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Changpeng Zhao, a former CTO of OKCoin and current member of Blockchain.info created the world’s largest cryptocurrency exchange after MtGox collapsed in 2017. Binance is expected to have 28.6 million users by October 2021.
You may be concerned about account hacking on Binance. But don’t worry. This article discusses how to avoid account hacks and what to do if your Binance account is hacked.
Is It Possible for My Binance Account to Be Compromised?
Somebody can break into your Binance account. So, how does one go about hacking your Binance account?
There may be unknown vulnerabilities in the Binance system that enable hackers to bypass your login credentials. There are many different possible phishing attacks.
However, phishing attacks can be deceptive emails or websites that trick you into giving up your account information.
If you use weak passwords or your login info is stolen through other means, unauthorized access to your login credentials can quickly occur.
Moreover, disclosing your Binance API key to other people or using it on untrustworthy websites can threaten your accounts to be hacked.
What Are the Signs That Your Binance Account Was Hacked?
There are several signs that there might be an attack on your Binance account:
Unusual Login Attempts
If you notice login attempts by several unknown devices or in various unfamiliar locations, then stolen account access could be one culprit.
Unexpected Changes in Account Balances
Add to it and constantly monitor your asset amounts and current transaction records. If you notice significant spikes in transactions or withdrawals that are not yours, this might indicate unauthorized activity.
Cannot Log In
Your account may have been hacked if you can’t log in and think your password has been compromised.
Changes to the Account Settings
Changes in your withdrawal address or email address, for example, might be signs of illegal access if you observe any odd changes in your account settings.
Phishing Emails or Messages
It could be phishing if you receive dubious emails or messages that purportedly come from Binance but seem to go in dangerous directions with links or files.
Suspicious Account Behavior Actions
One sign that your account has been compromised is frequent logins from a strange device or large Bitcoin transactions.
If you see any activity like this going on about your account, then obviously something wrong happened back-end-wise.
What to Do if Your Binance Account Has Been Hacked?
If your Binance account has been hacked and you cannot access it, please contact Binance customer service immediately.
After that, inform Binance support that your account has been compromised. The account may be instantly frozen to stop any more transactions, but account recovery may take many days to complete.
How Can I Protect My Account on Binance?
Make Your Password Strong
Whether or not your Binance account can be hacked depends mostly on how strong your password is. With a weak or simple password, the risk of hacking attempts grows.
Therefore, you are advised not to use common expressions, words, or easily obtained personal information in your password. Use capital and lowercase letters, digits, and special characters for a robust and exclusive password.
Mix capital and lowercase letters, digits, and special characters for a robust and exclusive password.
Keep an Eye on Your Account Activity Regularly
So, you need to regularly monitor the actions connected with your Binance account to spot illicit or suspicious activity as soon as possible.
Binance provides alerts and tools to keep you informed of your account activities.
Turn On Two-Factor Verification (2FA)
The first line of defense against unauthorized access to your Binance account is to turn on Two-Factor Authentication (2FA).
Another layer of protection In addition to your password, this asks you to provide another piece of information–generally a one-time code sent to your mobile phone or some other device.
Doing this can drastically reduce the chances of a hack on your Binance account. Take the following steps to enable 2FA on your Binance account:
- Log in to your Binance account.
- Go into your account settings and select the “Security” page.
- Activate 2FA and go through the prompts to link it to your smartphone.
- Even in the unlikely event that hackers steal your password, 2FA creates a digital wall that makes it hard for them to break into your account.
Pay Attention to Phishing Attempts
Cybercriminals are constantly fooling users into revealing their login credentials or personal information. Fake messages or websites often take the form of imitations of well-established websites such as Binance.
Users may receive emails containing links to fake Binance login pages, which could compromise their accounts.
To protect yourself against phishing attempts:
- Be sure the email sender’s address is valid every time:
- If you don’t want to send the login credentials or personal information requested in an email, ignore it.
- Links in email (clicking on links), saved link (IP address + path), type into your browser (IP address + path).
- If you have a sticky firewall or antivirus software, you should be able to detect and avoid a phishing attempt.
- Protect against email fraud. Most importantly, as long as you are not careless in ignoring requests that ask us to provide personal information, the probability of someone breaking into your Binance account is very low.
Use API Management and Whitelisting
Binance IP Whitelisting is a function that allows you to select trustworthy IP addresses that have access to your account.
If you turn on this option, only the IP addresses that are explicitly permitted will be allowed account access. Accessing your Binance account from select devices or places is helpful.
If you want to trade or use other ways, ensure your API keys are handled safely. Remember to issue rights when necessary and at irregular intervals; the affected API keys must be deleted. Misuse of API keys poses a severe security risk.
Keep Your Assets Safely Stored
Although all the focus has been on digital security, people still need to care for what they have.
Make sure your Bitcoin storage devices, such as hardware wallets, are kept securely, like a bank deposit box or safe. Only provide people access details or recovery words for these devices.
Protect Your Email Account
You may frequently access your Binance account using your email address. Your Binance password may be changed, and a hacker may take over your account if they can access your email.
So, just like with your Binance account, you must safeguard your email account with the same intensity.
Here are a few tips for email security:
- Use a secure password when logging into your email.
- If your email provider supports 2FA, turn it on for your account.
- Use caution while opening attachments or clicking links in emails from senders you don’t recognize.
- Update your email password regularly.
- Give your Binance account an extra degree of security by protecting your email account.
Make Account Protection a Top Priority Now!
Once your Binance account has been compromised, your options are limited. Contacting the Binance support staff is one of them; however, you may also deactivate your Binance account through the Binance security center immediately.
You may avoid future troubles and losses by enhancing your online security now. Unauthorized access may be decreased by investing time and energy into putting strong security measures in place.
These include setting up two-factor authentication, making complicated passwords, and being watchful for phishing efforts. You can also use PureVPN to stay anonymous.
Marrium Akhtar
December 28, 2023
4 months ago
