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Data leak at Binance! Crypto users are worried about the security of their accounts.

Mon 05 Feb 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Scam

The cryptocurrency exchange Binance is at the center of a controversy. Indeed, it has been discovered that there is a data leak of customer information. Worse still, these sensitive crypto data are reportedly being sold on the dark web. Although Binance downplayed the incident, its users are now concerned about the security of their accounts and their crypto assets.

Crypto Binance

The Discovery of Binance’s Source Code on Github

It was in January 2024 when a security researcher found part of Binance’s source code on the platform Github. This crypto code, which was publicly available for several months, contained critical elements: the management of passwords and two-factor authentication (2FA) of users.

Specifically, this crypto code made it possible to understand how Binance stores user passwords, and how the platform handles validation via 2FA. Following this discovery, Binance quickly responded, asserting that it was not the code currently used by the platform. However, the prolonged presence of this crypto code on Github raises serious questions about the company’s security practices and protection of its users’ data.

Crypto Data of Binance Clients for Sale on the Dark Web

Just weeks after the Binance source code was discovered on Github, another cloud hovers over the platform: numerous crypto data of its clients are now reportedly for sale on the dark web.

According to several researchers, lists containing millions of email/password pairs, phone numbers, and Binance account-related information are circulating on illegal marketplaces. The price for obtaining these stolen data: just a few thousand dollars in crypto.

Although Binance denies any link between this data leak and the previous Github code incident, the correlation seems evident to many experts. The disclosure of technical information on password management and the 2FA probably allowed hackers to precisely target the crypto platform. 

Binance’s crypto users are now worried! Their personal and authentication data are freely circulating on the dark web, exposing them to a high risk of account theft or hacking. Some have even reported suspicious login attempts on their account.

The Github source code incident followed by the crypto data leak of clients represents a real disaster for Binance. For its many users, trust is broken. Their data are freely circulating on the dark web of crypto, and their accounts no longer seem to be in security. Some are already considering leaving the platform or transferring their crypto assets to safer alternatives.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.