An Extortion Gone Bad: Inside Binance's Negotiations With Its 'KYC Hacker' | Crypto Craft

  • An Extortion Gone Bad: Inside Binance's Negotiations With Its 'KYC Hacker'

    From coindesk.com

    In what appears to be an elaborate game of hackers hacking hackers, an individual operating under the pseudonym “Bnatov Platon” has provided CoinDesk with extensive information about their attempts to obtain millions of dollars in exchange for declining to release information about customers of one of the world’s largest cryptocurrency exchanges, Binance. Information about the hack, gathered over a month-long interaction with the hacker, was pushed into the public eye today when Platon began posting what he alleged were images and information about real Binance customers, first on an open website and then on ... (full story)

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TudorIoan
Aug 8, 2019 11:00am
Permalink
Quoting Hasher
{quote} Binance hardly counts, you cannot use fiat to buy crypto over there so they automatically evade a lot of regulation and cut corners. If there's money involved you are a huge target on the internet, a relentless attack that will never end. This isn't new or isolated to Crypto either as I'm sure Equifax would reluctantly agree.
I was thinking about crypto security vulnerability.
KYCs makes crypto's security weak.
If terminals like exchanges and wallets are easy to hack because the KYC vulnerabilities, then all the "new crypto invention" is useless.
Logic: If, blockchain/strong + exchange/weak = all/weak
I mean because the vulnerability of the ends of the system, everything is diluted down to some common cyber security despite the blockchain.
Reply
TudorIoan
Aug 9, 2019 12:37am — Edited
Permalink
Quoting Hasher
{quote} It's still early days, I picture the Crypto market like the wild west - anything goes and outlaws are everywhere, train robbery's are a daily occurrence! Hide your money in your mattresses (or in this case, cold storage)!
Sorry, again, the same sort of confusion.
Train robbery sort of thing is not like bitcoin robbery !
Train robbery is happening by accident, not as common possibility !

Trains are created for transport, so train robbery is "an accident".
But the crypto domain is created as a black box where the law enforcement has no acces, so it has been created for any possible fraud! Big difference !
I have explained that for a thousand times on my thread.

Is like saying why do we need the law, because robbery happens anyway !
Reply
Hasher
Aug 8, 2019 10:34am
Permalink
Quoting TudorIoan
OMG, the KYC was the only chance for the crypto to survive! Now they can get away with it by hacking world’s largest cryptocurrency exchanges ??!!?? Bitcoin ridiculous sham !
Binance hardly counts, you cannot use fiat to buy crypto over there so they automatically evade a lot of regulation and cut corners.

If there's money involved you are a huge target on the internet, a relentless attack that will never end. This isn't new or isolated to Crypto either as I'm sure Equifax would reluctantly agree.
Reply
Hasher
Aug 8, 2019 11:20am
Permalink
Quoting TudorIoan
{quote} I was thinking about crypto security vulnerability. KYCs makes crypto's security weak. If terminals like exchanges and wallets are easy to hack because the KYC vulnerabilities, then all the "new crypto invention" is useless. Logic: If, blockchain/strong + exchange/weak = all/weak I mean because the vulnerability of the ends of the system, everything is diluted down to some common cyber security despite the blockchain.
It's still early days, I picture the Crypto market like the wild west - anything goes and outlaws are everywhere, train robbery's are a daily occurrence! Hide your money in your mattresses (or in this case, cold storage)!
Reply
TudorIoan
Aug 8, 2019 12:57am
Permalink
OMG, the KYC was the only chance for the crypto to survive! Now they can get away with it by hacking world’s largest cryptocurrency exchanges ??!!??
Bitcoin ridiculous sham !
Reply
TwoSense
Aug 7, 2019 9:38pm
Permalink
Wow. I wonder how coindesk got access to the transcripts. It doesn't make Binance look good at all.
Reply
vanillaice
Aug 7, 2019 8:58pm
Permalink
hacks on hacks on hacks! These guys show stfu so we can keep stacking sats on sats on sats
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