June 24, 2024
Binance Under Siege: Access to Law Enforcement Panel for Sale by the Hacker
Latest Cryptocurrency News

Binance Under Siege: Access to Law Enforcement Panel for Sale by the Hacker

A recent post on the dark web forum Breach Forums claims to offer privileged access to Binance’s internal law enforcement portal for a hefty price tag of $10,000 in Bitcoin or Monero.

The user, known as “Miembro,” boasts “private access only used by Law Enforcement” with the ability to submit unlimited requests for user data, with responses promised within three to seven days.

According to their post, potential buyers can initiate contact through the forum’s portal or via direct messaging on Tox or Telegram with straightforward offers, leaving the pleasantries at the door: “Nothing saying hi or hey.”

Adding fuel to the fire, cybersecurity researchers at Hudson Rock claim to have identified the potential access point as Kodex, a third-party service used by Binance to verify law enforcement requests. They speculate the access might be facilitated through compromised credentials, allegedly belonging to officials from the Taiwanese Criminal Investigation Bureau, the Uganda Police Force, and the Anti-Cybercrime Group of the Philippine National Police.

While Hudson Rock’s report acknowledges they haven’t confirmed whether genuine access has been achieved, Membero claims in a follow-up post to have successfully tested the gateway, stating, “EDR works with email, phone numbers, doc numbers and even TXID or wallets.”

This explosive revelation comes at a turbulent time for Binance, facing potential bans from the Philippines’ Securities and Exchange Commission for operating as an unregistered exchange. Additionally, just on December 18th, a US court ordered former CEO Changpeng Zhao to pay $150 million for violating trading regulations, while the exchange itself must fork over $2.7 billion to settle charges levied by the Commodity Futures Trading Commission.

With authorities actively cracking down on Binance and the alleged leak jeopardizing user data and potentially facilitating criminal activity, it remains to be seen if the exchange can navigate these choppy waters and regain the trust of regulators and its user base.

Image: Wallpapers.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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