Binance User Loses $70,000 to Hacker Despite Two-Factor Authentication

A Binance user, known as DoomXBT, has reported a distressing experience after losing $70,000 worth of digital assets to a hacker. Despite employing two-factor authentication, the hacker managed to access the user's account, execute trades, and withdraw funds to another platform. Binance has acknowledged the incident, apologized to the affected user, and launched an investigation.

The incident unfolded on February 29th when DoomXBT noticed unusual activity on his Binance account. Despite immediate attempts to contact customer support, the hacker continued trading and converting assets to BNB (Binance's native token), ultimately transferring the stolen funds to SideShift.

DoomXBT had believed his account to be secure due to the two-factor authentication via Google Authenticator and Yubikey. However, the hacker's breach suggests potential phishing or malware involvement. Criticisms have emerged regarding Binance's handling of the situation, with DoomXBT highlighting slow and inadequate customer support.

Binance's CEO, Richard Teng, has assured the community of an ongoing investigation and urged affected users to report such incidents to the authorities. However, some community members have expressed disappointment with the exchange's response, calling for swifter action and more effective support measures. Solidarity and well wishes have been extended to DoomXBT in his efforts to recover the lost funds.