Several Binance users have reported losing millions of dollars due to account hacks, causing concern in the cryptocurrency community. The issue gained attention when Chinese cryptocurrency journalist Colin Wu tweeted about a series of hacks affecting users on the platform.
Wu’s tweet highlighted a Chinese user who lost $1 million after downloading a Google plugin called Aggr, promoted by Key Opinion Leaders (KOLs). The attack, which happened on May 24, used cross-trading. This technique allowed hackers to exploit hijacked cookies to bypass the user’s password and two-factor authentication (2FA).
Binance Account Compromises Linked to KOL-Promoted Google Plugin
Breaking news: Your Binance account may have been compromised if you downloaded the Google plugin Aggr, promoted by Key Opinion Leaders (KOLs). On May 24th, a Chinese user suffered a loss of $1 million due to this plugin. The hackers used a technique called cross-trading, exploiting hijacked cookies to bypass the user’s password and two-factor authentication (2FA).
Another Binance user faced a similar situation on March 1st, experiencing significant financial loss. The hackers employed the same method of hijacked cookies to access the victim’s account, indicating a well-coordinated and persistent attack strategy.
Victim Reveals Emotional and Financial Impact of Binance Account Hack
One of the victims, known as Nakamao, shared his harrowing experience on X, revealing the emotional and financial toll of the incident. He recounted that he became a victim of an undercover agent in the crypto circle, and $1 million in his Binance account was wiped out.
Nakamao’s investigation, conducted in collaboration with a security company, uncovered alarming details. He realized that he had fallen victim to an elaborate scheme involving an undercover agent in the community. Nakamao’s account of the incident also raised serious concerns about Binance’s response and security measures. He noted several critical points in the timeline of events.
For instance, Binance was reportedly aware of the hacker and the compromised plugin for weeks but did not take immediate action, allowing further financial losses. Despite recognizing the theft and abnormal cross-trading activities, Nakamao says that Binance failed to implement adequate risk controls, allowing hackers to manipulate accounts for over an hour.
According to Nakamao, Binance did not promptly freeze the hacker’s account, missing the opportunity to prevent further unauthorized transactions. He further revealed that it took Binance more than a day to contact relevant platforms to freeze transactions, further delaying the mitigation of losses.
These revelations have sparked a wave of concern and criticism within the cryptocurrency community, with many users questioning the platform’s ability to safeguard their assets. The incidents highlight the importance of heightened security measures and prompt action in the face of emerging threats.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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