A crypto trader recounts a troubling experience of losing $70,000 in digital assets on Binance due to hacking incidents. Binance CEO promises investigation into the matter.
An individual trading cryptocurrencies recounted a distressing encounter on the Binance platform just moments before losing a significant sum of $70,000 in digital assets to a cybercriminal.
Detailing the incident on February 29, a trader known under the pseudonym "DoomXBT" shared on X forum a series of unusual events that preceded the loss of funds on Binance. Despite initiating trade orders and loan requests, the hacker tampered with the account before ultimately siphoning off the crypto assets.
According to DoomXBT, the trader was startled by sudden sound alerts indicating orders being executed on their Binance account, strongly suggesting unauthorized access. Although no direct withdrawals occurred, the trader observed several trades executed and assets exchanged for BNB (BNB) tokens.
The trader asserted that the account appeared secure due to the activation of two-factor authentication. However, they also noticed some loan requests being processed within the account. Upon contacting Binance support, the funds converted into BNB were swiftly withdrawn.
The affected Binance user suspects that the funds were moved to another exchange named SideShift. They reported initiating contact with SideShift and expressed intentions to notify German authorities about the incident.
Frustration and dissatisfaction were evident in the trader's tone regarding the handling of the case by Binance support agents. Responding to the trader's concerns, Binance's social media and community leads assured that the case had been escalated and was under investigation.
Furthermore, Binance CEO Richard Teng personally addressed the situation, confirming that their security task force was actively investigating. Teng issued an apology and pledged to keep the user updated on any developments.
Meanwhile, members of the cryptocurrency community criticized the exchange's customer service representative for their handling of the matter. Several users opined that withdrawals should have been frozen promptly to prevent the transfer of funds. Another community member mocked Binance CEO for echoing the same response as the customer support representative.