Fun

Binance user gets drained on exchange, shares ‘strange’ experience

News Feed - 2024-03-01 05:03:12

Ezra Reguerra20 minutes agoBinance user gets drained on exchange, shares ‘strange’ experienceCommunity members believe the exchange’s support team should have frozen the account before the funds were transferred.182 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker.


On Feb. 29, a pseudonymous trader who goes by the username “DoomXBT” posted a thread on X sharing “strange” occurrences before losing funds on Binance. From putting up trade orders to taking out loans, the hacker fiddled with the account before finally withdrawing the crypto assets.X thread on funds being drained on Binance. Source: DoomXBT/X


According to Doom, there were sudden sound notifications of orders getting filled on their Binance account, seemingly indicating that the account was compromised. While there were no withdrawals, the trader saw various trades performed and assets exchanged for BNB (BNB) tokens.


The trader claimed that the account seemed secure because two-factor authentication was active. However, the crypto user also saw that some loans were being processed within the account. When DoomXBT reached Binance support, the money converted into BNB was withdrawn.Loans being processed in the Binance exchange account. Source: DoomXBT/X


The Binance user also believes the funds were transferred to another exchange called SideShift. The trader said they contacted SideShift and will now go to the German authorities to report the incident.


The trader expressed frustration and dissatisfaction about how the Binance support agent handled the case. Binance’s social media and community leads replied to the trader, saying they had already escalated the case and were working on it.


Related:Trader hits $2M jackpot after putting $62 into a Solana memecoin


Binance CEO Richard Teng also responded to the thread, saying that their security task force is already conducting an investigation. The executive apologized and promised to update the user once there was any development.Binance CEO Richard Teng responds to the trader. Source: Richard Teng/X


Meanwhile, community members criticized the exchange for how the customer service representative handled the matter. Many X users believe withdrawals should have been frozen before the funds were transferred. Another community member ridiculed the Binance CEO for posting the same response as the customer support representative.


Cointelegraph has reached out to DoomXBT for comment but has yet to hear back.


Magazine:How the digital yuan could change the world… for better or worse# Business# Hackers# Binance# HacksAdd reactionAdd reactionRead moreBinance drops naira from P2P platform amid government scrutinyBitcoin mining stocks dip more than 27% despite Bitcoin rally

News Feed

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live
Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing - YFE Presale Is Live PRESS RELEASE. What is yield farming? Yield farming, also referr
XRP To Hit $40 In 3 Months But On This Condition – Analyst
Este artículo también está disponible en español. XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two w
Digital Ruble Poses Risks to Financial Sector and Security, Russian Lawmakers Warn
Digital Ruble Poses Risks to Financial Sector and Security, Russian Lawmakers Warn Russian parliamentarians have cautioned against risks associated with the introduction of a digit
How to buy and sell NFTs on Uniswap
Tanuj Surve8 hours agoHow to buy and sell NFTs on UniswapExplore how to trade NFTs without the hassle of multiple platforms. Uniswap streamlines the process, putting you in control.269 Total views8 Total sharesListen to
Mike Novogratz’s Galaxy Digital to Launch Bitcoin Fund in Canada
Mike Novogratz"s Galaxy Digital to Launch Bitcoin Fund in Canada Galaxy Digital, the crypto investment management firm founded by bitcoin bull Mike Novogratz, ha
Bitcoin, Ethereum Technical Analysis: BTC Bounces Back After Monday’s Selloff
Bitcoin, Ethereum Technical Analysis: BTC Bounces Back After Monday’s Selloff Following Monday’s selloff, cryptocurrency markets mostly rebounded across the board, with bi
Gareth Jenkinson11 hours agoOasis launches Ethereum-compatible privacy blockchain SapphireThe new developer environment aims to drive privacy-first, cross-chain DApp development for the Ethereum ecosystem and smart contr
Amaka Nwaokocha1 hour agoNigerian social payments app shuts down crypto exchange servicesThe company cited that it will cease operations of its exchange services as part of the shareholders" decision to restructure the b
Ethereum price weakens against Bitcoin — Here’s why
Nancy Lubale4 hours agoEthereum price weakens against Bitcoin — Here’s whyEthereum price stagnates in its ETH and BTC pair as investors’ expectations for a spot ETH ETF dwindle.1115 Total views25 Total sharesListen
Bitcoin, Ethereum, Monero Hashrates Tap Lifetime Highs — Dash, ETC, LTC Hashpower Lower Than Prior ATHs
Bitcoin, Ethereum, Monero Hashrates Tap Lifetime Highs — Dash, ETC, LTC Hashpower Lower Than Prior ATHs During the first month of 2022, both Bitcoin and Ethereum’s hashrat
Regulator Claims South Africa Set to Unveil Cryptocurrency Regulatory Framework in Early 2022
Regulator Claims South Africa Set to Unveil Cryptocurrency Regulatory Framework in Early 2022 In early 2022, South Africa will have a new regulatory framework that covers cryptocur
Interoperable QR Payments Reach Record Number in Argentina
Interoperable QR Payments Reach Record Number in Argentina Interoperable QR payments, a system that allows all digital wallets in Argentina to make payments in several stores, reac