Binance: freezing user BK assets is to comply with the requirements of South Korean law enforcement agencies to recover fraudulent funds

According to Binance official news, a user named BK recently claimed that Binance frozen its US $ 860,000 assets in November 2018. Subsequently, Binance stated that the funds were frozen at the request of South Korean law enforcement agencies and urged the user to rush as soon as possible. Contact the police. However, according to the user, he was not charged by the police. In response to this incident, Binance issued a statement on the official website today and attached screenshots and related information to communicate with South Korean law enforcement agencies.

Earlier news, a representative of HackControl, a cybersecurity consulting company investigating the case, said that Binance allegedly froze an account containing nearly $ 1 million in encrypted assets. The account owner accused employees of the exchange of embezzling public funds for no reason. According to the user, Binance Exchange has frozen assets worth US $ 858,999, including BTC, ETH, LTC, IOTA, ZEC, EOS and other assets. The user stated that Binance has maintained continuous communication with them since November 21, 2018, and the funds have not yet been returned. According to reports, Binance suspected that the funds were obtained illegally, and said the South Korean police demanded that the funds be locked. However, the South Korean user has contacted the police and there seems to be no such request. The user also claimed that the lawyer confirmed his claim. HackControl claims to have found other similar cases, with an estimated total loss of approximately US $ 3 million. It is suspected that Binance employees allegedly misappropriated funds to get rich in a potential manner. The victim is preparing to file a class action and bring criminal charges against the exchange.