Binance CEO Thwarts $12.5 Million Heist, Freezes Stolen

The CEO of the world's largest cryptocurrency exchange has reported a significant incident involving executives of one of its customers who recently suffered a substantial financial loss.

According to a statement by Binance CEO Changpeng Zhao on the social media platform X, the executives were deceived under the pretext of a business trip to Montenegro.

Upon their arrival, however, they were subjected to a kidnapping, during which they were forced to empty their cryptocurrency exchanges.

This orchestrated robbery resulted in a financial setback of approximately $12.5 million. Zhao revealed that Binance, in collaboration with its partners, took swift actions to restrict access to the majority of the stolen assets by freezing the wallet containing the unlawfully acquired funds.

Zhao stated, "We conducted a thorough investigation of on-chain activities and promptly reached out to our partners to freeze the wallet. Since all funds were withdrawn in USDT and transferred to a Tron wallet, we have successfully frozen about $11.8 million of the $12.5 million stolen."