CZ: Binance Has Helped Recover Over $200M in Stolen Crypto

Changpeng Zhao (CZ), the CEO and founder of the popular cryptocurrency exchange Binance, revealed in an Interview with Financial Times that the company has helped to recover over $200 million of stolen crypto.

CZ also noted that to help protect users against investing in fraudulent projects and rugpulls, the exchange always conducts extensive research before listing.

“When there are rug pulls that happen on a Defi project, we actually work with law enforcement to help them recover the funds. Because of the data that we have, we actually have helped to recover more than $200 million in funds across more than 10 projects already. We always feel we have a responsibility to help protect the users in this community,” he said.

Binance Recovers $5.8 Million From Ronin Hack

Most recently, Binance helped recover $5.8 million from the total funds stolen during the recent Ronin Network hack. The hackers tried to launder the funds via 86 different accounts on Binance.

In March, Coinfomania reported that Ronin, an Ethereum sidechain developed by blockchain gaming platform Axie Infinity, lost over $600 million worth of assets in a bridge hack.

After the attack, the United States Treasury Department revealed the group behind the Ronin hack was Lazarus, an infamous North Korean hacking organization that has allegedly stolen up to $2 billion worth of assets from different crypto exchanges.

Defi Projects Getting Hacked

Meanwhile, Ronin isn’t the first crypto project to lose millions to hackers. In another report, cross-chain bridge protocol, Wormhole, lost about $318 million worth of assets in a security breach.

Earlier this month, Ethereum-based credit-based stablecoin protocol Beanstalk also lost about $182 million to a security breach reported by the Blockchain security team, PeckShield.

Prior to the Beanstalk attack, another stablecoin, CashioApp (CASH), was attacked, losing about $50 million to hackers. The incident caused further damage to the Solana-based project as the value of the coin dropped to $0 a few hours after the security breach.

However, unlike other exploits, the CashioApp hackers returned some of the funds to a number of users while the remaining balance was donated to charity.