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Binance being blackmailed by a hacker over customer data

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Binance, a global cryptocurrency exchange that allows more than 100 cryptocurrencies to be traded on the platform reportedly got hacked, and user data of thousands of people got stolen. It was found that this data is being posted on an anonymous group on Telegram.

The stolen data contains data of users from Britain, France, the United States, and other countries, which contains pictures and data of users passports and documents. In return, the hacker is asking for 300 Bitcoins, which value at approximately $3.5 million.

This data was stored on the website under the KYC procedure because the financial regulation requires the companies to let the people know who they are dealing with. Binance has refused to pay 300 Bitcoins to the hacker, and the hacker responded to that by releasing user data on Telegram.

Binance has also offered a reward of 25 Bitcoins(valued around $280,000) to those who give any information on who the hacker is. The person has shared about 400 photos of the data, and they wish to share more if the ransom is not paid.

According to Binance, the images appear from 2018 when a third-party provider provided the data storage service. Binance has contacted the concerned authorities, and they are trying their hard to find the person who is responsible for this.

Binance is the world’s biggest cryptocurrency exchange by volume and handles over $1 billion worth of trade daily. The rate of these cyber-attacks and hacking have been increasing lately, and it becomes hard for people to trust a platform.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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