TL;DR
- Binance user loses $70,000 in alleged hack.
- User frustration with the response from the support.
- Binance CEO promises investigation as community criticizes lack of preventative action.
In an incident that has shaken the cryptocurrency community, a user of the Binance exchange platform shared his baffling experience after losing $70,000 worth of digital assets to a hacker.
The trader, known as “DoomXBT”, recounted a series of unusual events that preceded the loss of funds, including executing trading orders and requesting loans within his Binance account.
i have been compromised in some strange way and my @binance account was drained out, out of nowhere i heard sound notifications about orders getting filled while i never placed any – suddenly my 70k amount was suddenly 0 on screen pic.twitter.com/NEkSQVbBQc
— 𝔡𝔬𝔬𝔪 (@doomxbt) February 29, 2024
Despite having two-factor authentication enabled, DoomXBT watched with alarm as loans were processed on its account, raising questions about the security of its assets.
Upon contacting Binance support, the user claimed that their funds were converted to BNB and were withdrawn, apparently to another exchange called SideShift.
The Binance support team’s response sparked frustration for DoomXBT, who claimed that he was repeatedly blamed for the hack solely on his Google account, despite having additional security measures in place and not seeing any unacknowledged activity on his Google account.
Despite having filed a police report, the trader expressed skepticism about the effectiveness of involving authorities, especially given the reputation of the German police in cases involving cybercrime.
The situation caught the attention of Binance CEO Richard Teng, who assured that his security team was investigating
The CEO apologized for what happened, promising to keep the user informed of any developments.
However, the community was quick to criticize company customer service response, arguing that withdrawals should have been frozen before funds were transferred.
Additionally, the similarity between the CEO’s response and that offered by customer service representatives was pointed out, prompting ridicule from some community members.
The incident highlights the importance of security in the world of cryptocurrencies and raises questions about the responsibility of exchanges in protecting their users assets.
Meanwhile, DoomXBT and others affected are eagerly awaiting a satisfactory resolution and more effective measures by Binance to prevent future security incidents.
