Binance CEO Changpeng Zhao (CZ) shares a harrowing tale of executives kidnapped to empty crypto wallets, revealing how the exchange froze 94% of the $12.5 million stolen. Explore the balance between crypto and fiat security and Binance’s response to stolen funds.
Binance faced a crypto-security ordeal as executives were kidnapped to empty wallets, leading to a $12.5 million loss. CZ detailed Binance’s swift response, freezing 94% of stolen funds. The incident, involving Tether (USDT) transferred to a Tron wallet, raises questions about crypto’s security versus fiat.
CZ highlights the choice users have, mentioning the traceability of Bitcoin and the privacy of XMR. Binance’s standard procedure for stolen funds includes a temporary freeze, contingent on a police report within 7 days.
The recent launch of Binance’s Web3 wallet aims to enhance self-custody, presenting a new layer of security.