Binance Not Liable for User’s $1 Million Loss and Co-Founder Claims
binance Co-Founder Yi He He publicly addressed allegations of a security breach that reportedly led to a user losing $1 million in cryptocurrency. He emphasized that the loss was not due to Binance’s platform security flaw, but to the user’s compromised personal computer. This statement follows accusations from crypto trader Nakamao, who claimed that he suffered a significant loss due to manipulated transactions in his account.
Yi He Denies Binance’s Mistake in Hack
eat Hey He clarified the situation with a detailed response and explained that the user’s account was accessed through a compromised computer. According to that, crypto hackers After gaining access, he sold the victim’s cryptocurrency, resulting in trading losses. He emphasized that Binance’s security systems are robust and that the breach was not caused by the platform itself. “Look closely; this user’s account was compromised due to their computer being hacked; “They are a lost cause,” he wrote in a public statement.
Meanwhile, Nakamao offered a different perspective, stating that the hacker manipulated his own information. Binance can manage their account by checking web cookies. “The security company then told me that the hacker had manipulated my account by holding my web cookies hostage,” he explained. He described how the hacker traded highly liquid USDT trading pairs and placed unreasonable sell orders on less liquid pairs such as BTC and USDC.
Binance Quickly Frozen the Hacked User Account
In response to the incident, Binance’s customer service department claimed that the breach was carried out through a malicious plugin that allowed the hacker to impersonate Nakamao. The service team acted quickly, freezing the affected account within one minute and 19 seconds of receiving the freeze request. However, by then many leveraged transactions had already been carried out. Binance’s statement detailed: “We understand your experience, but based on the information we have learned so far, the cause of your asset loss is the manipulation of your relevant devices due to the installation of malicious add-ons.”
Despite the swift action, Nakamao disagreed with Binance’s statement and handling of the situation. He claimed that Binance had prior knowledge of the malicious plugin and accused the platform of not taking earlier action to warn users. “It turns out that Binance knew about the existence of this plugin a long time ago and even encouraged KOL to get more information from the hacker,” Nakamao said.
Elaborating on the issue further, Yi He advised users on the importance of maintaining safe login practices, especially regarding active cookie add-ons. He reiterated that Binance cannot compensate users whose login devices were compromised due to their actions. “Binance cannot compensate users when their login devices are compromised,” he said, urging users to avoid minor conveniences that would compromise security.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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