Crypto exchange Binance was accused of freezing an account worth around $1 million. The owner accuses the platform of embezzlement, but the company says it simply followed the requirements of the South Korean police.
Binance Blocks Account Worth Almost $1M
In November 2018, Binanace blocked an account that had over $850,000 worth of crypto funds. The owner claims that the exchange led by Changpeng Zhao (CZ) stole the money, Russia-based crypto news site Forklog reports, citing HackControl.
The account owner claims that Binance froze crypto funds worth $$858,999 at the time. Specifically, Binance blocked:
- 4.5609 BTC (worth $28,610 at the time and $33,416 as of today);
- 1,600.215 ETH ($342,446 at the time and $271,159 as of today);
- 4,290.39 ETC ($40,244 at the time and $24,582 at the moment of blocking by Binance);
- 726 LTC ($73,763 at the time and $55,000 as of today);
- 169,646 IOTA ($98,395 at the time and $28,619 as of today);
- 33,895.14 EOS ($187,780 at the time, $92,194 at the moment);
- 810 807 TRON ($16,216 at the time and $11,002 as of today);
- 365 ZEC ($29,557 at the time, $8446 as of today);
- 128 XMR ($14,336 at the time);
- 6 DASH ($26,000 at the time);
- 765 BCH ($482 at the time);
- 1170 USDT.
Binance required additional KYC/AML verification procedures and an explanation regarding the origins of the funds. The exchange said that the account was blocked at the request of the South Korean police, though the user claims that he had not received any complaints from South Korean authorities.
It all started with an Ethereum transaction. Binance turned its attention to 2,844.881 ETH transferred to the trading account.