Trader Loses $70k, CEO Vows Probe

A crypto trader known by the handle “DoomXBT” claimed a loss of $70,000 in digital currencies stolen from their Binance account by hackers who somehow bypassed two-factor authentication.

DoomXBT refuted Binance’s suggestion that the email associated with the account had been compromised, citing other security measures in place and no other suspicious account activity.

Commentators expressed anger at how Binance’s support team appeared to avoid taking responsibility, also questioning law enforcement’s capability to resolve crypto theft issues.

Richard Teng, Binance’s CEO, admitted the matter was serious and pledged a full investigation by the security team. However, DoomXBT pointed out Binance’s technical support has seemed unresponsive, leaving them puzzled.

This comes amid other recent challenges for the exchange, including coordinating recovery of over $4 billion in misdirected user deposits. It has also faced regulatory scrutiny following the detention of executives in Nigeria.

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