Yi He, one of the co-founders of the popular cryptocurrency exchange Binance, has refuted allegations suggesting that a breach in platform security resulted in the loss of $1 million in cryptocurrency from a single user account. On June 3, He addressed the issue, stating that:
Meanwhile, a crypto trader known as Nakamao claimed on the same day that their entire account balance was lost due to “counter-trading” without the need for their Binance account password or two-factor authentication details. According to Nakamao, a security company informed them that a hacker had manipulated their account by controlling their web cookies. The hacker then proceeded to make trades in various trading pairs, resulting in significant losses for Nakamao.
In response to Nakamao’s allegations, Binance’s customer service team asserted that a hacker had gained access to the account login details through a plug-in, pretending to be the account owner and engaging in unauthorized transactions. Despite Binance freezing the account within a minute and 19 seconds of being notified, the hacker had already completed several leveraged trades.
He from Binance warned users about the risks associated with using active cookie plugins to save login information, emphasizing that the exchange cannot provide compensation if accounts are compromised due to such practices. He, a former Chinese TV host, is one of the women in top leadership positions at major cryptocurrency exchanges globally, alongside Gracy Chen, CEO of Bitget.
In a related development, He’s spouse and Binance’s co-founder and former CEO, Changpeng Zhao, recently received what He described as the “most optimal outcome” in his sentencing related to money laundering charges in the United States.