Binance is facing another major setback with a Reddit user reportedly losing all his Bitcoin [BTC]s after transactions were resumed on the exchange.
The Reddit user stated:
“Ok, they just respond, they ask some information and I sent. After some messages we find out. We think they hacked my pc and my email password. My 2fa credentials are on Dropbox. I think they find my Dropbox password from google and find 2fa credentials.
After that they find Binance password, thanks to google At least they should wait one or two hours. Yes, they have 2fa but I don’t know. I am so unhappy now. I have no solution now. Anyway, thank you all for best wishes and help. Please be careful. Thieves are everywhere. I lost one password an all my money is gone.”
This recent post by Reddit user ‘rbllkc’ stated that his ‘2FA Binance’ account was tampered with and the perpetrators withdrew all his tokens after they were converted. He was mainly concerned about Binance’s security. The user blamed the company’s security lapse because he had never created any API keys as he had 2FA activated on his account.
The user found out that the email account which was attached to Binance was affected. They were also successful in acquiring his 2FA backup code from his Dropbox.
The cryptocurrency exchange had halted all of its trading services for a few hours on 6th July 2018 and had asked all its users to reset their API key. The issue was that one Syscoin [SYS] was sold for 96 Bitcoin [BTC] on the platform and huge withdrawals from several accounts took place. The entire process of recreating the API key is known to have affected quite a number of accounts but nothing specific is known until now. Some reports estimate the loss to be over 7000 BTC in total.
The fundamental issue is that multiple transactions had taken place from the account using the IP addresses of different countries. The user complained about how there was no verification done by Binance to ensure that the transactions were legitimate. Furthermore, the company has stated that not much can be done to reverse what happened since the transactions were already processed.
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