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Binance deletes account of Tezos development team Baking Bad

 


Baking Bad is a Tezos staking service that monitors the network and makes it easy to choose a staking pool. The company behind the service also develops over a dozen other applications for the Tezos blockchain, aimed particularly at developers. Now Baking Bad raised the alarm, because apparently Binance has withdrawn all funds from the company.


Binance's response was prompt. Accordingly, three warnings were sent via support and repeatedly asked to clarify the matter with the investigating authorities. The closure is the implementation of a request from law enforcement agencies. In fact, in such cases, exchanges have no other option but to comply with the request if it is legitimate.


The Baking Bad team sees things differently, of course. Without a court order in the EU, closing the account is unlawful, the team said. The resulting damage was estimated at $1 million.


Team comes partly from Russia

Developer Dmitry Mirgaleev confirmed to Bitcoin Courier that some of the team members are from Russia. Co-founder and managing director Vladimir Zarechnev is also a Russian citizen. The company, Baking Bad OÜ, was founded in Estonia in December 2019 and is based in the capital, Tallinn.


Although at first glance sanctions may be an option, Mirgaleev dismissed them. The team only received a link to the US Department of Justice contact form from Binance and no other information. He considers it impossible that sanctions are being implemented, but could not name any other reason.


In April, Binance announced that Russian citizens and companies with more than $10,000 in their accounts could only withdraw their funds. Only those Russian customers whose account balance remained below the threshold did not suffer any further restrictions. A request to the US Department of Justice by the editors remained unanswered at the time of going to press.


At the same time, the case of the Tornado Cash developer arrested in Amsterdam has taken a surprising turn. According to a report by Kharon , he may have worked for Russia's FSB intelligence service. It remains to be seen whether the US authorities will take a position on the Baking Bad case and why they are investigating.

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