Key Takeaways:
- Yi He, co-founder of Binance, stated that a user’s $1 million loss resulted from their computer being hacked, not a security breach on the platform.
- The hacker exploited web cookies and a malicious plugin to access the account and execute unauthorized leveraged trades.
- Binance clarified that it could not compensate for losses due to compromised user devices and advised against logging in with active cookie plugins.
Yi He, co-founder of Binance, has denied claims that a security breach on the platform led to a $1 million loss from a user’s account.
She clarified that the user’s computer was hacked, which allowed the hacker to access the account and sell the victim’s coins, causing trading losses.
ICYMI: #Binance user 'Nakamao' claimed unauthorized leveraged trades were made on his account due to a platform exploit resulting in a $1 million loss
— BlockNews.com (@blocknewsdotcom) June 3, 2024
Binance co-founder Yi He refuted the claims pic.twitter.com/lr45FQc6fH
Crypto trader Nakamao reported losing their entire account balance through counter-trading, despite their Binance account password and two-factor authentication remaining secure.
Nakamao explained that the hacker manipulated their account by exploiting web cookies and executing unauthorized leveraged trades, leading to significant losses.
Binance’s customer service explained that the hacker used a malicious plugin to steal the account’s login status and conduct unauthorized transactions.
[𝕏] #Binance accounts may be at risk if users downloaded the KOL-promoted Google plugin Aggr! A Chinese user lost $1 million on May 24, and another user was hacked on March 1. Hackers use hijacked cookies to bypass password/2FA and access accounts pic.twitter.com/e1bIyjhm9B
— BecauseBitcoin.com (@BecauseBitcoin) June 3, 2024
Binance responded to the account freeze request within one minute and 19 seconds, but the hacker had already completed several trades.
The exchange expressed sympathy but stated it could not compensate for losses due to compromised user devices.
Nakamao alleged that Binance was aware of the malicious plugin but did not act promptly.
Breaking: Your Binance account may have been compromised due to downloading the KOL-promoted Google plugin Aggr. A Chinese user used this plug-in, which resulted in $1 million being stolen through cross-trading on May 24th. Another Binance user had his funds stolen on March 1.…
— Wu Blockchain (@WuBlockchain) June 3, 2024
Yi He advised users against logging in with active cookie plugins to avoid such risks, emphasizing that Binance cannot compensate for breaches caused by compromised login devices.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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