A group of executives from a prominent Binance client fell victim to a sophisticated abduction and extortion scheme during a supposed ‘business trip‘ to Montenegro. The perpetrators, employing a deceptive strategy, coerced these executives into emptying their crypto wallets, resulting in a staggering loss of approximately $12.5 million.
Executives from a client were lured on a 'business trip' to Montenegro, where they were abducted and forced to empty their wallets. Total loss ~$12.5m.
We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the…
— CZ 🔶 BNB (@cz_binance) November 10, 2023
The funds, primarily in the form of Tether (USDT), were swiftly transferred to a wallet on the Tron network. However, quick action and thorough investigation by cybersecurity teams led to a significant breakthrough.
By tracing the on-chain activities associated with the transaction, the teams collaborated with various partners to implement an urgent response.
In a decisive move, the Binance security team successfully managed to freeze the wallet, effectively securing about $11.8 million of the stolen crypto funds. This swift intervention highlights the growing capabilities of cryptocurrency security and fraud prevention.
The incident underscores the risks associated with digital assets while also demonstrating the effectiveness of rapid response and collaboration among crypto security teams. The recovery of such a substantial portion of the stolen funds is a testament to the evolving landscape of cryptocurrency security and the importance of immediate action in the face of fraudulent activities.
Read: Poloniex Hacked, More than 100M USD stolen (November 2023)
To avoid something similar happening to you, it is absolutely essential to verify every detail before visiting a new country or place or meeting a new unknown person. Do not visit any new event without cross-checking the details. Attend the event with friends.
This news was shared on X app by CZ.
