Security Concerns | User seeks help from customer service in vain, witnesses account being drained of $70,000

A Binance user witnessed firsthand as all of their assets on Binance were transferred out. What's even more ironic is that this happened while they were in the process of seeking help from customer service, which seemed unable to provide immediate assistance.

Abnormal Trading Activity in Binance Account

User @doomxbt tweeted that on February 29th, he received notifications of trade orders being executed in his Binance account without his authorization. Although no withdrawals were made, various trades were executed and his assets were converted to BNB.

i have been compromised in some strange way and my @binance account was drained out, out of nowhere i heard sound notifications about orders getting filled while i never placed any – suddenly my 70k amount was suddenly 0 on screen pic.twitter.com/NEkSQVbBQc

— 𝔡𝔬𝔬𝔪 (@doomxbt) February 29, 2024

User Had 2FA Authentication Enabled

@doomxbt initially believed his account was secure as he had enabled Google 2FA authentication, hardware key YubiKey, and Passkeys.

Lengthy Customer Service Process?

However, while contacting customer service for assistance, @doomxbt's assets were already converted to BNB and fully withdrawn.

@doomxbt complained that Binance customer service insisted on verifying his identity through video calls, instead of promptly understanding the situation with his Binance account.

During this time, he discovered that 158 BNB coins, approximately $64,385, had been completely withdrawn from his wallet.

The conversation showed that despite @doomxbt repeatedly emphasizing that "money is being transferred out," customer service seemed to still insist that @doomxbt needed to complete video verification.

Binance CEO: Investigation Underway

@doomxbt's tweet garnered widespread attention with millions of views and thousands of comments. Binance CEO Richard Teng acknowledged the situation and commented:

Our security team is actively investigating to determine the root cause of the issue. Ensuring the security of user assets is our top priority, and rest assured, once we have any updates, we will inform you promptly. Thank you for your patience, and we apologize for any inconvenience this may have caused.

@doomxbt, however, was not pleased and expressed to Richard Teng his dissatisfaction with customer service constantly shifting blame, citing reasons such as Binance sending new IP login notifications, possible theft of @doomxbt's 2FA, among others.

@doomxbt also told Cointelegraph that Binance customer service kept passing him around, repeatedly attributing the issue to a compromised Google account, even though his Google account had Yubikey protection and showed no recent unauthorized activities.

In response to this incident, the majority of the crypto community holds a negative view towards Binance customer service, believing that the funds should have been frozen before the transfer.