Binance now faces yet one more setback with a Reddit user reporting a loss of all his Bitcoins after certain transactions were resumed on the exchange.
The outraged Reddit user made the following statement in relation to the situation:
“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.”
The recent post from the upset Reddit user ‘rblllkc’ made the statement that his personal ‘2FA Binance’ account was hacked to the point that the thieves stole every token after converting them. He was extremely concerned about the company’s security or lack of it. The user also made the statement that he blamed the company’s lapse of security on him never having to create an API Key when he activated his 2FA account.
The user also discovered that his email account attached to the Binance exchange was tampered with as well. They even went so far as to hack his Dropbox to get his 2FA backup code stored inside it.
The recent hack caused the cryptocurrency exchange to shut down all trading services for a few hours on the 6th of July 2018, while at the same time asking all users to immediately reset their API key. The issue for the request was made because one Syscoin [SYS] was sold for 96 BTC on the platform with massive withdrawals from many different accounts soon taking place afterwards. The entire process of recreating the API key is known to have negatively affected a large number of accounts, but nothing has been for sure until now. Other reports make guesses that the total amount of BTC loss is somewhere in the neighborhood of 7,000 tokens in total.
The main concern for the issue it that the multiple transactions made had all taken place from different IP addresses all over the world. The user also made the complaint that there was no verification code from Binance sent to guarantee the transaction were authentic. More so than that, the company even made a statement that not much can be done to reverse the situation and get the user back his tokens since the transactions have already been processed.
What’s your thoughts on the recent hack of Binance and the Reddit user? Should he be compensated for his losses? Leave your thoughts in the comments below on the unfortunate situation surrounding this now shady to use cryptocurrency exchange platform.