Binance user gets drained on exchange, shares ‘strange’ experience

Ezra Reguerra20 minutes agoBinance user gets drained on exchange, shares ‘strange’ experienceCommunity members believe the exchange’s support team should have frozen the account before the funds were transferred.182 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker.

On Feb. 29, a pseudonymous trader who goes by the username “DoomXBT” posted a thread on X sharing “strange” occurrences before losing funds on Binance. From putting up trade orders to taking out loans, the hacker fiddled with the account before finally withdrawing the crypto assets.X thread on funds being drained on Binance. Source: DoomXBT/X

According to Doom, there were sudden sound notifications of orders getting filled on their Binance account, seemingly indicating that the account was compromised. While there were no withdrawals, the trader saw various trades performed and assets exchanged for BNB (BNB) tokens.

The trader claimed that the account seemed secure because two-factor authentication was active. However, the crypto user also saw that some loans were being processed within the account. When DoomXBT reached Binance support, the money converted into BNB was withdrawn.Loans being processed in the Binance exchange account. Source: DoomXBT/X

The Binance user also believes the funds were transferred to another exchange called SideShift. The trader said they contacted SideShift and will now go to the German authorities to report the incident.

The trader expressed frustration and dissatisfaction about how the Binance support agent handled the case. Binance’s social media and community leads replied to the trader, saying they had already escalated the case and were working on it.

Related:Trader hits $2M jackpot after putting $62 into a Solana memecoin

Binance CEO Richard Teng also responded to the thread, saying that their security task force is already conducting an investigation. The executive apologized and promised to update the user once there was any development.Binance CEO Richard Teng responds to the trader. Source: Richard Teng/X

Meanwhile, community members criticized the exchange for how the customer service representative handled the matter. Many X users believe withdrawals should have been frozen before the funds were transferred. Another community member ridiculed the Binance CEO for posting the same response as the customer support representative.

Cointelegraph has reached out to DoomXBT for comment but has yet to hear back.

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