funds to another bigger exchange like Binance, it's probably easy to track. Hackers not stupid, I'm sure they have a plan to enjoy their stolen funds from cryptopia...

bitcoinsc

jr. member

Activity: 439

Merit: 1

It's a good move on binance. But if u think real hard it's kind of a centralize system again. While decentralized u can freely do what u want. But if this is security at the next level I'm with it.

dimastegar

sr. member

Activity: 798

Merit: 251

Small Trader

it is a Very good move by Binance. A really good work to at least reduce loss when there is an exchanger hack that can happen at any time.

Bloodseekers

full member

Activity: 769

Merit: 108

That statement so great, that's why i only love trading in binance. cryptocurrency can be tracked, and binance freezes it, prevent them from making a profit but that's means can to trade so will reduce the total supply in circulation. If all exchanges, work together not to accept the hacked funds, crypto world will be better

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: aoluain on January 18, 2019, 06:33:39 PM

Good move by Binance, silly mistake by the hacker, mixing would have
been the way to go

how do you mix millions of dollars worth of ERC20 tokens? there are no mixing services for dentacoin, lol. their best bet was to quickly wash those funds through an exchange in hopes that they could do it before the exchange noticed.

CZ said binance was only able to freeze some of the funds, so it was at least a partial success for the hacker. for all we know, the hacker also sent coins to kucoin, hitbtc, livecoin, etc and got away scotch free.

romero121

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Quote from: Burogh on January 18, 2019, 09:18:25 PM

I think its good for crypto community. This indicated that we should fight hackers together. If hackers can not sell their stolen coin in any exchange, i am believe hackers wont stealing coin again. Hopely this binance step followed by others exchanger and make cryptomarket become safe market

What Binance has done is the right work. It hasn't frozen the fund of an individual who has the intention to use Binance as a trading platform. With proper understanding about the hack and after the request from cryptopia the funds were freezed. Good work. Unified security development could enhance the usage of cryptocurrencies among people who fear using cryptocurrencies just because of the lack in security and hacks that happens quite often.

imstillthebest

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Activity: 1638

Merit: 122

Quote from: vv181 on January 18, 2019, 09:49:28 PM

This is getting weird, how could possibly an exchange's hacker doesn't know how to remain their anonymity on the spaces, and why would they sent it to Binance with a tainted coin. Ethereum has a coin mixer and DEX, why they don't maximize the benefit of those services. I'm started to think that it may possibly an inside job, or a person that extremely uneducated about cryptocurrencies but somehow got access to Cryptopia system.

Hackers were verry smart people and i know that they know how to use mixers but they didnt use it . this isnt also the case that i saw someone got hack but the hacker did imediately send the funds to his own wallet . they didnt care at all if they are being traced or not because what important for them is that they already withdrew the money . they might use another address again for another transactions .

vv181

legendary

Activity: 1932

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This is getting weird, how could possibly an exchange's hacker doesn't know how to remain their anonymity on the spaces, and why would they sent it to Binance with a tainted coin. Ethereum has a coin mixer and DEX, why they don't maximize the benefit of those services. I'm started to think that it may possibly an inside job, or a person that extremely uneducated about cryptocurrencies but somehow got access to Cryptopia system.

bhadz

hero member

Activity: 2408

Merit: 564

Quote from: Elby on January 18, 2019, 09:07:05 PM

Binance still the best!

I don't think so. Did he just deleted this?
https://www.reddit.com/r/CryptoCurrency/comments/agb1w6/cz_responds_to_cryptopia_hack_news/

Burogh

member

Activity: 644

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COVIR.IO

I think its good for crypto community. This indicated that we should fight hackers together. If hackers can not sell their stolen coin in any exchange, i am believe hackers wont stealing coin again. Hopely this binance step followed by others exchanger and make cryptomarket become safe market

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: tytanhamon04 on January 18, 2019, 04:48:31 AM

Quote from: CloudFarm on January 17, 2019, 02:32:17 AM

Cryptopia hacker moves stolen crypto to Binance; Community alerts Changpeng Zhao (Binance CEO) and Funds Are Frozen.

"Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them."
— CZ Binance (@cz_binance) January 16, 2019

[img].. snip ..

This is of course my assumption but perhaps hackers are trying to spoil the reputation of the exchange or they just thought that the transaction will take place quietly on the exchange with a huge volume in trade.

How can hackers spoil the reputation of Binance? That's too dump move for them to really deposit to Binance because it's one of the most trusted and anything of suspicious can be flagged. They should have move it somewhere else, or hide it. I hope that Binance and authorities are working together so that they can investigate and solve this crime and those guilty can be punished.

Elby

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Activity: 252

Merit: 10

Binance still the best!

ranman09

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Activity: 756

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Quote from: UserU on January 17, 2019, 05:59:59 AM

Quote from: ranman09 on January 17, 2019, 05:15:21 AM

So binance can freeze your account? hmm.. okay then back to the subject, how come they send the funds straight to binance not considering that they can be traced? Considering the fact that they HACKED an exchange. They must have known that.

My guess is that they send the funds and liquidate them hopefully before Binance catches wind of the incident.

Not many exchanges could react on time (like Binance).

Agreed. That's what's great with Binance. They are very attentive and is urgent with things. So what they will do to the funds now?

Oceat

sr. member

Activity: 2506

Merit: 368

It just so strange that the hacker sends it to Binance, aren't they aware of the watchlist? I wonder if they have another plan on why they have to send it to exchange or maybe it was just a test that hackers did it or total stupidity. Anyway, it's a great job for CZ since he managed to lock down that account.

aoluain

legendary

Activity: 2282

Merit: 1268

Good move by Binance, silly mistake by the hacker, mixing would have
been the way to go, I wonder was the transfer just a move while being
exulted in the fact that the hack was successful?
I wonder will Binance be able to relocate the finds back to Cryptopia?

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