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Binance Co-Founder Yi He Denies Claims Of Hacking Platforms That Caused IDR 16.2 Billion Losses | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


“Pay close attention; these user accounts were hacked because their own computers were hacked; they could no longer be saved. After being hacked, hackers were unable to withdraw funds, so hackers sold the victim’s coin, which caused trade losses,” Yi He said, Monday, June 3.

On the same day, crypto trader Nakamao claimed that they lost all their account balances through “opponent trade” without obtaining a Binance account password or 2FA instructions.

“After that, the security firm told me that hackers were manipulating my account by holding my web cookies hostage,” Nakamao said, explaining that after the account was hacked, hackers “purchased appropriate tokens in USDT trading pairs with abundant liquidity, placing limit selling orders that exceeded market prices in BTC trading pairs, USDC, and others with rare liquidity.”

Later, hackers put up a large number of divergent bets against the opposing side, which caused nearly $1 million in losses after trading ended in the wrong way. “During the process, I did not receive any security notice from Binance,” Nakamao claimed.

Binance’s Response

In its response, Binance’s customer service stated that “the hacker stole your account login status via fire and pretended to be you for operation and transactions” during the incident. According to the exchange, they handled Nakamao’s request to freeze his account within “1 minute and 19 seconds” since it was received. However, at that time, hackers had completed several trades in compromised accounts.

“We sympathize with your experience, but according to the information we’ve learned so far, the reason for your asset loss is that your associated device is manipulated due to the installation of malicious malfunctions. Unfortunately, we don’t have a way to compensate for cases like this that have nothing to do with Binance,” Yihhe said.

Nakamao disagreed with the assessment. “It turns out that Binance has known about the whereabouts of thiskun for a long time, and even prompted KOL to get more information from hackers. My account was stolen when the fire was promoted further. Binance tracked the hacker’s address at least 3 or 4 weeks ago, and also got the name and link from KOL,” he said.

Yi He then warned users about the dangers of logging into an account with active cookies to save little discomfort typing a password every login: “Binance cannot compensate users when their own login device is compromised,” he said.

Yi He, a former Chinese TV host, is currently one of the two women leading the world’s largest crypto exchange, along with Bitget CEO Gracy Chen. In April, He stated that her husband, co-founder and former Binance CEO Changpeng Zhao, received “the most optimal outcome” in US sentences over money laundering charges.

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