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Binance Freezes Stolen Cryptopia Funds Transferred to its Exchange

Just when crypto enthusiasts thought they’d heard the last on the Cryptopia security breach, another news has emerged. This time, it’s about Binance, a Malta-based cryptocurrency exchange that has frozen illegal funds which were allegedly stolen from Cryptopia and transferred to Binance’s exchange platform.

Twitter User Notifies Binance’s CEO

This event all began on January 16, when a Twitter user made a Tweet to notify Changpeng Zhao, the CEO of Binance that suspicious funds were being moved to its Platform. In the user’s own words, “Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down?”.
A few moments later, the CEO confirmed that the transaction had been checked out and the funds have been frozen. The CEO also added that he found it difficult to comprehend why the attackers behind the crime sent the digital asset to the exchange. According to him, the transaction will go viral of websites, and it’ll be easily detected.

CEO Says the Exchange Will Diligently Track Funds

Czar in another Tweet also said having to track and freeze such funds meant a lot of work for the exchange. However, it was a task they were ready to do diligently. It can be recalled that after Cryptopia’s attack, the CEO on January 15 adviced customers and investors to store their cryptocurrencies offline to ensure they are safe.
The virtual currency, on the other hand, which was transferred, is reportedly 31,000 Metal (MTL) tokens. This amount as at press time is valued at about $7,000 which on consideration, is like a drop in the ocean compared to what Crpytopia may have lost. This can be attributed to the New Zealand exchange’s report on January 15 which revealed that a significant amount was stolen.

Cryptocurrency Enthusiasts Comments on Reddit

Reddit users also made several comments in regards to the latest event that had occurred. A user was quick to note that the stolen funds are not safe. Another said: “Binance playing the policeman game”. An interesting comparison came from two members of the platform who said:

Binance notified of suspicious activity. Frozen immediately.

Cryptopia notified of suspicious activity. Call the cops 36 hours later.

Hitbtc notified of suspiscious activity, they lock the person who got stolen from

Unarguably, the last few days has been quite entertaining for cryptocurrency enthusiasts on Reddit ranging from the events that have taken place. First, it was the Winklevoss twins Ask me Anything (AMA) Session, the shocking discovery that Steemit can censor a user on its platform, to a Twitch Streamer receiving 20 Bitcoin as a donation.

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