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

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].

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