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Hacker Teaches Binance a Lesson in Security, Exchange Decides to Reward Him

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Hacker Teaches Binance a Lesson in Security, Exchange Decides to Reward Him

We recently reported the conviction of a 19-year-old ‘hacker for hire’ in Mounteney Close in Norwich for compromising people’s data for personal gains, another hacker managed to get into Binance Jersey’s official Twitter account and domain name on the same date. Both events are not only interestingly twined because of the shared date but also for the divergent messages they conveyed to the world. While the Norwich hacker was heavily penalized and jailed for his offenses, the Binance hacker is set to receive a reward for the ingenious lesson he taught the crypto giant, as announced by Binance itself.

The Hack

According to the announcement, on 16 August, the hacker took over the Twitter handle and the internet domain name of Binance Jersey simply “by social engineering the email domain name service provider.” He then went on to post a series of tweets from the company’s handle explaining why and how he managed to get past the security of Binance, one of the world’s leading crypto exchanges today.

The Lesson Learnt

The company was able to get hold of the situation within a few hours, albeit not without the cooperation of the hacker himself who delineated the weakness of their security system with élan without compromising the massive funds and data of the firm. Binance stated:

 “We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE is safe. No data was compromised.”

One of the hacker’s tweets explained his purpose behind the hack which was nothing apart from his desire to bring the lapse in the security system of Binance to their notice. He asked the CEO of the exchange to get in touch with him to negotiate the matter further after which he returned the Twitter handle and domain name to the firm. Well, as they say, all’s well that ends well, especially when there is a lesson to be learned!

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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