Trader Loses $70k, CEO Vows Probe

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    A cryptocurrency trader known by the handle “DoomXBT” claimed a loss of $70,000 in digital currency stolen from his Binance account by a hacker who somehow bypassed two-factor authentication.

    DoomXBT disputed Binance's suggestion that the email associated with the account was compromised, citing other security measures in place and the absence of other suspicious account activity.

    Commentators expressed anger at Binance's support team's seeming avoidance of responsibility, and also questioned law enforcement's ability to resolve crypto theft issues.

    Binance CEO Richard Teng acknowledged the seriousness of the issue and promised a thorough investigation by the security team. However, DoomXBT noted that Binance's technical support seems to be unresponsive, which is confusing.

    This comes amid other recent challenges for the exchange, including coordinating the recovery of more than $4 billion in misdirected user deposits. The company also faces regulatory scrutiny following the detention of executives in Nigeria.

    Also read: Notcoin’s big leap to real cryptocurrencies on the TON blockchain


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