Binance terminated the user’s account after a Twitter user complained that Binance and CEO Changpeng “CZ” Zhao did nothing to help him recover the funds stolen from his account. The customer has three days to request a withdrawal.
A Twitter user known as Coinmamba trades futures and invests in cryptocurrency. Individuals began tweeting about Binance on Tuesday after alleging that they lost funds in their Binance accounts when an API key linked to cryptocurrency trading site 3Commas was compromised.
Backstory – What happened?
Users of FTX, Binance, and Coinbase who thought they were signing up for third-party trading bots like 3Commas fell for a phishing scam in which their exchange API identities were stolen and money was stolen from their accounts. were taken
Provides automated trading solutions including 3commas trading bot. They can be linked directly to the client’s trading account on the exchange, allowing the app to trade automatically. Binance and Coinbase (formerly FTX) are two exchanges they cooperate with.
The scammers were posing as 3Commas employees and were suspected of using fake websites designed to look like the service’s front end to trick users into revealing personal information during registration.
Following this, Binance CEO Changpeng Zhao requested traders to delete their API keys to prevent further attacks by third-party platforms.
With the help of an API key, third party business applications can be allowed to access user accounts. Third-party quantitative trading bots stole millions worth of bitcoin, ethereum and FTT from a Chinese user’s account on October 21.
Although 3Commas claimed that no API key leak was coming from Quantitative Robot’s end, they did not rule out the possibility of a breach coming from some other source.
Traders Predict Binance Bankruptcy After 3Commas Refund
According to the user, Binance was not very helpful in retrieving the lost funds. Whereas, Binance alleged that the user “threatened” its support staff, which resulted in the account suspension.
“We have almost no way of being sure that users don’t steal their own API keys,” CZ responded to Coinmamba on Friday.
A series of tweets from Coinmamba followed, in which the account claimed “all these exchanges are sketchy” and accused CZ of being “greedy”. CZ responded to Coinmamba by saying that due to the latter’s “inappropriate” behavior, CZ was considering limiting Coinmamba’s account to withdrawals only.
About an hour later, Binance, the largest cryptocurrency exchange by trading volume, suspended Coinmamba’s account, allegedly in response to threats made to customer support representatives.
Binance’s Twitter account responded to CoinMamba:
“You have doubled down, refusing to file a police report and instead trying to blame us, demanding compensation. You have even given threats, which we will not tolerate.
Following the scenario, users are now criticizing Bianca for causing an unprecedented chain of events by terminating the accounts of anyone who criticizes her.
A Twitter user, Wolf, shared a tweet expressing concern that Binance is acting similar to FTX and that 3comms could be at risk of bankruptcy due to its inability to compensate victims.
Given the circumstances, Dash 2 Trade Coin can be a good investment.
Dash 2 Trade (D2T) – Presale in final stages
dash 2 business is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data to make better trading decisions. It will go live in early 2023, with its D2T token used to pay for the monthly platform membership fee (there are two membership levels).
Pre-sale of Dash 2 Trade, now in its fourth and final phase, has already taken place Raised over $9.3 million, It also announced listings on Uniswap, BitMart and LBANK exchanges early next year, meaning early investors will be able to lock in some profits soon.
Bitcoin Crypto Related Post