Top cryptocurrency exchange Binance released a worrying message quickly after it had verified that the official BNB Chain English X account (@BNBCHAIN) was hacked. Initially, the alert was delivered by the verified Chinese account of Binance, warning the users not to look at, or click on, the links the hacked profile has distributed.
Source: Wu Blockchain
It didn’t take long for the warning to reach its intensity when noticing a tweet from Binance founder Changpeng Zhao (CZ). In fact, he not only supported the information of the account being under attack but also stated the emergency works currently underway. CZ also suggested that people should be careful and not interact with any suspicious content.
According to their statement, workers from the engineering and security teams are making efforts to reclaim control over the compromised account. Although Binance has not disclosed the breach method, the company has emphasized the importance of being vigilant for phishing scams, as they are the most common modus operandi for attackers to target official communication channels.
Instances of social media espionage on official cryptocurrency-related platforms account for a serious issue of crypto investors being put at risk. In such cases, hackers can use these platforms to invite victims to fake contests, share malicious links or run scams related to investments. Binance reminded the public that the only announcements that could be trusted would be the ones released through the cryptocurrency’s main corporate channels and website.
As of now, no user loss has been reported stemming from the incident. Nevertheless, security analysts are asserting that the hack and its timing showcase the constant vulnerabilities of Web3 platforms and the advancing skill of cyber attackers targeting the crypto ecosystem.
Binance, being among the top exchanges for cryptocurrencies, has always put a lot of resources into upgrading its security protocols and setting up its surveillance systems. The company issued a strong reassurance to its users that the platform of its trading is safe and is working without any problems, indicating that the hack was limited to a single social media account.
The hack of the @BNBCHAIN account is a lesson that these kinds of mistakes can happen and that the crypto community needs to be cautious in every step it takes, double-checking the authenticity of any message before reacting. Binance is still working on the incident while giving out the same warning: never click on dubious links, even if they seem to be coming from an official source.
