Expert confirms bug in Binance platform

An expertise of a judicial cybersecurity specialist confirmed a security flaw on the Binance platform, after an investor’s account had a different IP access to her account and her balance was drained.

The expert determined that an unrecognized device, which had not gone through the pre-authentication required by the platform, was able to transact on a customer’s account.

In addition, it was found that the hacker who gained unauthorized access was located in Pernambuco, while the account owner was located in the state of Paraná.

With the discrepancies between the IP records identified by the expert, the difference in geographical location was highlighted. This obvious location anomaly further contributed to the confirmation of the security breach on the Binance platform.

Investor lawyer says court expert has confirmed Binance security breach allegation

It all started on 12/25/2021, when the investor discovered that there was a security flaw on the Binance platform. In court, she stated that an intruder had committed looting
irregularities, causing him to lose 0.078459 BTC (Bitcoin).

On that date, Christmas of that year, the investor realized that unauthorized access attempts had been made to her account and sent an email with a new confirmation code to the brokerage from its location in Paraná.

Hours after her attempt to make the account more secure, the hackers then gained access to the investor’s account and exchanged 26,968,716.29 SHIB for 1,000.00 BUSD. But the investor has not received any reports about the unauthorized access.

In a series of operations, the account attackers exchanged the investor’s entire balance for NFTs and other cryptocurrencies, making eleven potentially fraudulent transactions, the first six of which occurred within a ten-minute period.

Realizing that all of her balance had disappeared from the account, the investor sought help from support and had her account blocked. After the case reached the court, a forensic technical expert was called in to investigate and stated that there had been unauthorized access to the investor’s account.

With the analysis submitted to the court, the investor’s lawyer, Raphael Souza, a cryptocurrency specialist, recalls that the expert’s confirmation confirms that there was a brokerage malfunction that affected his client.

“The court expert confirmed the allegation of a security flaw on the exchange platform. Such irrefutable evidence highlights the urgency of digital platforms to strengthen their security measures to prevent incidents like this from happening again.”

What does Binance say?

Livecoins asked Binance for comment on the matter, which has not returned as of this publication’s close. The article is being updated.

Source: Live Coins