Binance CEO Changpeng Zhao (CZ) recounted a story about how stolen cryptocurrency funds were frozen by the crypto exchange.
He highlighted a real event where executives from a Binance client were kidnapped during a trip to Montenegro.
CZ stressed that these individuals were coerced into emptying their crypto wallets, resulting in a substantial loss of approximately $12.5 million.
To address this situation, Zhao explained that Binance conducted an investigation into the cryptocurrency transactions on the blockchain.
The exchange also contacted its partners to freeze the wallet containing the stolen funds.
He disclosed that the entirety of the stolen funds, valued at $12.5 million, was in tether (USDT) and was transferred to a Tron wallet. Ultimately, Binance successfully froze around $11.8 million, accounting for 94.4% of the total stolen amount.
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