Security Breach: Binance’s Law Enforcement Request Panel Access for Sale
An anonymous user called “Miembro” is selling Binance’s law enforcement request panel access on Breach Forums. The price for this access is $10,000 in Bitcoin or Monero. This raises serious concerns about the safety of sensitive data within the cryptocurrency exchange.
Compromised Credentials Lead to Unauthorized Access
The seller, known as “Miembro,” claims that the access being offered is exclusively used by law enforcement and promises unlimited requests with a response time of three to seven days. Investigations have revealed that compromised credentials belonging to law enforcement officials were used to obtain this access. Malware-infected computers were responsible for this security breach, exposing a critical vulnerability in the system.
Further investigation has shown that Binance uses a third-party service called Kodex to validate law enforcement requests. The hackers could have exploited this system using the obtained credentials.
Binance Under Scrutiny Amidst Legal Challenges
This security incident comes at a difficult time for Binance as it faces regulatory issues in the Philippines, where it may be banned by the Securities and Exchange Commission for operating as an unregistered exchange.
In addition, former CEO Changpeng “CZ” Zhao has been ordered by a US court to pay $150 million for violating the Commodity Exchange Act and Commodity Futures Trading Commission regulations. Binance also has to pay $2.7 billion to conclude a CFTC enforcement action.
With these legal and security challenges, Binance’s trust among users is undermined, and concerns about the integrity and security of its operations are raised.
Hot Take: Binance’s Security Lapse Raises Alarming Questions
The recent security breach at Binance, where law enforcement request panel access was listed for sale, highlights a significant security lapse within the cryptocurrency exchange. This breach raises serious concerns about the safety of sensitive data and the overall integrity of Binance’s operations. Combined with ongoing legal challenges, Binance is facing a precarious situation that could severely impact its reputation and user trust. It is crucial for Binance to address these security vulnerabilities promptly and reinforce its commitment to protecting user information.
By
By
By
By
By
By