Richard

Security

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-investor-experiences-security-breach-on-binance-exchange/" data-wpel-link="internal">Crypto Investor Experiences Security Breach on Binance Exchange</a> 
A crypto investor shared a distressing experience on the <a href="https://en.coin-turk.com/binance-ceo-changpeng-zhao-steps-down-whats-next-for-cz/" data-wpel-link="internal">Binance</a> exchange just minutes before losing $70,000 in crypto assets due to a hacker. On February 29, an investor with the username DoomXBT brought up strange occurrences before the loss of funds on Binance. The hacker made various transactions, from placing trading orders to taking out loans, and finally took notable steps targeting the account before withdrawing the crypto assets. 
<h2 class="p1" style="text-align: justify" id="noteworthy-developments-on-binance">Noteworthy Developments on Binance</h2> 
According to Doom, there were audible notifications for filled orders in Binance accounts, which apparently indicated that the account had been compromised. Even though there were no withdrawal transactions, the investor noticed various trades being made and assets being swapped for <a href="https://en.coin-turk.com/crypto-analyst-binance-coin-bnb-to-face-similar-fate-in-2022/" data-wpel-link="internal">BNB</a> tokens. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-321681" src="https://coin-turk.com/wp-content/uploads/2024/03/doomxbt-tweet.jpg" alt="" width="500" height="405"> 
The investor claimed the account seemed secure as two-factor authentication was active. However, the crypto user also noticed some loans being processed in the account. When DoomXBT reached out to Binance support, the money converted to BNB was withdrawn. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-321680 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/binance.jpg" alt="" width="1470" height="714"> 
The Binance user also believes that the funds were transferred to another exchange called SideShift, which they had contacted earlier. The investor expressed frustration and dissatisfaction with how the Binance support representative handled the case. Binance’s social media and community managers responded to the investor, stating that they had already escalated the case and were working on it. DoomXBT commented on the issue: 
<blockquote> 
 “Binance was making me ping pong between customer representatives and basically kept shifting the blame repeatedly only to the compromise of the Google account, but my Google was protected with Yubikey and there were 0 unrecognized last activities outside my own IPs.” 
</blockquote> 
The investor also mentioned that they prepared a police report as suggested by Binance. However, Doom expressed pessimism about involving the authorities: 
<blockquote> 
 “From what I have read and discussed with people around me, the German police force is notorious for not having any competence in matters related to cybercrimes.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="binance-ceo-responds-promptly-to-the-incident">Binance CEO Responds Promptly to the Incident</h2> 
Binance CEO Richard Teng also responded to the issue, stating that the security task force was already conducting an investigation. The executive apologized and promised to keep the user informed of any developments. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-321679" src="https://coin-turk.com/wp-content/uploads/2024/03/binance-ceo.jpg" alt="" width="500" height="516"> 
Meanwhile, community members criticized the exchange for the way the customer service representative handled the issue. Many X users believe that withdrawal transactions should have been frozen before the funds were transferred. Another community member mocked the Binance CEO for sharing the same response as the customer support representative. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-investor-experiences-security-breach-on-binance-exchange/" data-wpel-link="internal">Crypto Investor Experiences Security Breach on Binance Exchange</a></h5>

Crypto Investor Experiences Security Breach on Binance Exchange

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