June 5, 2024
Latest Cryptocurrency News

Binance Co-founder Denies $1M Crypto Loss Platform Breach

Yi He, co-founder of Binance, refuted allegations of a security breach on the platform leading to the loss of $1 million in cryptocurrency from a user account. He contended that the breach occurred due to the user’s compromised computer, absolving Binance of responsibility.

Trader’s Allegations

Crypto trader Nakamao claimed their entire account balance was lost through “counter-trading,” purportedly without their account password or 2FA instructions being obtained. Nakamao alleged that the hacker manipulated their account using web cookies and executed trades resulting in substantial losses.

Binance’s Response: No Platform Breach Happened

Binance’s customer service maintained that a hacker obtained the user’s account login status through a plugin. Thus, leading to unauthorized operations and transactions.

While the exchange claims to have promptly frozen Nakamao’s account upon request, the trader disputed the assessment, alleging that Binance had knowledge of the malicious plugin’s existence and encouraged its promotion.

Warning Against Cookie Plugins

Yi He cautioned users against relying on active cookie plugins for login convenience. Moreover, he emphasized Binance’s inability to compensate for compromised login devices. Notably, Yi He’s role as co-founder places her among the few women leading major crypto exchanges globally, alongside Bitget’s CEO, Gracy Chen.

This incident underscores the ongoing challenges and disputes within the cryptocurrency ecosystem regarding platform security, user responsibility, and exchange accountability. Thus, amidst the dispute over the $1 million crypto loss, the denial of a platform breach by Binance’s co-founder remains central.

Image from Wallapapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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