Topic: Freezing Funds from Hacked Exchanges - page 3. (Read 371 times)
One of the reason why Binance is a good exchange, they help the crypto community to block the hackers and of course by giving great services. Exchanges should have the limit on withdrawing funds everyday and if its a big money then KYC is important. So many hacking incidents on different exchanges, they should learn a lot from them. Freezing the funds is the best way to stop them, i just hope that it can transfer back from the real owners.
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The point of Binance freezing the stolen funds is to prevent it from moving to another address and being laundered all over again and while giving time for the respective exchange to somehow investigate and cooperate with binance in order to return the money. This is also why KYC is a requirement in most of the popular exchanges so that they could trace who's the holder of that account but it could be a double edge sword. So, the money will not be distributed directly to the users who lost their money but instead given back to the exchange who got their funds stolen which is basically the same thing anyway and more efficient and of course, how Binance and other exchange could cooperate resulting to the return of the fund is not that simple.
There are some consecutive incidents have been happens about "stealing funds"
But let's talk about the usually scenario on crypto world which is "Hacking" and how exchanges helps to minimize and protect not only the funds of the investors as well as protecting trust of all crypto users.
There are narrative that saying exchanges like Binance, Bitfinex, poloniex etc. Practicing frozing funds from wallets that currently holds funds from hacked exchanges.
Is it possible that they give back the funds from investors who are victims of exchanges breach?
"Binance has a longstanding history stopping stolen exchange funds from being deposited and traded on its exchange. In January of this year, Binance froze all funds associated with the hack on Cryptopia. The exchange lost some $3.6M in cryptocurrency and Binance took efforts to freeze several batches of deposits, including Metal (MTL) and Kyber Network (KNC). Binance also froze all funds linked to money laundering from WEX in October 2018."
But let's talk about the usually scenario on crypto world which is "Hacking" and how exchanges helps to minimize and protect not only the funds of the investors as well as protecting trust of all crypto users.
There are narrative that saying exchanges like Binance, Bitfinex, poloniex etc. Practicing frozing funds from wallets that currently holds funds from hacked exchanges.
Is it possible that they give back the funds from investors who are victims of exchanges breach?
"Binance has a longstanding history stopping stolen exchange funds from being deposited and traded on its exchange. In January of this year, Binance froze all funds associated with the hack on Cryptopia. The exchange lost some $3.6M in cryptocurrency and Binance took efforts to freeze several batches of deposits, including Metal (MTL) and Kyber Network (KNC). Binance also froze all funds linked to money laundering from WEX in October 2018."
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