🚨 Binance CEO on Kidnapping and Crypto Recovery Changpeng Zhao, CEO of Binance, shared an incident where a client's executives were kidnapped in Montenegro and their crypto accounts emptied, losing $12.5 million.
💻 Tracking and Freezing Stolen Crypto Binance tracked the attackers' online activities and worked with other exchanges to freeze their wallets. They recovered $11.8 million of the stolen $12.5 million, mostly in USDT transferred to a Tron wallet.
🤔 Debate Over Crypto Freezing Some in the crypto community questioned how Binance could freeze funds, as crypto is marketed as secure from third-party confiscation.
💬 CZ's Response to Criticism CZ responded that it's about finding a balance. He mentioned that privacy coins like Monero (XMR) can't be frozen, but stolen funds also can't be returned. Bitcoin can be tracked but not frozen unless it's moved to central exchanges.