Tag: Binance

  • Crypto Hacker, Decline – Crypto Market is Facing Difficulties

    Crypto Hacker, Decline – Crypto Market is Facing Difficulties

    2 min read

     

    Crypto Market is Facing Difficulties

    According to News BTC: “the total crypto market cap declined to $242.0B and is currently correcting higher. Bitcoin price is currently correcting higher and is trading above the $10,200 level. BCH price stayed above the $300 support and it is currently near the $310 level. The EOS price is currently consolidating above the key $3.500 support area. Stellar (XLM) price is slowly recovering higher towards the $0.0700 and $0.0720 resistance levels. Tron (TRX) price is trading in a strong downtrend below $0.0200 and $0.0180.”

    Bitcoin and the crypto market cap are recovering towards key resistances. Almost all cryptocurrencies are trading in a major downtrend.

    But our attention is on hacking the cryptocurrency exchange Binance.

    The crypto hacker behind personal user data supposedly stolen from crypto exchange Binance is planning to publish additional material. So, we can expect a new wave of leaking data.

    Crypto hacker was playing his abnormal game in a series of tweets today, on August 16. A Twitter profile is known as Bnatov Platon tweeted an outline of Binance Know-Your-Customer (KYC) data supposedly he or she holds. 

     

     

    crypto hacker

     

     

    This was followed by other tweets.

    crypto hacker

     

    Crypto hacker is making jokes

    You will notice there is no timeframe for these screenshots but hacker or someone in his beneath showed Telegram chats with the person named as a member of Binance’s customer service team. There is no evidence that KYC images are collected from Binance. 

    The tone and arrogance in crypto hacker’s tweets are impressive.  Bnatov Platon with handle @BnatovP joined the Twitter this month. With one purpose, obviously. To show how vulnerable private data is in some crypto exchange. Or on the internet overall. 

    But speaking about this particular case, as Cointelegraph reported at the beginning of August, Binance rejected any agreement to its user data. They were arguing the person behind the alleged robbery was a scam. 

    The Binance had one statement at that time:

    “At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.” 

    The Binance also noticed that the images all seem to be dated from February of 2018. Why is this important?  At that time Binance had engaged a third-party KYC service provider to handle requests at that time. 

    Among other problems with hackers and scammers, this one is especially rude. Well, guys, someday, someone will catch you! As always do.

  • Binance Security Warning For Its Crypto Users

    Binance Security Warning For Its Crypto Users

    2 min read

    Binance Security Warning For Its Crypto Users

     

    Binance security warning was issued for crypto exchange users. The world’s largest cryptocurrency exchange warned users that they are investigating the possibility of leaking of verification data, reported Forbes. That could hit up to 60,000 users who gave personal identification data to Binance during the last year, also Coindesk reported.

    According to Binance security warning, a hacker announced to hold 10,000 photos of users that have some connections to the exchanges know-your-customer data. KYC is a legal demand by financial companies to prevent money laundering and fraud. It is an obligation for all customers who want to trade, deposit or withdraw funds. Every customer has to provide such information for this cryptocurrency exchange.

    The Bitcoin and cryptocurrency exchange, which is based in Malta, announced it was blackmailed by the hacker. The hacker was demanding $3,5 million worth 300 bitcoin. Binance revealed the “inconsistencies”. They compared the hacker’s data to the data in its system, and found “no evidence has been supplied that indicates any KYC images have been obtained from Binance.”

    How the leaking was revealed

    This data was distributed on an unnamed group on app Telegram. Binance’s reaction isn’t surprising: “by joining or spreading the link of the Telegram group, you are helping malicious hackers (at least giving attention). What we should do as an industry is to fight them. Stay on the positive side. Report the group, then leave.”

    Binance Security Warning

    Binance has offered a 25 bitcoin prize worth $290,000 for the information that could reveal the hacker’s identity. 

    Security warning for crypto exchange is not rare

    Bitcoin exchange hacks and security cracks are not so rare. Still, it is a relatively common problem. Exchanges are working on fixing that issue but the success isn’t always the best.

    One of the problems is that the bitcoin price always drops when it comes to a situation like this one. Losing users data is an enormous problem. The security is most important for every single crypto exchange if they want to keep their coins safe and have more customers.

    Binance is under hacker’s attack and blackmailed as well.

    So, the arising question is if such an exchange, the world’s largest by trading volume, is hacked and has a security problem, what we can expect from the smaller ones?

    Binance has engaged a third-party

    The most surprising fact is that hacker didn’t hack Binance’s system to collect data. According to a statement by Binance CEO CZ, the data was collected from an outsourced company.

    The leaked data is linked to an engaged company. Last year Binance outsourced some company to handle user data sent through the KYC system.

    The consequence of a security problem

    The data leak could force users,  back to use sites that allow them to obtain cryptocurrency but without giving any personal data, or at least the minimum of it.

    Data leaking was already a problem to Facebook, Yahoo, Capital One Financial Corp. We experienced it.
    Crypto exchanges are hacker’s targets for a long time. Sometimes they would require coins, sometimes they would collect customers personal data. During the past 10 years, almost $1,5 billion has been stolen.

    What all users of cryptocurrency exchanges want is to be anonymous and safe as much as their coins. That’s all. The exchanges must guarantee that. Otherwise, the nature of crypto will be damaged.