Yi He, the co-founder of Binance, a popular cryptocurrency exchange, addressed allegations surrounding a significant security breach resulting in the loss of $1 million in cryptocurrency from a single user account. He clarified that the breach occurred due to the user's computer being compromised rather than a flaw in the platform's security. After the breach, the hacker was unable to withdraw funds and resorted to selling the victim's coins, leading to trading losses. On the same day, a crypto trader named Nakamao claimed to have lost their entire account balance through 'counter-trading' without the knowledge of their Binance account password or 2FA instructions. Nakamao detailed that the hacker manipulated their account by holding their web cookies hostage, executing actions that resulted in substantial losses. The trader mentioned significant leveraged bets against a counterparty as a key factor in the substantial financial losses. In response, Binance's customer service explained that a hacker stole the account login status through a plugin, impersonated the user, and conducted unauthorized transactions. Despite freezing Nakamao's account promptly after the request, the hacker had already completed a series of leveraged trades. Binance acknowledged the security breach but attributed the asset loss to the installation of malicious plug-ins on the user's devices, disclaiming any liability for such incidents. Nakamao disagreed, asserting that Binance was aware of the malicious plugin but did not act promptly to prevent the account breach. He also highlighted the importance of user responsibility in safeguarding login devices to prevent compromises. Yi He emphasized the risks of using cookie plugins to save login information, cautioning users against compromising their security for convenience. Yi He, a former Chinese TV host and Binance co-founder, plays a prominent role in the crypto world alongside other female leaders, such as Bitget's CEO, Gracy Chen. In a previous statement, Yi He mentioned her spouse, Binance's former CEO Changpeng Zhao, receiving a favorable verdict in U.S. money laundering charges.
Binance Security Incident and Loss of Crypto Funds

by Giorgi Kostiuk
2 years ago

Other news
Micron Invests in New Chip Manufacturing Facilities

Micron Technology, Inc. is investing $100 billion in new chip manufacturing facilities in New York, Boise, and Taiwan to increase DRAM production capacity and meet rising demand.

Micron Warns of Impending Memory Chip Shortage

Micron warns of a significant memory chip shortage due to high demand, particularly from AI companies, which is expected to persist for an extended period.

Sonic Labs Allegedly Destroys Millions of Unclaimed Tokens

Sonic Labs has reportedly destroyed over 16 million unclaimed airdrop S tokens, raising concerns about data accuracy and potential regulatory implications.

Monero Experiences Significant Price Surge Amid Privacy Demand

Monero's price has surged due to increasing demand for privacy-focused assets, despite regulatory challenges.

Trader beachboy4 Achieves $612 Million Profit on Polymarket

Trader beachboy4 achieved a remarkable profit of $612 million in a single day on Polymarket, significantly reducing his previous losses.

US Tariff Revenue Surges in 2025

In 2025, the US government reported a remarkable $264 billion in tariff revenue, reflecting a staggering 234% increase from the previous year.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter