Binance Accused of Embezzlement! Binance accused of embezzling $850,000-dollars worth of crypto funds. The owner of the account that was frozen by Binance says that the company stole his funds, but Binance says that they were following the requirements of the South Korean Police.
The account owner claims that Binance froze crypto funds – the the exchange says the account was blocked at the request of South Korean police – the account owner rebuts that he had not received any complaints from South Korean authorities.
It started with an Ethereum transaction when 2844.881 ETH was transferred to the trading account. The owner claims that he had explained the origins of the funds, but Binance insisted on suspension citing a request from South Korean authorities.
Binance has told ForkLog that a portion of the ETH transferred by the user had been stolen from a Korean project – they did not disclose the name. Binance then claimed that they transferred the amount to the South Korean police.
The account owner stresses that he has been told by South Korean authorities that they had not requested for a freeze or transfer of his assets. He concluded:
“I have every reason to believe that Binance misappropriated my money for itself. Communication with them continues from November 21, 2018. It has been 18 months already”.
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