Binance Goes Good Will Hunting, Plans to Freeze All Identified Stolen Funds from DragonEx
Crypto hacks are, unfortunately, way too common. The latest company which was hacked was DragonEx, a crypto exchange from Singapore. The theft happened last Sunday, March 24, and the exchange is now trying to retrieve the funds. While some of them were retrieved, DragonEx asked other companies for help.
Now, Binance responded. Changpeng Zhao has recently affirmed on twitter that Binance will freeze all funds which can be identified as stolen from DragonEx. He also showed a chart which was produced in order to track down the hackers, saying that not a lot of stolen funds were taken to Binance recently because the exchange is so effective.
According to Zhao, Binance can identify the addresses of mostly all prominent exchanges easily, so it is easy to perceive the funds being moved around. Since the company set up the system to track these funds better, they started to get mostly better results, despite the system not being 100% foolproof.
He also pointed out that “some exchanges” were sharing information with the company in order to create a system that would help to track these cases better.
After that, he took this time to compliment the security systems of his own company, affirming that other exchanges focused on other parameters (such as creating futures, shorting and others), but that Binance always had security as a priority because it was the “key foundational stuff” of a good company.
The DragonEx Hack
DragonEx officially announced the hack on its Telegram channel after it happened last Sunday. At the moment, international police departments are trying to locate the people who stole the funds. Some of it has been recovered, but far from all.
At the moment, there is no specific number for how much money was lost, mostly because the exchange is still trying to get it all back before making any announcement of the sort. All major tokens (Bitcoin, Ethereum, Bitcoin Cash, XRP, EOS) and several altcoins were stolen.
Some of the altcoins were NEM (XEM), NEO, Stellar Lumens (XLM), Tron (TRX), Cardano (ADA), Tether (USDT) and Monero (XMR). Other lesser known ones included ABBC, Ontology (ONT), Bytom (BTM), Asch (XAS), Icon (ICX) and QTUM.
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.
— CZ Binance (@cz_binance) March 27, 2019