Binance User Account Hacked, Losses Reach $1 Million!

Bittime - Through the X (Twitter) account, a user named Nakamao admitted to telling about his bitter experience when his Binance account was hacked and he lost crypto assets worth $1 million. What is the chronology of events and response from Binance? Read this article to the end to find out!

Chronology of Hacking Events

The hack occurred on May 24, 2024. Without him knowing, his Binance account was being controlled by hackers. The hacker succeeded in hijacking Nakamao's browser cookies. With these cookies, hackers can access active Binance account sessions without the need for a password or 2FA verification.

Worse yet, the hacker did not immediately withdraw Nakamoto's crypto assets, but instead carried out a series of unusual counter-trading transactions. Some of these suspicious transactions include:

• The massive buying of QTUM/BTC, DASH/BTC, and PYR/BTC tokens caused their prices to soar by 21%, 27%, and 31% respectively.
• Purchase of ENA/USDC and NEO/USDC tokens with price increases of 22% and 20% respectively.

Nakamoto only realized this 1.5 hours later when he opened Binance to check the BTC price.

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Binance Considered Slow 

Nakamao then contacted Binance customer service to report the incident. However, he felt disappointed with Binance's response which was considered late and unhelpful.

According to him, while the hacker was draining the contents of his account, Binance did not take any security measures, such as freezing the account or requesting additional verification. In fact, after hackers succeeded in taking away crypto assets, Binance still allowed withdrawals.

Binance Has Not Yet Provided a Response 

Nakamao also questioned Binance's slowness in tracking hackers. In fact, according to him, Binance had known about the existence of the malicious Chrome extension used by the hacker for several weeks.

The Chrome extension is called Aggr, which displays crypto market data. This extension is thought to be able to steal user cookies and send them to the hacker's server.

Until this news was published, Binance had not provided an official response regarding allegations of slow handling of the theft case experienced by Nakamoto.

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Tips for Maintaining Crypto Security 

This case is an important lesson for crypto users. To prevent hacking, here are some tips for keeping crypto assets safe.

• Be careful with browser extensions: Don't just install any browser extension, especially those related to crypto asset management.
• Enable 2FA: Enable the two-factor authentication (2FA) feature to add another layer of account security.
• Use a secure password manager: Store passwords and login information in a secure password manager.
• Be alert to suspicious activity: Check account activity regularly and report any irregularities immediately.
• Choose a trusted exchange platform: Use an exchange platform that has a good reputation and tight security.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.