Connect with us

News

Binance exchange promises to freeze ‘identify-able stolen funds’ post DragonEx hack

Namrata Shukla

Published

on

Binance exchange promises to freeze 'identify-able stolen funds' post DragonEx hack
Source: Pixabay

DragonEx, a Singapore-based cryptocurrency exchange, was hacked on 26 March, with many users losing huge sums of their cryptocurrency assets. The exchange claimed that a part of the stolen assets was retrieved and that they were working on recovering the remaining amount.

Following queries from a large number of users, Binance, the world’s largest cryptocurrency exchange, informed that they would be freezing any identify-able stolen funds from DragonEx. Binance’s statement said,

“A few guys asked about DragonEx funds. As always, @binance will freeze any identify-able stolen funds. Here is a snippet of a chart produced by our internal big-date risk mgnt system yesterday. Not much funds have came to Binance this time around. Hackers learn.
Stay #SAFU.”

Source: Twitter

Source: Twitter

Changpeng Zhao, the CEO and Founder of Binance, notified users that Binance could identify most external exchange addresses. He added that the system greatly helped in their functioning, before adding that it was not foolproof. CZ refused to name any exchanges, but said that they were sharing the available information with other exchanges.

He took the opportunity to praise Binance and its efforts to strengthen internal security, while other exchanges focused on other parameters. CZ said,

“While many other exchanges were busy building Futures, shorting, etc in the bear market, we focused on internal security. The not immediately visible, but key foundational stuff.”

DragonEx had announced the hack and the subsequent loss of crypto-assets via their Telegram channel yesterday. The exchange said that ‘international policemen’ were looking into the matter and that they would announce the total loss soon.

An admin of the channel, Joanne Long, tracked the addresses the stolen funds were transferred to. According to the data collected, the assets lost included Bitcoin [BTC], Ethereum [ETH], NEM [XEM], EOS, XRP, Ethereum Classic [ETC], NEO, ABBC, Litecoin [LTC], Bitcoin Cash [BCHABC], Stellar [XLM], Monero [XMR], Cardano [ADA], Ontology [ONT], Tron [TRX], Bytom [BTM], Asch [XAS], Icon [ICX], Qtum, and Tether [USDT].





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

News

Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more

Jibin M George

Published

on

Crypto News – 26 June

Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again

Read more at https://bit.ly/2ZMkS10

Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention

Read more at https://bit.ly/2RD2BjL

Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability

Read more at https://bit.ly/2X8aA9W

Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people

Read more at https://bit.ly/31MkqSa

Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions

Read more at https://bit.ly/2X75DTr

Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]

Read more at https://bit.ly/2X5qPJw

BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million

Read more at https://bit.ly/31UvjBz

 





Subscribe to AMBCrypto’s Newsletter


Continue Reading