Binance User Loses $70,000 in Digital Assets, Shares Troubling Experience

A crypto trader using the pseudonym "DoomXBT" recently shared a harrowing experience on Binance, where they lost $70,000 in digital assets to a hacker. The trader described several "strange" occurrences on their account before the funds were stolen.

According to DoomXBT, they noticed sudden sound notifications indicating that trade orders were being filled on their Binance account. Although no withdrawals were made, various trades were executed, and assets were exchanged for BNB tokens. Despite having two-factor authentication enabled, the trader's account was compromised, and some loans were processed without their authorization.

When DoomXBT contacted Binance support, the hacker managed to withdraw the converted funds into BNB. The trader believes the funds were then transferred to another exchange called SideShift. They have since contacted SideShift and plan to report the incident to German authorities.

The trader expressed frustration with how Binance's support team handled the situation. Binance's social media and community leads responded, stating that they had escalated the case and were working on it. Binance CEO Richard Teng also addressed the issue, apologizing and promising to update the user on any developments.

Community members criticized Binance for not freezing withdrawals before the funds were transferred, suggesting that this could have prevented the theft. Some users also mocked the CEO for providing a similar response to the customer support representative.

Binance's security task force is currently investigating the incident, and further updates are expected as the situation unfolds.