Re: Binance Swirled into ‘KYC Leak’ Turmoil, Binance not Safu Anymore
Three months after a serious security breach was discovered on Binance, when around 7,000 BTC was stolen from the platform, another hilarious incident came along. On Aug. 7, Binance was reportedly swirled into KYC Leak turmoil, where a large number of Binance users private KYC information, including passport numbers, ID card, credit card number, were live-streamed in a Telegram group named FIND YOUR BINANCE KYC.
As of press time, more than 10,000 people have joined the telegram group. Multiple people have posted Binance users KYC pictures online. The incident reportedly has sent shock waves in the crypto community and is spreading further ahead. Changpeng Zhao or CZ, Founder and CEO of Binance, rushed to Twitter to calm down its followers at the very earliest, warning people not to fall into the KYC leak FUD, they are investigating, and will update the users shortly.
However, the latest response from its top management further agitated the users and caused a backlash from the community, with many claiming to withdraw their funds and deactivate their Binance accounts.
FUD? Did you saw leaked passports with faces? how you will compensate this? binance is not safu... said Andrew, a Twitter user.
How is it FUD? there are literally hundreds of KYC identities on a telegram group free for all to see, containing the word "BINANCE" written by the user for KYC， another man named Master Chang said.
Till now, its still not clear whether users information has been leaked or hacked, or otherwise its old news of 2018 as CZ claimed.
Whatever the truth is, Binance finds it in a series of troubles since this year, starting from May 7, when 7,000 BTC was compromised from its platform, worth about 41 million dollars at that time. BNB tumbled sharply following the incident, witnessing a decline of around 10% within 24 hours. Additionally, Binance Charity Foundation (BCF), the charity arm of Binance, has recently slid into a donation transparency crisis, where only under $6 million worth of crypto, less than half of the committed amount, could be accounted for on the website.
Plus, many users have complained that Binance IOS app has been down for months which Biance claimed to take serval days to bring it back. According to downdector.com, a leading website which detects the service interruptions and outages for digital firms, the most reported problems on Binance is log in and breakdown issues.
To trust or not to trust? That is the question for all Binance users. Binance needs to use hard&soft tactics to prove its technology capabilities and its commitment to transparency and security goals.
As of press time, more than 10,000 people have joined the telegram group. Multiple people have posted Binance users KYC pictures online. The incident reportedly has sent shock waves in the crypto community and is spreading further ahead. Changpeng Zhao or CZ, Founder and CEO of Binance, rushed to Twitter to calm down its followers at the very earliest, warning people not to fall into the KYC leak FUD, they are investigating, and will update the users shortly.
However, the latest response from its top management further agitated the users and caused a backlash from the community, with many claiming to withdraw their funds and deactivate their Binance accounts.
FUD? Did you saw leaked passports with faces? how you will compensate this? binance is not safu... said Andrew, a Twitter user.
How is it FUD? there are literally hundreds of KYC identities on a telegram group free for all to see, containing the word "BINANCE" written by the user for KYC， another man named Master Chang said.
Till now, its still not clear whether users information has been leaked or hacked, or otherwise its old news of 2018 as CZ claimed.
Whatever the truth is, Binance finds it in a series of troubles since this year, starting from May 7, when 7,000 BTC was compromised from its platform, worth about 41 million dollars at that time. BNB tumbled sharply following the incident, witnessing a decline of around 10% within 24 hours. Additionally, Binance Charity Foundation (BCF), the charity arm of Binance, has recently slid into a donation transparency crisis, where only under $6 million worth of crypto, less than half of the committed amount, could be accounted for on the website.
Plus, many users have complained that Binance IOS app has been down for months which Biance claimed to take serval days to bring it back. According to downdector.com, a leading website which detects the service interruptions and outages for digital firms, the most reported problems on Binance is log in and breakdown issues.
To trust or not to trust? That is the question for all Binance users. Binance needs to use hard&soft tactics to prove its technology capabilities and its commitment to transparency and security goals.
There is no more trust in exchanges, since they no longer have anonymity.
It is better to use decentralized exchanges where reliability and anonymity are at a high level, but could not do without minuses, for example, weak trading on currency pairs.