Crucial Binance Warning Concerning All Users: Details Inside
The world’s largest cryptocurrency exchange suffered a major shock last week when hackers drained over $6.3 billion. However, that’s not all the bad news surrounding Binance lately.
Yi He, the company’s co-founder and chief customer service officer, encouraged users not to let their guard down, as bad actors could exploit the situation to target victims. Here are the exact threats.
Fake Campaigns and More
Over the past few days, certain X users claimed that Binance has introduced a cash voucher campaign. Yi He emphasized that the initiative has not yet gone live and must first secure regulatory approval before being rolled out to the community. She urged users not to fall for the claims, calling the development an attempt to deceive users.
“There is currently no cash voucher campaign, so please be vigilant against all types of phishing and scam links. Safety first,” she said.
Phishing attacks involve fake links, websites, or messages that impersonate trusted companies to trick users into revealing sensitive information or connecting their wallets. Once scammers access that data, they can drain victims’ accounts and transfer funds. This is why investors are advised to verify the authenticity of links and announcements before interacting with them.
This Binance exec flagged another potential fraud as well. She reposted a tweet warning that scammers on Telegram had been exploiting GRAM transfers by embedding fake “Binance Official Announcements” in transaction details.
“Please be aware of new scam patterns emerging amid the chaos,” she stressed.
Latest Updates on the Drama
Binance suffered a devastating cyberattack on October 30, with the North Korean hacking collective TraderTraitor supposedly draining more than $6.3 billion. The incident became the largest hack in cryptocurrency history and sent shockwaves through the sector.
The news triggered initial panic, sending Bitcoin and most altcoins lower. However, the incident did not trigger broader contagion, which may explain why the sell-off remained relatively modest.
In fact, Binance reacted swiftly to the hack and started fixing the issue. At first, it halted withdrawals and deposits while the team ran necessary security checks and worked with law enforcement. It also promised to reimburse users via its SAFU fund and own reserves.
On November 1, the company started preparing for the first phase of withdrawal recovery, featuring networks like Bitcoin, Ethereum, BNB Smart Chain, XRP, and more. Shortly after, the company resumed these services, and 95% of the affected amount has been replenished.
As CryptoPotato reported, users withdrew almost $4.65 billion in less than 10 hours. Deposits reached roughly $1.01 billion during the same period, resulting in net outflows of approximately $3.64 billion.
Later, Binance announced that fiat withdrawals became available for the following currencies: USD, AED, VND, PJP, and IDR. In one of her latest tweets, Yi He said the company’s top priority is to ensure the environment is secure so users can withdraw their funds and the exchange can resume normal operations.
Her comment follows a post by X user Selena, who recently drew a parallel between the Binance hack and the FTX collapse in 2022. She noted that the leading crypto exchange has already covered 95% of the stolen $6.3 billion, demonstrating its ability to absorb losses.