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Want to make money? Sometimes it is worth trying a bookmaker other than GamStop than trading cryptocurrencies. Here's an example: Chinese customers of Binance, the world's largest cryptocurrency exchange, suffered massive financial losses due to account hacking. The scam is linked to a Google plugin called Aggr, promoted by some influencers.
A Chinese user lost $1 million worth of cryptocurrency after downloading the plugin on May 24. It wasn't until an hour and a half later that the victim noticed suspicious activity on his account and rushed to contact Binance support. Dissatisfied customers complained that Binance's response to their requests was not fast enough, and it took more than a day for the exchange to notify other trading platforms about the freeze of stolen funds. As a result, the hacker succeeded in withdrawing all assets.
Hackers used captured cookies for two-factor authentication (2FA) to gain unauthorized access to Binance accounts, according to cryptocurrency journalist Colin Wu. He wrote on Twitter:
“Your Binance account may have been compromised by downloading the Google plugin Aggr promoted by KOL. A Chinese user used this plugin to steal $1 million through cross-trading on May 24. Another Binance user had his funds stolen on March 1. Hackers use hijacked cookies to bypass password/2FA verification and log into victims’ Binance accounts.”
One trader accused Binance of failing to implement necessary security measures despite unusual trading activity on his account. He claimed the exchange did not act quickly enough even after reporting the problem. According to the trader, Binance was aware of the fraudulent plugin and was conducting an internal investigation, but did not notify users or take preventive measures.
Yi He, co-founder of Binance, the world's largest cryptocurrency exchange, spoke out about a serious security breach. She explained that the loss of cryptocurrency assets was not caused by a breach of Binance's security systems, but rather by the compromise of users' personal devices. She highlighted that the recent theft occurred because hackers had broken into customers' accounts through a malicious plugin.
Binance Support was very quick to freeze the compromised user account within 1 minute and 19 seconds of receiving the request. Despite Binance's quick action, the hackers had already executed some leveraged transactions, Yi He regretted. Yi He also urged customers to take steps to ensure security, especially when logging in and using plugins. She emphasized that Binance cannot be held responsible for incidents resulting from user negligence.
A few months ago, analysts at SlowMist warned that vulnerabilities in WordPress plugins could lead to attacks on cryptocurrency wallets and theft of cryptocurrency assets.
Binance has suffered security breaches over the years. For example, in October 2022, approximately $100 million worth of Binance Coin (BNB) was stolen in a hack. Hackers used the cross-chain bridge to mint additional BNB and move it off the blockchain. Luckily, Binance quickly got the situation under control and assured everyone that their funds were safe.
Additionally, in May 2019, hackers stole $40 million worth of Bitcoin from Binance. They used phishing, viruses and other methods to access user accounts and withdraw funds (Markets Insider).
Despite these incidents, Binance has been actively working on improving security. Features include two-factor authentication (2FA), withdrawal whitelist, and regular security audits to protect user assets.
Binance is one of the more secure exchanges, but this hack shows how important it is to be proactive and take steps to protect your account.
Binance is considered one of the safer cryptocurrency exchanges, but like any other platform, it is not completely immune from risks.
Basic security measures:
By following these tips, you can strengthen the security of your Binance account and keep your assets safe from all threats.
Enable two-factor authentication (2FA):
Use a strong password:
Create complex passwords by combining upper and lower case letters, numbers, and special characters.
Update your password regularly:
Advanced security measures:
Whitelist withdrawal address:
Anti-phishing code:
Device Management:
Enable security warning:
System and network security:
Email account:
Make sure the email account connected to Binance is secure. Use 2FA and strong passwords for your email accounts as well.
Phishing attempts:
Software and device updates:
Keep your operating system, browser, and all antivirus software up to date. This will help protect your device from malware and security vulnerabilities.
Use a secure network:
Stay informed:
Other safe cryptocurrency exchanges
If you are looking for a secure cryptocurrency exchange other than Binance, here are a few options that are considered safe:
Kraken
It has strong security measures and has never been hacked since its launch in 2011. We maintain a high level of transparency with two-factor authentication (2FA), regular security audits, and proof of reserves.
coinbase
One of the most popular exchanges, especially for beginners, Coinbase is regulated in the United States and listed on the New York Stock Exchange. It offers a variety of cryptocurrencies and strong security features.
swiss vogue
It has a really user-friendly interface and strong security protocols. They make it very easy for new users to get started and also offer a simple staking program. If this is your first time trading cryptocurrency, this is a solid choice.
bitget
We are known for our military-grade security and competitive fees. They also acquired Bitkeep, a cryptocurrency wallet, to further enhance security. Although it is not available in all US states, it is a reliable option with great customer support and a wide selection of cryptocurrencies.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.
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