Binance has succeeded in freezing some of the funds that were stolen from Cryptopia during the high-profile hack. As per the estimates, the security breach has caused Cryptopia to lose at least $2.4 million worth of Ethereum and also moved roughly $1.2 million worth of Centrality (CENNZ) and other tokens.
The move to freeze the funds was announced by Binance chief Changpeng Zhao through his twitter handle. Zhao reportedly questioned why attackers keep sending the stolen funds to Binance, given that word quickly spreads and the crypto exchange is not shy about halting the flow of stolen funds.
Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic
— CZ Binance (@cz_binance) January 16, 2019
As a part of the process, hackers reportedly sent 31,320 Metal (MTL) ERC20 tokens to Binance which was trading at $0.25 at the press time, which roughly stands around $7,800. After receiving a tip-off on Twitter, Binance immediately froze the funds.
Its still unclear, who was behind the hack and why there is a large scale of redistribution of stolen token through Binance and other crypto exchanges. Cryptopia in a tweet on Tuesday said that the appropriate authorities are currently investigating the matter and will update soon.
Despite some big and high profile hacks in 2018, exchanges still to come up with solutions and checkpoints in place to prevent such hacking incidences and enhance investor security.