Binance’s indecision to freeze BNB wallets drew controversy in this $11M rug pull

Users asked Binance for assistance, and Binance stated it had actually frozen the funds but then withdrawed the statement. The BNB (BNB) held in the fraudsters account slowly grew to over $10 million in value as users speculated on whether or not the funds had actually been frozen.An examination exposes that contrary to popular belief, Binance is, in truth, able to freeze private wallet addresses on BNB Chain– so long as all validators permission. Source: Telegram.Related: Binance presses brand-new stablecoin as it verifies plan to cease BUSD supportThe exchange takes actionOn Jan. 29, 2021, Binance reacted to one of the PopcornSwap victims. Blockchain data reveals that at the time of these complaints, Binance did not have any belongings of the stolen funds, nor was it affiliated with the entity that stole users money.Contrary to the declaration from Binances customer service representative, information from BNB Smart Chain reveals that the fraudsters address was not frozen before Oct. 6, 2022. Binance reacts In a conversation with Cointelegraph on Aug. 31, 2023, a representative from Binance confirmed that the Oct. 6, 2022 proposition to freeze the Fake_Phishing7 address was made by Binance.

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Binance responds In a conversation with Cointelegraph on Aug. 31, 2023, an agent from Binance validated that the Oct. 6, 2022 proposal to freeze the Fake_Phishing7 address was made by Binance. The representative stated:” At the request of the PopcornSwap victims, Binance proposed blacklisting the opponents address along with the BNB Bridge assaulter in October 2022, which was sent by the BNB Chain group and approved by network validators. The PopcornSwap scam: A cautionary taleVictims of the PopcornSwap rip-off lost over $2 million of their hard-earned cash, and seeing that Binance developed BNB Smart Chain, they turned to it for assistance.

Users asked Binance for help, and Binance stated it had frozen the funds but then retracted the declaration. Source: Telegram.Related: Binance presses new stablecoin as it confirms plan to cease BUSD supportThe exchange takes actionOn Jan. 29, 2021, Binance reacted to one of the PopcornSwap victims. Blockchain data shows that at the time of these problems, Binance did not have any ownership of the stolen funds, nor was it associated with the entity that took users money.Contrary to the statement from Binances client service agent, data from BNB Smart Chain shows that the fraudsters address was not frozen before Oct. 6, 2022.