BINANCE USER GETS DRAINED ON EXCHANGE, SHARES STRANGE EXPERIENCE

Last updated: June 19, 2025, 18:37 | Written by: Caitlin Long

The world of cryptocurrency, while offering exciting opportunities for financial growth, also presents inherent risks. Chain game Parallel completes US$35 million in financing, with participation from Solana Ventures and othersSecurity breaches and hacks are a constant threat, and even experienced traders can fall victim to sophisticated attacks. Update March 1, 9:47 am UTC: This article has been updated to add comments from DoomXBT. A crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker.On Feb. 29, a pseudonymous trader with the username DoomXBT posted a thread onRecently, a crypto trader, known online as DoomXBT, shared a harrowing account of how their Binance account was compromised, resulting in the loss of a staggering $70,000 in digital assets.This incident has sparked widespread concern within the crypto community, raising questions about the security measures in place at major exchanges like Binance and the potential vulnerabilities that users may face.DoomXBT's experience, documented in a detailed thread on X (formerly Twitter), highlights the importance of vigilance, proactive security practices, and the need for exchanges to provide robust support in the event of a security breach.The strange occurrences leading up to the drain, and the community's reaction to Binance's response, deserve a closer look to understand how such incidents can be prevented in the future.This case serves as a stark reminder of the importance of safeguarding your digital assets and staying informed about the latest security threats in the ever-evolving crypto landscape. Abracadabra s $6.49M loss leads to MIM stablecoin destabilization Some Abracadabra Finance contracts were drained of $6.49m, causing its Magic Internet Money stablecoin to depeg.The fallout continues as community members discuss the role of the exchange and the need for more responsive security measures.

The Chilling Account of DoomXBT's Binance Hack

On February 29th, DoomXBT took to X to recount a series of unsettling events that preceded the devastating loss of funds from their Binance account. Related: Binance user gets drained on exchange, shares strange experience Nigeria has been emerging as one of the fastest-growing crypto economies in the world in the past few years.The thread details a timeline of suspicious activity, starting with unexpected order notifications and trades being executed without their authorization. A crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker. On Feb. 29, a pseudonymous trader with the username DoomXBT posted a thread on X sharing strange occurrences before losing funds on Binance.This immediately raised red flags, indicating that unauthorized access had been gained to the account.

According to DoomXBT, the hacker performed a series of calculated actions within the account.These actions included:

Creating and executing unauthorized trade orders, likely to manipulate the market or transfer funds indirectly.
Taking out loans against existing crypto holdings, effectively leveraging the account to its maximum potential for illicit gain.
Initiating the withdrawal of crypto assets, the final step in draining the account of its funds.

The speed and precision with which the hacker operated were particularly alarming. A cryptocurrency trader, identified as DoomXBT, recounted a distressing encounter on the Binance exchange, resulting in the loss of $70,000 worth of digital assets to a hacker.DoomXBT reported that the entire process, from the initial unauthorized activity to the complete draining of the account, transpired in a matter of seconds. Community members believe the exchange s support team should have frozen the account before transferring funds.This highlights the sophistication of the attack and the rapid pace at which cybercriminals can exploit vulnerabilities in crypto platforms.

This incident emphasizes the need for immediate action when a user suspects unauthorized access. On Thursday, a crypto trader lost $70,000 in mere seconds on the Binance crypto exchange to a hacker. In an X post, a trader going by the username DoomXBT posted a thread sharing his strange experience of getting hacked on Binance.Every second counts when a hacker has control of your account.

Community Outrage and Questions for Binance

DoomXBT's experience has ignited a firestorm of discussion within the cryptocurrency community. Binance CEO Richard Teng also responded to the thread, saying that their security task force. Get started. Binance user gets drained on exchange, sharesMany users have expressed outrage at the apparent lack of responsiveness from Binance's support team and have questioned the effectiveness of the exchange's security protocols.A common sentiment is that Binance should have acted more swiftly to freeze the account once the suspicious activity was reported.

Several key questions have been raised in the wake of the incident:

Why wasn't the suspicious activity immediately flagged by Binance's security systems? Many believe that the unusual trading patterns and loan requests should have triggered an automatic alert, prompting an immediate investigation.
Why was the account not frozen sooner? The delay in freezing the account allowed the hacker to withdraw the funds before Binance could intervene effectively.
What recourse do users have when their accounts are compromised despite having security measures in place? The incident raises concerns about the level of protection afforded to Binance users and the process for recovering lost funds in the event of a hack.

The community's frustration is compounded by the fact that DoomXBT apparently had implemented various security measures, suggesting that the hacker bypassed these safeguards. stuff:Bitcoin Ben Crypto Club:This further underscores the need for Binance and other exchanges to continuously enhance their security protocols to stay ahead of evolving cyber threats.

Binance CEO Richard Teng responded to the thread, stating that their security task force was looking into the incident. Ezra Reguerra20 minutes agoBinance user gets drained on exchange, shares strange experienceCommunity members believe the exchange s support team should have frozen the account before the funds were transferred.182 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA crypto trader shared a troubling experience on theHowever, many users feel that a more proactive and transparent response is needed to address the underlying concerns and restore confidence in the platform's security.

The Importance of Proactive Security Measures for Crypto Users

DoomXBT's unfortunate experience serves as a powerful reminder of the importance of taking proactive steps to secure your cryptocurrency holdings.While exchanges like Binance invest heavily in security infrastructure, ultimately, users are responsible for safeguarding their own accounts and private keys.

Here are some essential security measures that all crypto users should implement:

Enable Two-Factor Authentication (2FA): 2FA adds an extra layer of security to your account by requiring a second verification code, typically sent to your mobile device, in addition to your password.
Use a Strong, Unique Password: Avoid using common passwords or reusing passwords across multiple accounts.A strong password should be at least 12 characters long and include a combination of uppercase and lowercase letters, numbers, and symbols.
Beware of Phishing Scams: Be wary of emails, messages, or websites that attempt to trick you into revealing your login credentials or private keys. Binance, a cryptocurrency trading platform, has removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service amid the Nigerian government s crackdown on the exchange. This decision comes as the government seeks $10 billion in compensation to stabilize the local currency.Always verify the authenticity of any communication before clicking on links or entering sensitive information.
Use a Hardware Wallet: For long-term storage of significant amounts of cryptocurrency, consider using a hardware wallet. BTCUSD Bitcoin Binance user gets drained on exchange, shares strange experience Community members believe the exchange's support team should have frozen the account before the funds were transferred.Hardware wallets store your private keys offline, making them much more secure than software wallets or exchange accounts.
Regularly Monitor Your Account Activity: Keep a close eye on your account activity and transaction history.Report any suspicious activity to the exchange immediately.
Use a Unique Email Address for Your Crypto Accounts: This helps prevent hackers from accessing all of your accounts if one email address is compromised.
Consider Using a Password Manager: A reputable password manager can generate and store strong, unique passwords for all of your online accounts, making it easier to manage your security.

By implementing these security measures, you can significantly reduce your risk of becoming a victim of a crypto hack or scam.Remember, vigilance is key in the world of cryptocurrency.

Understanding the Anatomy of a Binance Hack

To better understand how incidents like DoomXBT's can occur, it's crucial to examine the common methods used by hackers to compromise Binance accounts. In an X post, a trader going by the username DoomXBT posted a thread sharing his strange experience of getting hacked on Binance. The hacker performed multiple actions with the account, such as creating trade orders and taking out loans, before eventually withdrawing DoomXBT s crypto assets.While the specific details of each attack may vary, several recurring patterns emerge:

Phishing Attacks

Phishing remains one of the most prevalent methods used by hackers to steal login credentials. A crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker. On Feb. 29, a pseudonymous trader who goes by the username DoomXBT on X posted a thread sharing strange occurrences before losing funds on Binance.These attacks typically involve sending deceptive emails or messages that mimic legitimate Binance communications.The messages often contain links to fake login pages designed to capture usernames and passwords.Hackers may spoof the email address to make it look like it is coming from Binance, so always double check the sender and URL.

Malware Infections

Malware, such as keyloggers and remote access Trojans (RATs), can be installed on a user's computer or mobile device without their knowledge.Keyloggers record every keystroke, allowing hackers to capture usernames, passwords, and other sensitive information.RATs give hackers remote control over the infected device, enabling them to access accounts and execute transactions.

SIM Swapping

SIM swapping involves tricking a mobile carrier into transferring a user's phone number to a SIM card controlled by the hacker.This allows the hacker to intercept SMS-based two-factor authentication codes, effectively bypassing this security measure.This is why it is important to use authenticator apps rather than SMS for 2FA.

API Key Compromises

Binance allows users to create API keys to connect third-party applications to their accounts. A crypto trader, known as DoomXBT, recounted a distressing encounter on the Binance exchange shortly before losing $70,000 in digital assets to a hacker. On Feb. 29, DoomXBT shared details on X about unusual incidents occurring on their Binance account, including unexpected order notifications and trades being executed without authorization.If these API keys are compromised, hackers can use them to execute trades, withdraw funds, and perform other actions without the user's consent. Community members believe the exchange s support team should have frozen the account before the funds were transferred. Continue reading Binance user gets drained on exchange, shares strangeIt is important to set restrictions on the API Key, such as allowing only read-only access or restricting withdrawals.

Brute-Force Attacks

Brute-force attacks involve repeatedly trying different combinations of usernames and passwords until the correct credentials are found.While Binance has security measures in place to prevent brute-force attacks, weak or easily guessable passwords can still be vulnerable.

Understanding these attack vectors can help users better protect themselves by taking appropriate security measures and remaining vigilant against potential threats.

What To Do If Your Binance Account Is Hacked

If you suspect that your Binance account has been hacked, it's crucial to act quickly and decisively. Binance user gets drained on exchange, shares strange experience CryptoNews Binance User DrainedHere are the steps you should take immediately:

Change Your Password Immediately: Log in to your Binance account (if you can) and change your password to a strong, unique one.If you can't log in, try the password recovery process.
Disable API Keys: If you have any API keys enabled, disable them immediately to prevent further unauthorized access.
Report the Incident to Binance Support: Contact Binance support as soon as possible to report the hack.Provide them with as much detail as possible, including the date and time of the incident, the types of transactions that were executed, and any other relevant information.
Freeze Your Account: Request that Binance freeze your account to prevent further unauthorized transactions.
Review Your Transaction History: Carefully review your transaction history to identify any unauthorized transactions.
Contact Law Enforcement: Depending on the amount of funds lost and the jurisdiction, you may want to consider reporting the incident to law enforcement.
Secure Your Devices: Run a full virus scan on your computer and mobile devices to check for malware.
Monitor Your Accounts: Continue to monitor your Binance account and other crypto accounts for any suspicious activity.

The sooner you take these steps, the better your chances of mitigating the damage and recovering your lost funds.

Binance's Security Measures: A Closer Look

Binance employs a variety of security measures to protect its users' accounts and assets.These measures include:

Two-Factor Authentication (2FA): Binance requires users to enable 2FA to protect their accounts.
Anti-Phishing Code: Binance allows users to set an anti-phishing code that will be included in all legitimate Binance emails. Binance user gets drained on exchange, shares strange experience Community members believe the exchange s support team should have frozen the account before the funds were transferred.This helps users identify phishing emails.
Address Whitelisting: Binance allows users to whitelist withdrawal addresses, meaning that withdrawals can only be made to pre-approved addresses.
Cold Storage: Binance stores a significant portion of its users' funds in cold storage, which is offline and therefore less vulnerable to hacking.
Risk Management Systems: Binance employs sophisticated risk management systems to detect and prevent fraudulent transactions.
Security Audits: Binance regularly conducts security audits to identify and address potential vulnerabilities.
Bug Bounty Program: Binance offers a bug bounty program to reward security researchers who identify and report vulnerabilities.

While these security measures are comprehensive, they are not foolproof.As DoomXBT's experience demonstrates, even with these measures in place, determined hackers can still find ways to compromise accounts. 17 subscribers in the VirtualCoinCap community. Real-time Cryptocurrency Market Prices, Charts, Blockchain Cryptocurrency News, PortfolioThis highlights the importance of user vigilance and the need for Binance to continuously improve its security protocols.

The Future of Crypto Security: What Lies Ahead?

The cryptocurrency landscape is constantly evolving, and so are the tactics used by cybercriminals. Community members believe the exchange s support team should have frozen the account before the funds were transferred. A crypto trader shared a troubling experience on the Binance exchange moments before losing $70,000 in digital assets to a hacker. On Feb. 29, a pseudonymous trader who goes by the username DoomXBT on X posted a thread sharing [ ]As a result, the future of crypto security will likely involve a combination of:

Advanced Security Technologies: The development and implementation of more advanced security technologies, such as multi-party computation (MPC) and homomorphic encryption, which can provide greater protection for private keys and sensitive data.
Artificial Intelligence (AI): The use of AI to detect and prevent fraudulent transactions, identify phishing attacks, and analyze user behavior to identify potential security risks.
Biometric Authentication: The adoption of biometric authentication methods, such as fingerprint scanning and facial recognition, to enhance account security.
Decentralized Security Solutions: The development of decentralized security solutions that rely on blockchain technology to provide greater transparency and accountability.
Increased Collaboration: Increased collaboration between exchanges, security researchers, and law enforcement agencies to share information about emerging threats and coordinate efforts to combat cybercrime.
Improved User Education: Continued efforts to educate users about the importance of security and the steps they can take to protect their accounts and assets.

By embracing these advancements and fostering a culture of security awareness, the crypto community can work together to create a safer and more secure environment for everyone.

The Nigerian Naira and Binance: An Unrelated Issue?

While unrelated to the specific hack experienced by DoomXBT, it's worth noting that Binance has recently faced regulatory challenges in Nigeria.The platform removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service amid a crackdown by the Nigerian government. According to local sources, the committee s chair issued an ultimatum to the management of Binance to appear before the committee on or before March 4. Related: Binance user gets drained on exchange, shares strange experience. Nigeria has been emerging as one of the fastest-growing crypto economies in the world in the past few years.The government is seeking a significant sum in compensation, aiming to stabilize the local currency. Solana Lender Drama Deepens: $250 Million Outflow After Founder QuitsWhile this situation doesn't directly relate to account security, it highlights the complex regulatory environment in which cryptocurrency exchanges operate and the potential impact on users in specific regions.The regulatory scrutiny on Binance in Nigeria doesn't invalidate the security concerns raised by DoomXBT's experience; rather, it presents a separate challenge the exchange is navigating.

Conclusion: Lessons Learned from DoomXBT's Experience

The story of DoomXBT's Binance hack serves as a crucial learning experience for the entire crypto community.It underscores the fact that even experienced traders with security measures in place can fall victim to sophisticated attacks.Key takeaways from this incident include:

Proactive Security is Essential: Implementing robust security measures, such as 2FA, strong passwords, and hardware wallets, is paramount for protecting your crypto assets.
Vigilance is Key: Regularly monitor your account activity and be wary of phishing scams and other security threats.
Exchanges Need to Be Responsive: Exchanges must provide timely and effective support to users who report suspicious activity.
Continuous Improvement is Necessary: Exchanges must continuously improve their security protocols to stay ahead of evolving cyber threats.
Community Collaboration is Vital: The crypto community must work together to share information about emerging threats and coordinate efforts to combat cybercrime.

By learning from incidents like this and taking proactive steps to secure their accounts, crypto users can help create a safer and more secure environment for the entire ecosystem.DoomXBT's unfortunate experience serves as a valuable, albeit painful, lesson for us all.The increased awareness and discussion sparked by this incident can hopefully lead to stronger security practices and improved support systems within the cryptocurrency world.