A dark web forum user named FireBear claimed on Tuesday that they had illegally accessed sensitive data of over 12.9 million Binance users. The alleged leaked information included names, phone numbers, physical addresses, and email addresses. However, Binance has released a statement denying FireBear’s claims.
In a post on the forum, FireBare bragged about how they successfully obtained unauthorized access to Binance’s database in August. Additionally, they published a sample of the alleged leaked customer data while urging interested buyers to place bids to purchase the entire information.
Binance Calls FireBear a Scammer
As mentioned, Binance has refuted the claims of data leaks. In a statement, the largest crypto exchange by trading volume said its security team had checked for breaches into the platform but found none. It further cautioned the public to refrain from sending money to FireBear, calling the party a fraudster.
Despite Binance denying the security breach, cybersecurity gurus have urged crypto exchanges to monitor their systems regularly to identify possible threats.
An executive officer at Blockkaid, Oz Tamir, posted X earlier today saying that claims like those made by FireBear usually lead to account takeover scams and phishing campaigns. He then advised exchange users to implement two-factor authentication and never share sensitive information with anyone who reaches out.
“Don’t Store User Data,” Harry Halpin Urges Exchanges
Meanwhile, Nym Technologies boss Harry Halpin wants crypto exchanges to consider not storing user data. He argues that while most leading trading platforms have good security, they can still get hacked, or an insider might leak user data into the wrong hands, hence the need to avoid keeping user information. According to Halpin, exchanges should consider adopting cryptographic solutions to minimize customer data collection.
On the other hand, Hacken’s Director of Services Luciano Ciattaglian advocates for trading platforms to employ stringent security protocols. He touts Binance as the most secure exchange due to its multiple layers of protection. This explains why he does not believe FireBear accessed the platform’s customer database.
BNB Plummets Following Data Leak Claims
So, how has BNB reacted to the data leak allegations? According to data from CoinGecko, the token has dropped 1.4% to $587 in the past 24 hours.
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