Binance and KuCoin Vow to Freeze Any Malicious Cryptopia Funds


Earlier this week,¬†New Zealand-based altcoin exchange¬†Cryptopia¬†suffered a major security breach that resulted in “significant losses.”

While Cryptopia has not released the specifics of the hack due to an ongoing police investigation, transaction analysis¬†showed that many of the stolen funds made their way off Cryptopia to numerous external wallets and third-party exchanges, including Binance, the world’s leading¬†crypto exchange.

According to a recent tweet by Binance¬†CEO¬†Changpeng “CZ” Zhao, the exchange was able to identify the illicit transactions and freeze some of the funds that were attempting to be sold-off.

Adding to the commitment to fight fraud and protect user funds, Michael Gan, CEO of KuCoin, a Singapore-based crypto exchange, recently tweeted a similar message regarding the Cryptopia hack.

While the full extent of the Cryptopia breach is still unknown, the transactions do show that the hacker moved at least $2.4 million worth of Ethereum (ETH) to several unknown wallets, in addition to roughly $1.2 million worth of Centrality (CENNZ).

More:¬†Cryptopia Suffers Major Hack Resulting in ‚ÄúSignificant Losses‚ÄĚ

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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