Trader Loses $70,000 In Seconds to Binance Hack, Details “Strange” Experience

A crypto trader on the Binance exchange lost $70,000 in mere seconds to a hacker on Thursday.

In an X post, a trader going by the username “DoomXBT” posted a thread sharing his “strange” experience of getting hacked on Binance.

Binance Hack Details

The hacker performed multiple actions with the account, such as creating trade orders and taking out loans, before eventually withdrawing DoomXBT’s crypto assets.

i have been compromised in some strange way and my @binance account was drained out, out of nowhere i heard sound notifications about orders getting filled while i never placed any – suddenly my 70k amount was suddenly 0 on screen pic.twitter.com/NEkSQVbBQc

— 𝔡𝔬𝔬𝔪 (@doomxbt) February 29, 2024

DoomXBT said there were sudden sound notifications of orders filling on their Binance account, seemingly indicating that the account was compromised.

In the initial stages, DoomXBT could do nothing but watch as the hacker performed various trades and exchanged his/her assets for BNB tokens.

The trader claimed that the account should have been secure because two-factor authentication was on. By the time DoomXBT managed to get in touch with Binance support, however, the hacker had already converted $70,000 into BNB and withdrawn the funds.

Aside from expressing disappointment with how Binance support agents handled the case, DoomXBT said they believed the funds were transferred to another exchange called Sideshift, but received no replies when they tried contacting the company for support.

Binance Team Responds

Binance’s social media and community lead @AlexOnchain replied to DoomXBT, saying that he had escalated the case for his team to look at ASAP.

“No, Binance have been ping ponging me between CS agents who basically shifted the blame over and over again to only Google account being hacked, although my Google was protected with Yubikey and I have 0 unrecognized ‘recent activity’ on it either except of my own IPs,” DoomXBT told Cointelegraph when asked if the issue had been resolved.

Binance CEO Richard Teng also responded to the thread, noting that the exchange’s security task force was “actively investigating.” He received ridicule in the comments for posting a similar message as the customer support representative whom DoomXBT previously called out.