Trader Loses $70,000 in Seconds to Binance Hack: A “Strange” Experience
A crypto trader going by the username “DoomXBT” recently shared their alarming experience of being hacked on the Binance crypto exchange. Within seconds, they lost $70,000 to a hacker who performed various unauthorized actions on their account before ultimately withdrawing their crypto assets.
Binance Hack Details
The hacker accessed DoomXBT’s Binance account and carried out several activities, including creating trade orders and taking out loans. The trader noticed sudden sound notifications of orders being filled on their account, even though they hadn’t placed any trades themselves.
- The affected user couldn’t do anything but watch as the hacker executed trades and exchanged their assets for BNB tokens.
- DoomXBT had two-factor authentication enabled for their account, believing it was secure. However, by the time they contacted Binance support, the hacker had already converted $70,000 into BNB and withdrawn the funds.
- The trader suspected that the funds were transferred to another exchange called Sideshift but received no response when attempting to contact them for support.
Binance Team Responds
Upon seeing DoomXBT’s post, Binance’s social media and community lead, AlexOnchain, replied and escalated the case to his team for immediate investigation.
- When asked if the issue had been resolved, DoomXBT expressed disappointment with how Binance support agents handled the case. They claimed that the blame was shifted onto their Google account being hacked, despite having Yubikey protection and no unrecognized recent activity on it.
- Binance CEO Richard Teng also responded to the thread, stating that the exchange’s security team was actively investigating the incident. However, he faced criticism from commenters for providing a similar response to the customer support representative previously called out by DoomXBT.
Hot Take: Protect Your Crypto Assets
The recent incident of a trader losing $70,000 in seconds on Binance serves as a stark reminder of the importance of securing your crypto assets. Here are some key takeaways:
- Enable Two-Factor Authentication (2FA): Utilize 2FA to add an extra layer of security to your crypto exchange accounts.
- Regularly Monitor Account Activity: Stay vigilant and regularly check for any suspicious activity on your accounts. If you notice any unauthorized transactions or signs of hacking, report it immediately.
- Choose Reputable Exchanges: Select well-established and reputable exchanges that prioritize security measures and have a track record of protecting user funds.
- Keep Private Keys Offline: Store your private keys offline in cold storage wallets to minimize the risk of online hacks.
- Stay Informed About Security Best Practices: Stay updated on the latest security practices and follow expert recommendations to safeguard your crypto assets.
In conclusion, the Binance hack incident serves as a reminder that even with security measures in place, no system is entirely foolproof. It is crucial for crypto traders to be proactive in protecting their assets and to remain cautious while engaging in online transactions.
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