Binance Freezes $12.5 Million in Stolen Crypto Assets
Binance, one of the largest cryptocurrency exchanges, has managed to freeze over 90% of the $12.5 million in cryptocurrency assets stolen from executives of an undisclosed client in Montenegro. CEO Changpeng ‘CZ’ Zhao revealed that the abductors forced the executives to empty their crypto wallets during a business trip.
USDT Funds Frozen and Questions Raised
The stolen funds were in USDT and were moved to a Tron wallet, allowing Binance to freeze $11.8 million of the assets. However, this swift action has led to questions from the crypto community about asset seizure in the industry. CZ clarified that freezing assets is only possible when they are transferred to centralized exchanges.
Crypto Industry Combating Illicit Fund Movement
The broader industry has been focused on curbing the illicit movement of crypto assets, especially after reports that Hamas had used cryptocurrency to finance attacks against Israel. Major cryptocurrency stakeholders have been actively working to combat the flow of illegal funds.
Binance Ceases Russian Ruble Deposits
As part of its strategic moves, Binance has announced that it will discontinue Russian ruble (RUB) deposits starting November 15th following the sale of its Russian division to CommEX, a Russia-based crypto company. Customers are encouraged to transfer their Russian rubles without fees before January 2024.
Hot Take: Binance’s Role in Curbing Illicit Use of Cryptocurrency
Binance’s swift response in freezing stolen crypto assets showcases its commitment to curbing illicit activities in the industry. The exchange’s proactive approach aligns with efforts by major stakeholders to combat the flow of illegal funds, highlighting the role of centralized exchanges in preventing such activities.
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