Leading Crypto Exchange Binance Denies Data Breach Claims Affecting 13 Million Users

In light of increasing rumors regarding a potential data breach involving nearly 13 million users on its platform, Binance, the world’s foremost cryptocurrency exchange by trading volume, has taken a firm stance against these allegations. The exchange has conducted a thorough investigation into the claims circulating online and has determined them to be unfounded.

What Sparked the Speculations of a Data Breach?

Recently, a post surfaced on the dark web, where a hacker operating under the pseudonym Firebear asserted that he had obtained sensitive information from approximately 12.8 million users of Binance. This individual claimed to have sourced the data from a platform compromise that allegedly took place in August 2024.

According to Firebear, also known by the handle Greavys, the stolen data purportedly includes first names, last names, email addresses, zip codes, birthdays, and secondary addresses belonging to Binance customers.

Adding to the severity of the situation, the cybercriminal indicated that the stolen information was available for purchase and stated he would facilitate an auction either in full or in parts to interested buyers via his Telegram channel.

Such alarming reports have understandably raised concerns among Binance users and the wider cryptocurrency community. The dissemination of personal details of this nature significantly heightens the risk of cyber fraud and various phishing schemes.

It’s crucial to note that individuals like Greavys, along with their association with dark web cybercriminal activities, have previously executed significant scams. For instance, in August, they impersonated representatives from both Google and Gemini to execute a sophisticated ploy that targeted users’ Bitcoin wallets, ultimately netting them $242 million from unsuspecting victims.

Binance’s Response to the Breach Allegations

In response to the allegations, Binance has assured its users that these claims are entirely false. The exchange reiterated that its security team has conducted a comprehensive review of the situation and found no evidence of a data breach occurring in August.

This incident comes on the heels of a previous data compromise scandal from February of this year wherein an individual named Termf allegedly leaked private information about Binance users on GitHub. The leaked data purportedly included Binance’s internal passwords and multi-factor authentication details, raising eyebrows about the company’s security measures.

Following a copyright complaint from Binance, the GitHub post was subsequently taken down, with the exchange claiming that those particular contents were outdated.

Industry experts specializing in cybersecurity have voiced their opinions on the suspected data breach. Oz Tamir, a researcher at Blockaid, emphasized the importance of vigilance, urging Binance users to step up their account security methods.

Despite Binance’s firm denial of the breach allegations, Tamir warns that such scenarios could often precede phishing attacks. Therefore, he strongly encourages users to enable two-factor authentication as an additional security layer to mitigate risks and prevent potential victimization.

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