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Security Alert: Binance Freezes Some Tokens Stolen From The Cryptopia Hack

2019 unfortunately isn’t turning out to be the year for cryptocurrencies. First the attack on Cryptopia, and now its repercussions are being borne by the major cryptocurrency exchange Binance. According to Changpeng Zhao’s, CEO of Binance, tweet on the Jan 16, Binance has frozen tokens sent to its wallet by the entity that was allegedly behind hacking the New Zealand exchange Cryptopia.

Cryptopia is shut down at the moment as police investigations are underway for the hack that costed the exchange at least $3.6 million in cryptocurrency and the total amount seized because of the hack remains unconfirmed to the public. The social media users however were quick to alert Binance of the suspicious transactions that were made from addresses, known to be related to the notorious Cryptopia theft.

He also revealed that the staff had been busy quarantining those tokens, which appeared to have arrived in several batches: 31,320 Metal (MTL) worth $7,830 to press time, and 49,766 KyberNetwork (KNC) tokens, with a value of $6,867 to press time. Zhao further said,

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.

Meanwhile, due to the nature of the police investigation, Cryptopia representatives shared that the company wasn’t at liberty to comment on the events leading up to the hack. The hack was reported right after suspicion had risen online due to the exchange moving large sums of tokens just days before the hack actually occurred.

For further details, stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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