Binance, the largest cryptocurrency exchange in terms of trading volumes, has frozen 137 ETH ($27,164) sent by Upbit hackers.
Changpeng Zhao, the CEO of Binance, swiftly reacted to a tweet posted by Whale Alert's Twitter latest batch of stolen funds.
On it.
— CZ Binance ??? (@cz_binance) May 13, 2020
Binance to investigate the transfer
According to CZ, they are currently working with Upbit and law enforcement to verify the malicious nature of the transaction.
After conducting an investigation, Binance will figure out how to hand off the stolen crypto back to Upbit.
As reported by U.Today, the major South Korean exchange suffered a $51.7 mln Ethereum hack back in November 2019.
Since they, the hackers have been routinely shuffling their ill-gotten coins, with the Binance transfer being the latest example.
Taking a stand against bad actors
While CZ admits that some social media users might give Binance grief over freezing funds, he also emphasizes that it's important to fight bad actors.
Frozen, will work with #UpBit to verify and get law enforcement involved and hand off the funds.
— CZ Binance ??? (@cz_binance) May 13, 2020
Waiting for someone to complain on social media about us freezing funds. But fight bad actors, we must.
Back in January 2019, Binance also froze the crypto stolen from the now-defunct Cryptopia exchange.
Binance itself endured a $40 mln hack in May 2019 due to a damning security vulnerability.
Vladislav Sopov
Yuri Molchan