Digital payments and online financial systems have made the lives of humans incredibly easy and convenient. The power of online payment processing and funds transfer has to shred away hours, days and weeks of transaction time. Alternate financial systems also come with underlying perils and risks. Cybercriminals loot the users of millions and millions worth of money every year.
A Massive Theft of Digital Assets, Binance Helped Recover Funds by Timely Locking
In the crypto industry as well, online frauds and scams are quite common. The hackers scam people in various ways like fake yield farming and promising projects. Sometimes they get access to the blockchain network and steal tokens and sell them on exchanges. Binance reported that they helped a crypto user recover a whopping 30000 USD worth of tokens stolen overnight from his account. The user wanted to recover 200000 Yuan’s, so he approached Binance for help.
The Complete Story
The company said that the user who preferred to keep his identity secret found that a fake liquidity mining project promising some impressive interest rates was duping them.
- He, along with a friend, deposited in the project, anticipating earning high yields quickly.
- However, after investing in the funds, he discovered that the project website was not available, and the social media channels were also inactive. The firm in which he invested was no longer in scene wherein he realized he had been scammed.
The user confided that he was not aware of crypto space and thus never imagined ‘fund loss due to absconding’ would ever happen to him.
“I discovered a very detailed capital flow diagram made by a user from Singapore, which showed that the funds had gone to 10 Binance addresses.” the user said.
- Binance Acted Swiftly to Stop the Damage
They contacted Binance for helping in the matter, as many other users also complained to Binance about the same.
The team acted swiftly and locked the funds of all the suspicious addresses, which helped to recover funds. The company said that its priority is to ensure the security of the user funds and did everything to safeguard the crypto community. This helped the user to recover funds and control the illegal acuities ever the platform.
- A Feeling of Accomplishment
“Recovering funds from some absconders feels even more satisfying than owning them. I decided to write a thank-you letter to Binance and express my gratitude.” The user expressed joy in winning at the end.