Security breach on Binance account results in unauthorized transactions and significant cryptocurrency loss. User expresses frustration over lack of support.
An individual using the Binance platform, identified as doomxbt, recently reported a significant security breach within their account, resulting in a substantial loss of cryptocurrency.
This unfolding incident has sparked concerns regarding the security protocols of one of the world's leading cryptocurrency exchanges.
Doomxbt shared their distressing experience on social media platform X, detailing the start of the issue when they noticed unauthorized activities on their account on February 29. Sound notifications for filled orders served as an early indication that their account might have been compromised, despite having two-factor authentication enabled. This suggested a potential bypass of the account's security measures. Unexpected trade orders and loan processing followed, ultimately leading to the conversion of assets into BNB tokens and subsequent withdrawal.
Upon identifying these unauthorized transactions, doomxbt took the proactive step of filing a police report on February 29, following advice from blockchain investigator zachxbt. Despite their vigilant approach to cybersecurity, doomxbt's Binance account was compromised, resulting in unauthorized transactions and the withdrawal of 158.08718191 BNB (Binance Coin) to an external address, resulting in a significant loss of $70,000 in digital assets.
The user provided transaction details, including a withdrawal address and a transaction ID, highlighting the traceability of the unauthorized movements within the platform.
In response to the incident, Binance reached out to doomxbt through a Google Meet video call on March 1, featuring two individuals introduced as "security experts" named Gerry and Holic. According to doomxbt, these experts seemed unprepared and requested the user to run two applications, Nettiquette and KnockKnock, to aid in the investigation.
The experts suggested that the hack might have been executed by gaining access to the browser's cookies. However, doomxbt remains uncertain about how the breach occurred, despite thorough system checks.
The user expressed frustration with Binance's handling of the case, noting a lack of communication and support from the platform's help desk, social media lead Alex W, and CEO Richard Teng. No apology or indication of compensation for the incurred losses has been received, leaving doomxbt to grapple with the aftermath of the hack. This includes paranoia over identity theft and the necessity to secure their online presence and financial assets.
Doomxbt's ordeal underscores the vulnerabilities users face, even with stringent personal cybersecurity measures, emphasizing the importance of diversified investment strategies to mitigate risks. This incident also shines a light on the increasing scrutiny facing cryptocurrency exchanges, urging them to enhance security measures and provide more responsive customer support in the wake of growing reports of security breaches across various platforms.