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Binance Impounds 94% of $12.5M Funds Stolen from Abducted Execs 2w ago by coinedition.com

Binance CEO exposes a distressing incident where executives were kidnapped during a fake business trip.
The abducted executives were forced to empty their crypto wallets.
Binance’s quick response led to the freezing of $11.8 million, recovering 94.4% of the total $12.5 million stolen.

Changpeng Zhao, the CEO of the largest centralized exchange, Binance, has revealed a concerning incident involving the abduction of executives from a client company during a supposed business trip in Montenegro. 

In a tweet, Zhao detailed the harrowing event where the executives were forced to empty their crypto wallets, resulting in a substantial loss of approximately $12.5 million. Zhao noted that the stolen funds were primarily in the Tether USD (USDT) stablecoin. Also, he disclosed that the bad actors moved the funds to a Tron wallet after executing their theft operation.

Executives from a client were lured on a ‘business trip’ to Montenegro, where they were abducted and forced to empty their wallets. Total loss ~$12.5m.

We investigated the on chain activities and reached out to our partners earlier today to have t…

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