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A Trader Lost $70,000 to Hackers on Binance
A crypto trader recently fell victim to a hacking incident on the Binance exchange, resulting in a loss of $70,000 within seconds. The trader shared their experience on social media, highlighting the security breach and lack of immediate support from the platform.
Incident Details
The hacker executed various unauthorized actions on the trader’s account, including creating trade orders, taking out loans, and ultimately withdrawing all crypto assets. Despite having two-factor authentication enabled, the trader was unable to prevent the hacker from siphoning off funds.
Hacker’s Actions
- Placed trade orders
- Took out loans
- Withdrew crypto assets
Trader’s Response
The trader initially noticed unusual sound notifications for filled orders, indicating a compromise of their account. Despite attempts to contact Binance support, the funds had already been converted to BNB tokens and withdrawn by the hacker.
Response from Binance
Binance’s social media lead acknowledged the issue and escalated it for investigation. However, the trader expressed dissatisfaction with the support received and suspected the funds were transferred to another exchange.
CEOs Involvement
Binance’s CEO assured active investigation by the security task force, although facing criticism for a generic response. The trader continues to seek resolution and accountability from the platform.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
