Binance CEO CZ Reports Kidnapping of a Client and Recovery of Millions of Dollars in Stolen Crypto [and Stated that if users use privacy coins such as Monero…] (cryptonews.net)

submitted 7 months ago* (last edited 7 months ago) by Saki@monero.town to c/monero@monero.town

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the onchain activities of the attackers were monitored and […] action was taken to freeze the wallets held by the attackers by working with other cryptocurrency exchanges

a member of the cryptocurrency community questioned how Binance could freeze these funds despite the fact that cryptocurrencies are marketed as not being confiscable by third parties

Changpeng Zhao […] said that the whole thing is a matter of balance. […] CZ implied that a solution to events such as theft cannot be found in a system that cannot be completely frozen.

CZ stated that if users use privacy coins such as Monero (XMR), such freezes will not occur, but the stolen funds cannot be returned.

Cf.

Almost entire balance (2675 XMR) of Community Crowdfunding System (CCS) Monero wallet has been stolen https://monero.town/post/983106
Monero Project admits thieves stole 6-figure sum from a wallet in mystery breach https://monero.town/post/1045387

PS. See also: Bitcoin can be traced, If you use XMR, then there isn’t much anyone can do https://monero.town/post/1069626

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[-] bit_thanos@monero.town 3 points 7 months ago

If the client used Monero, such a kidnap wouldn't have happened.