Home News Crime Binance Freezes a Part of $3.6 Million Cryptopia Stolen Funds

Binance Freezes a Part of $3.6 Million Cryptopia Stolen Funds

January 17, 2019 13:48
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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.

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.

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