Binance is not responsible for users’ $1 million loss, co-founder says
Yi He, co-founder of cryptocurrency exchange Binance. It has rejected claims that security flaws on the platform caused users to lose $1 million.
On June 3, Lee Heo explained the situation as follows.
“Look closely, this is Your computer has been hacked. It’s really difficult to save him. “He was unable to withdraw funds, so he sold the victim’s coins, causing him to lose all his money,” the hacker said.
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The controversy began when cryptocurrency trader Nakamao reported losing his entire account balance. Unknown “reverse trading” entities without access to your Binance password or two-factor authentication (2FA) details.
Nakamao said:
Nakamao explained what the hacker did. I made numerous leverage bets, If the trade fails, you will lose almost a million dollars. He said this throughout the incident. I haven’t received any security warnings from Binance.
Binance’s customer service team responded and notified the victim: Hackers used a plugin to steal and impersonate account login information. Conduct operations and transactions.
Binance claimed: After receiving Nakamao’s account freeze request, it was processed within “1 minute and 19 seconds.” But the hacker By then, I had already performed several leveraged trades.
Binance’s official response is as follows:
We empathize with your experience, but based on what we know so far, the cause of your asset loss is that the device involved has been tampered with by installing a malicious plugin. Unfortunately, there is no way to compensate for these cases unrelated to Binance.
Nakamao disagreed with Binance’s conclusion and argued: The platform knew about the plugin long before his account was compromised. The victim claimed:
It turns out that Binance has known about the existence of this plugin for a long time and has been encouraging KOLs and hackers to get more information. My information was stolen when the plugin was promoted further. Binance tracked down the hacker’s address at least 3-4 weeks ago and also obtained the plugin name and link from KOL.
Nonetheless, as the co-founder emphasized, Binance cannot be held liable for any losses caused by hacked user devices.
In other news, cryptocurrency investigator ZachXBT recently linked the team behind memecoin CAT to the hacking of cryptocurrency investor GCRClassic’s
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