Yi He has dismissed claims that a platform security breach led to the loss of $1 million in crypto from a single user account.
Yi He, co-founder of the cryptocurrency exchange Binance, has refuted allegations that a $1 million loss of cryptocurrency from a single user account resulted from a platform security compromise. On June 3, the co-founder of Binance penned:
“Look closely; this user’s account was breached because their own computer was hacked; they are a lost cause. After the hack, the hacker could not withdraw funds, so the hacker sold the victim’s coins, which led to trading losses.”s.
Nakamao, a cryptocurrency trader, claimed on the same day that their account balance had been lost via “Afterwards, the security company told me that the hacker was manipulating my account by holding my web cookies hostage,”
Nakamao continued, “The security firm informed me that the hacker was controlling my account by holding my web cookies hostage.“bought the corresponding tokens in the USDT trading pair with abundant liquidity, and placed limit sell orders that exceeded the market price in the BTC, USDC and other trading pairs with scarce liquidity.”
Following that, the hacker executed a substantial volume of leveraged wagers against a counterparty, resulting in losses of approximately $1 million due to the erroneous execution of the transactions. “During the whole process, I did not receive any security reminders from Binance,” Nakamao asserts.
Binance’s customer service asserts that during the incident, hacker stole your account login status through a plug-in and pretended to be you to perform operations and transactions” The exchange reportedly processed Nakamo’s request to suspend his account “1 minute and 19 seconds” after receiving it. Nonetheless, the hacker had completed several leveraged transactions in the compromised account by that time:
“We sympathize with your experience, but according to the information we have learned so far, the reason for your asset loss is that your related devices were manipulated because of the installation of malicious plug-ins. Unfortunately, we have no way to compensate for such cases that have nothing to do with Binance.”. Nakamao appeared to disagree with the evaluation, subsequently asserting:
“It turns out that Binance knew about the existence of this plugin a long time ago, and even encouraged the KOL to get more information from the hacker. My account was stolen when the plugin was further promoted. Binance tracked down the hacker’s address at least 3 or 4 weeks ago, and also obtained the name and link of the plugin from the KOL.”
Binance Subsequently, he cautioned users against accessing accounts via active cookie extensions to avoid the minor inconvenience of re-entering their passwords for each login: “Binance is not able to compensate users when their own login devices are compromised,” she explained.
He, a former Chinese television anchor, is presently one of two female CEOs leading the largest cryptocurrency exchanges in the world; the other is Gracy Chen, the CEO of Bitget. He stated in April that the sentencing of her spouse, former CEO and co-founder of Binance Changpeng Zhao, for money laundering offenses in the United States resulted in the “most favorable outcome.”
