PR Newswire
26 Sep 2022, 20:56 GMT+10
DUBAI, UAE, Sept. 26, 2022 /PRNewswire/ -- Binance applauds the United States' efforts to compensate victims of the 2017-18 Centra Tech fraud. The U.S. has recovered 100,000 ETH, which will be used to fund the remission pool that seeks to compensate over 170,000 victims of fraud who traded the CTR token. Binance has worked tirelessly to identify as many victims of this fraud as possible and is pleased they will be given the opportunity to get their funds back.
"We don't tolerate crime in any way and we're proud to work with the U.S. Department of Justice (DOJ) to reach the victims of the Centra Tech fraud," said Binance CEO Changpeng Zhao. "We are thrilled that tens of thousands of users may be getting their money back. Protecting users has always been our top focus, and we've greatly advanced our capabilities to do so since Centra Tech's fraud occurred five years ago. We continue collaborating proactively with regulators, law enforcement, and other stakeholders to create a safe and well-regulated crypto ecosystem that brings the benefits of modern finance to everyone. The DOJ's success in this case is an extremely important step forward for our quickly-maturing industry."
Details regarding the DOJ's Remission Administration, the process by which recovered funds are being returned to victims, can be found here. For more information regarding Binance's industry-leading efforts to protect users and combat criminal abuse of its platform, please click here.
Background
In mid-2017, Sohrab Sharma, along with codefendants Robert Farkas and Raymond Trapani, founded a company called Centra Tech that falsely claimed to offer cryptocurrency-related financial products. They further claimed that the company was led by an experienced team with relationships with Visa, Mastercard and others. Based in part on these claims, victims provided millions of dollars' worth of digital funds in investments for the purchase of Centra Tech tokens. Several months later, at the end of the defendants' fundraising efforts, those digital funds raised from victims were worth more than $25 million. For more information:
About Binance
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com
SOURCE Binance
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationKUALA LUMPUR, Malaysia - At a meeting on Tuesday in the Malaysian capital, Kuala Lumpur, ASEAN leaders reiterated their commitment...
HUNG YEN, Vietnam: A new US$1.5 billion luxury golf and residential project backed by the Trump Organization officially broke ground...
New Delhi [India], May 28 (ANI): In a clear sign that all is not well within the Congress party, Udit Raj on Wednesday criticised his...
Paris [France], May 28 (ANI): Launching a scathing attack on Pakistan for promoting terrorism, former Union Minister of State, External...
Kinshasa [DR Congo], May 28 (ANI): Bharatiya Janata Party (BJP) Rajya Sabha MP and senior advocate Manan Kumar Mishra, who is a part...
Geneva [Switzerland], May 28 (ANI): The World Meteorological Organisation (WMO) has issued a warning in its latest Global Annual to...
BEIJING, China: China's Lenovo reported a steep 64 percent drop in fourth-quarter profit, falling significantly short of analyst expectations...
NEW YORK, New York - Strong economic data jump-started U.S. stocks and the dollar Tuesday, a welcome reprieve after weeks of pressure...
NEW YORK CITY, New York: This week, the U.S. Federal Trade Commission (FTC) dropped its lawsuit against PepsiCo, which had accused...
WASHINGTON, D.C.: New single-family home sales in the U.S. rose sharply in April to their highest level in over three years as builders...
VEVEY, Switzerland: Nestle is realigning its focus on its core food and beverage operations after expanding into areas like health...
DEARBORN, Michigan: Ford Motor Company has filed a lawsuit against several California lawyers and law firms, accusing them of cheating...