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Following $ 14 million in hacking at the New Zealand Cryptopia-based digital resource exchange, Changpeng Zhao of the cryptocurrency giant Binance has pledged to block any theft-related fund.
In a to send on Twitter, the founder of Binance, affectionately known as CZ in the cryptocurrency circles, announced:
"As soon as we checked, we managed to freeze some of the funds, I do not understand why the hackers keep sending to Binance, and social media will be pretty quick to report and freeze it, it's a high-risk maneuver."
Since it is one of the largest and most liquid exchanges of cryptocurrencies in existence, Binance is often used by hackers to recycle stolen digital assets. However, as noted by CZ, the exchange is always quick to track and block any stolen funds that flow through its exchange.
Tracing the Blockchain thefts
Blockchain investigators who tracked the stolen funds through various exchanges found evidence that could also suggest that the theft was internal work or a scam at the exit. The exit scams, in which a company sells assets before suddenly closing its operations, have become a growing threat during the market of the last few years that has seen many blockchain companies struggling to make ends meet.
One of these Reddit investigators claims that transactions on the Eterican etereum tracker suspiciously reveal large quantities of assets transferred from known cryptology portfolios just before the announced exchange "Unscheduled Maintenance".
The Twitter WhaleAlert account collected on a particularly large movement of ether tokens of 19391 (about $ 2.5 million) moved to a portfolio that has been identified as potentially belonging to cryptopia. Another user highlighted an address that contained $ 11 million of Ethereum ERC-20 tokens that were transferred directly from Cryptopia.
While cryptophan has notified the local New Zealand authorities, the exchange has yet to comment publicly on developments.
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