FRAUD: Binance Fails to Return 19441 SBD's to the Steem Community

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(Edited)

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Binance has been taking sbd for a long time, to all customers that complain they say they cant send the sbd back.

Binance has a steem wallet @deepcrypto8 , and steem users have sent 19441 sbd's to their wallet, they refuse to send the sbd's back.

This is Jaguar Force,
Reporting directly, from the Jungle
Onwards

steem steemit fraud
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What?! That is the saddest thing I've read all week. They should just send it back.

And now some people want them to list on Binance-US. This should be fully rectified first.

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No, I do think they should send it back.

I said it isn't theft. It's crypto, you verify before you send money every time.

If I owned the company I would send it back, I think they should send it back.

However, Crypto is owner beware. Each user has to take responsibility to know where they are sending their money.

If costs money for them to return funds that shouldn't have been sent there in the first place.

It would be wise, kind and great to send it back. It is not their responsibility.

My argument is that it is not theft. I am not saying they have a right to it.

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If I illegally park on your property, you do not own my car. If you kept it that would be auto theft. How is this fundamentally different?

I do agree it is the senders fault. They should have to pay a reasonable fee. Steem is 0.2steem. 0.2sbd would be reasonable.

If SBD is considered valuable (it's taxed) and Binance is aware and Binance doesn't send it back, this is actually illegal by European banking standards and considered a type of theft (denial of rightful property). The only exception would be if Binance strongly suspects the SBD was attained illegally. In that case it should be sent to the authorities.

The issue is no one will sue Binance over a few dollars.

Binance is a leader in crypto, but they also give it a bad image. This is a clear example.

Binance has SAFU and they brag everytime an exchange gets hacked that their members are covered, but in the case of accidents, they do nothing. It's low key....it absolutely does need attention.

Asking binance to list shitcoin no 92 gets no attention. Asking Binance why they unlawfully retain 20,000SBD worth over 12000 USD may get someone's attention.

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If I mail cash to the wrong address.... There is absolutely no reason to send sbd to binance.

In crypto if you have the keys to where it is sitting it is yours. That's all there is to it. That is why it is called a trustless system. Now, Binance may handle this in a way that endears them to the crypto community by sending the funds back... Or they can keep it.

Either way it isn't stealing it is just a business decision.

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For the time being, since Binance has not touched the SBD, they may or may not be stealing. They are very unlikely to be the legal owner of it. It's a business decision in the sense that they aren't returning it or using it.

STEAL: take (another person's property) without permission or legal right and without intending to return it.

Take usually means you actively acquired it. However, it can mean obtain or acquire possession of something. Binance did not deliberately take it, so it was definitely not initially stealing and Binance had no intent to steal because they didn't touch it.

Binance never had permission from the owner to keep it. They may or may not have legal right to keep it. I don't think they have the legal right and they are not touching it which makes me think the answer is not obvious to them either. Besides, it's a sort of poor ethics now. If they spent it on anything without clear permission, it would be a reputation disaster.

It was sent to Binance on good faith that it could be traded. It was definitely not donated or abandoned (ie. send to null/steem.dao).

If Binance doesn't intend to return it, this closely resembles the definition of stealing. If Binance was made aware of it and said no, then they would need to prove they have right to possession.

You are right to say it isn't stealing because no legal judgement has been made, but a court could easily order it returned and refusal to do so would definitely be stealing.

So it's potential theft, accused of unlawful possession, pending legal action, etc.

I would say this sufficient to pursue legal action, it may not be thrown out of court. It probably isn't worth the effort, especially given the general status of cryptocurrency.

However, instilling more trust in Binance under these circumstances is not a good idea.

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Interesting...But how is customers' SBD locked in binance?

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(Edited)

if you send it, they wont return it, that simple

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because the users sent it there... binance has never had SBD, so it is purely customer error.

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grown adults should take care where they are sending their money.

Let's get real... They didn't steal anything their terms and all the exchanges warn send to the wrong address and lose it.

This is a user problem not a binance problem.

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(Edited)

You madame, with all due respect, are full of shit, most people assume they can send steem or sbd to binance, and that if they dont accept sbd they will return it.

"send to the wrong address and lose it."

its the same address, they can and should send back the sbd's.
yes, they stole that, they are knowingly holding something that isnt theirs, and they refuse to give it back.

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It is not theft it is bad customer service.

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you are being a sophist, and intellectually dishonest, and not even you believe the shit that is coming out of your mouth. and yes, it is actually a kind of theft according to uk law. furthermore get a moral compass please. Thank you.

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I guess words don’t matter.

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of course not, whats important is defending thieves. the rest is secondary

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Yeah screw those customers, the Exchange is always right! Forget about building trust in a community, CZ needs more money!

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No, they could choose to send it back and that WOULD be wise and build a customer base, but it isn't stealing... there is a big difference and words matter.

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When I was growing uo we had a really mean neighbor. If our ball went on to his property it was as good as gone. They were not stealing it per se, however, they weren't being very neighborly either.

To give a grown up example, if the bank accidently gives you too much money or sends money to the wrong account, and you keep it, that is theft.

Bialnance has demonstrated the account belongs to them and they have the resources and technical expertise to make this right.

It may not be theft in China or whichever tax haven they operate from but it is certainly theft in any oecd country.

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They have never had a sbd exchange, you think our users are entitled to send money to any wallet and expect others to retrieve it for them?

I hear your point. I think it would be wise and kind of them to send it back, but crypto users should know better.

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I understand and I do agree with you to some extent.

Chances are they were advised to hold the money. They definitely know what sbd is and have the means to return it.

It doesn't help with user experience as you mentioned. It fuels the reputation that steem is complicated and dangerous.

Althought getting on huge exchanges is awesome, more people should know about this sbd stuck in limbo, especially before dealing with Binance.

In amycase, it's been an interesting topic of discussion.

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I agree with all you just said.

It is complicated and that is difficult. It doesn't help user experience, but it is part of the learning experience of owning and understanding why crypto is called trustless. The only person you can trust is yourself. And it still works.

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(Edited)

As someone who has only ever keeps dust and ~1 BNB on Binance, I agree. I also own a hardware wallet and am much more knowledgable than average.

I've never lost any crypto since I started investing in it (I lost some stuff from faucets and giveaways from 2014 but it's worth less than 10$ probably except the DOGE maybe that's worth a little more).

I do notice a lot of that SBD is transferred from Bittrex, especially the larger amounts. I assume that a lot of them are likely investors who may not even know the difference between SBD and Steem. I'm not sure what Bittrex says perhaps they aren't making things clear. Many of these Bittrex people (and other exchange people) probably don't even have Steem accounts and if they do, they are just functioning as wallets. Some of them may only be people who just post to Steem from other Social Media and don't engage, they removed their SBD to sell on Binance and now they are screwed because of their own mistake.

Also, a decent part of the rest of that SBD may be from people who probably don't engage on Steem and just reposted the content here when Steem was hot and SBD was given away like candy. I'm just trying to speculate why so many people don't know SBD isn't steem or that Binance doesn't take SBD.

I would have to say my perspective does change a little knowing the majority of that money is probably just investors and people who could care less about Steem.

If Binance sent it to the Dao or Null, I would be happy. However, I am not a victim. It's not really my call here. The only victim I know (post author) seems pretty pissed off.

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Title is clickbaity and stupid. Binance barely cares about Steem being on there let alone what users accidentally send to it to bother refunding it.

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Thinking about it another way does make Binance SBD's biggest sink.
However, I don't think anyone should consider closer cooperation between Steem and Binance until the SBD is returned.

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(Edited)

thats the very point of the post, glad you got it, bravo!!!(clapping)

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Remind me to downvote your post about Poloniex stealing millions of Steem after the date of them not allowing withdrawals anymore. Should give people some insight to how little investors/traders care about Steem anymore.

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remind me to insert some nonsensical bullshit ridiculous comment here and to tell you to go fuck yourself.

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You already did.

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However, there is legislation to cover such incidents, referred to as 'dishonestly retaining wrongful credit', and as mentioned previously, can result in up to a 10 year prison sentence. Section 24A of the 1968 Theft Act makes it clear that any money knowingly received in error must be repaid.

UK law

Source: https://www.wilson-nesbitt.com/news-updates/Criminal/7463/Public-unclear-on-law-on-retaining-wrongful-credit

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If anyone has evidence that they asked for it back and were denied, Binance may be criminally liable in the UK.

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There are a few memos in the captures of users asking for a refund after realizing their mistake.

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Yes, there is evidence of asking,

Clearly binance has no love or respect for the little guy. They are after deep pockets, not some dude that misplaced 20sbd.

All the victims should band together and stand up for themselves.

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(Edited)

Not stolen.

They should either automate sending back the SBD with a memo, SBD not accepted, someone should help them do it.

or

Process all transactions once a year

or

Activate the SBD:USD trading pair.

or

Wait until they get sued, or feel enough public pressure to do something about it.

Making posts calling them thieves is more likely to get them to do nothing until they get sued than be compassionate with people who made mistakes.

It would have been great if your post showed what they respond to people who tried contacting them.

Many of these SBD were sent from Bittrex, it would be a mistake to just send them back without knowing the account ID.

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not stolen ! clickbaity headline and not the way to approach this issue. Maybe a friendly chat would help more than accusing them of theft without evidence. This list above is a list of idiots who sent their sbd into nirvana. that´s not the receivers fault and I guess once they get information about this issue they will find a solution. And just think for a second or two to realize, they really do NOT need or depend on this peanuts 19K SBD. maybe the amount is so small that they didnt react yet.

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Not stolen!!! not the way to approach this issue!!!!
make a post yourself and approach it the way you want it approached then!

I guess once they get information about this issue they will find a solution

you guess erroneously, they are very aware of this situation

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Upvoting cause this dumbass is downvoting comments calling out his dumb title and ninja edits

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Dumb title? the title was edited, isn't that what you were complaining about?
whats the next complain on your bitching list? that the title was edited?

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It's just a downvote, watch your blood pressure

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(Edited)

yes, obviously the solution is to automate the sending back of the sbd,
even very small projects here that dont accept sbd have such automation,
so self evidently binance is more than capable of having such solution deployed.

Making posts calling them thieves is more likely to get them to do nothing until they get sued than be compassionate with people who made mistakes.

Right, the solution is to make posts telling them what a great exchange they are and perhaps sending them flowers and chocolate bars.
Likely to get them to do nothing? They are already doing nothing for years on this issue, how are you gonna get them to do nothing if they are already doing nothing?

The response that the affected parties received is that they are not technically capable of resolving the issue at the moment and they will get back at you, then they close the ticket, that simple.
In the case of the transfers from bittrex, as you can see they include the binance memo, so for example they could send it back with the email corresponding to the account in the memo, its not quantum physics.

By the way, this is clearly illegal:
https://www.wilson-nesbitt.com/news-updates/Criminal/7463/Public-unclear-on-law-on-retaining-wrongful-credit

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