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News

Binance Account Incident Caused User to Lose $1 Million Unrelated to Exchange

June 3, 2024 - Around 2 mins mins to read

Key Points:

  • A Binance user lost $1 million due to a malicious browser plugin, with the hacker siphoning off the funds before Binance could fully intervene.
  • The Binance account incident was thoroughly investigated by the exchange and concluded that it was not related to them.
A recent Binance account incident involving the loss of $1 million from a user has brought attention to security vulnerabilities caused by malicious browser plugins.
Binance Account Incident Caused User to Lose $1 Million Unrelated to Exchange

Binance Account Incident Has Nothing To Do With The Exchange

The user, identified as Nakamao, claimed that an undercover agent in the crypto community siphoned off his funds. Despite Nakamao’s prompt efforts to alert Binance customer service, the hacker continued to operate his account, eventually withdrawing all the funds.

Binance account incident has been thoroughly investigated by the exchange. After conducting a thorough investigation with their customer service, security, and risk control teams, Binance revealed that the user’s computer had been compromised by hackers. The Binance security team took 1 minute and 19 seconds to process the user’s request to freeze his account. However, the subsequent investigation into the transactions and cross-platform freeze requests requires additional time.

Platform Urges Enhanced Security Practices

Binance stated that they had no prior knowledge of the AGGR plugin, which was identified as the malicious tool used in the hack. The platform clarified that they could not compensate for incidents unrelated to their direct control but appreciated the user for highlighting areas thanks to improvement.

In light of this Binance account incident, the exchange emphasized the importance of increased security awareness among users. They advised using only the official Binance App or a clean, plugin-free browser to access their website. Users should also exit financial apps or browsers promptly to minimize the risk of login status leaks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Binance Account Incident

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.