Alleged crypto-scam: Binance CEO responds after Twitter user complains of lax response from exchange


The cryptocurrency market was attacked by the bear on May 6 and most major coins were falling. While the bear is a persistent danger to the market, many in the community are also affected by crypto-scams. A Twitter user, @CrypticRandi, is speculated to have received BTC and XRP from the community and disappeared. And while one of the Twitter users tried reporting this to BitMEX and Binance, he was left disappointed.

@Socal_crypto took to Twitter to express their disappointment,

“I am extremely disappointed at how @binance and @BitMEXdotcom handled our report of the Raccoons accounts. Truly goes to show these exchanges don’t give a fuck about you or your funds, they just want their fees. Great leadership there @cz_binance and @CryptoHayes.”

The user, after being accused of crying wolf, submitted evidence, including screenshots, addresses, and referral IDs, and asked the authorities to put the accounts on hold while they initiate action. Binance’s CEO, Changpeng Zhao, responded to the tweet,

“Sorry for your loss. But imagine we freeze your account whenever a random person files a support ticket. Do you want that? Also imagine complaining to the blockchain for allowing the transferring of your lost assets. Better keep your funds safe in the first place. Stay #SAFU”

However, the user did not take the reply well, calling the CEO a hypocrite for not helping immediately. He accused CZ of only ‘bragging about a fast response to scams.’ CZ however, explained,

“We try, but technique is limited. Also, with faster and more anonymous blockchains, it will be increasingly harder to block transactions.”

The user was asked to explain the way he lost his funds. However, the user clarified that it was not his/her funds, but he was the ‘only one’ taking action against the scam. The user said,

“You have a user that was defrauding people of $BTC and $XRP then sending said funds to his Binance account, which we tracked. We have addresses, screenshots of convos from the scammer”

The user had all the necessary information like TXIDs and Account referral IDs, but the response from authorities came “too late.” Binance’s CEO concluded by saying that he did not have ample information about the scam and would have to analyze it before taking any action, adding that the user’s funds could have moved by now.

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