The crypto market is baffled by recent news that Binance customers’ KYC data are for sale on the Dark Web. Is it true? Let’s find out.

Binance, the crypto giant, has recently faced a grave security issue with the exposure of passwords and code on a GitHub hack, raising concerns about “severe financial harm.” On Jan 31, 404 Media reported that the materials, posted by an “Termf” account, included internal passwords, code, infrastructure diagrams, and other technical information related to Binance’s security measures. This news created a significant buzz in the market, prompting the Binance team to respond swiftly.

What next?

In response to the news, Binance officially announced that it is taking strong measures to ensure user account safety. They’ve implemented robust security features like Multi-Factor Authentication, biometrics, and authenticators to check the data leak. It is also being reported that a significant amount of KYC information is now supposedly on the dark web platforms. 

Binance Responded to The Dark Web Data Sale

Binance’s security team has done a series of investigations and assured users that there is no sign of a leak from Binance systems. On Jan 24th they have filed a copyright takedown request successfully removing the compromised files.The exchange stresses its commitment to user account security, implementing robust actions such as Multi-Factor Authentication (MFA), biometrics, and authenticators.

Clarifying the news on KYC data leaks on the dark web, Binance dismisses any such claims and affirms that user accounts remain secure. The exchange also thanked users who reported the potential bugs and security issues, expressing gratitude for their proactive role in ensuring platform safety.

Crypto Hacks on Rise

Addressing the wider crypto scams, Binance has warned its users about scams exploiting market conditions, including fraudsters using the identities of industry figures like Binance’s co-founder Yi He and blockchain author Anndy Lian. Binance also took swift action by freezing $4.2 million worth of XRP stolen from co-founder Chris Larsen’s account and expressed support for Ripple’s investigations.

However, the leak’s origin, whether accidental or intentional by a Binance employee or an external party, remains unknown. Binance’s swift actions aim to mitigate potential risks and uphold the security of its platform. 

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