BNB is a native token of Binance. Binance is the biggest cryptocurrency exchange in the world. It reportedly has control of about half of the total monthly crypto exchange volume.
Crypto exchanges are places to virtually trade cryptocurrencies while making money for themselves by charging a small fee per transaction.
You’d think that it would be stable, especially with its prominence and the roof security measures. But even then, it’s still targeted by hackers and criminal activity.
Scammers have been around forever and can be found in any industry. Even experts can’t seem to dodge them.
On August 1st, Binance almost lost 20 million USDT to a zero transfer scam. CEO Changpeng “CZ” confirmed that someone was able to fool an experienced employee and almost move the funds before they could react.
Luckily, they were able to freeze the assets before they were gone completely.
There’s only one thing certain in this world, the existence of scammers. And where there’s money, there’s an attempt to take it.
Although everything is stored digitally, crypto isn’t free from this. In fact, their wallets are easier to get than hacking the technology behind blockchain.
Here are three of the most common ways people get targeted on Binance:
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- Phishing scams: These work just like any other scam. They’ll send you a fake email or make a copycat website. The goal is to trick you into entering your account information or personal information
- Fake Giveaways: They’ll pretend to be important individuals or projects and offer fake giveaways of BNB or other crypto currencies. You must remember that real ones don’t require funds beforehand.
- Impersonation scams: This one involves them making social media accounts posing as representatives from Binance in order to gain trust and lower your guard so they can either convince you to send your BNB or give up sensitive information. Remember that Binance will never start conversations asking for this stuff.
Crypto wallets and exchanges were introduced to make transactions super secure. People have happily used them with trust. But sometimes accidents happen, and you can find yourself losing everything that’s inside. If that happens, don’t panic. There are some ways to potentially get it back.
Protect what’s left:
Transfer any remaining funds from your hacked wallet. Get rid of your wallet and swap it for a fresh one.
Also, change your passwords that go along with your exchange account.
Confirm the theft:
- Open your Binance account.
- Somewhere in there, find the wallet.
- Look for “Transaction History” or “Order History.”
- Take a close look at all of the transactions that happened.
- As you go through them, write down things like the date, time, amount sent or received, and who you sent it to.
- It’s important you record everything so you know what to do later.
By keeping track of everything, you might be able to get your stuff back.
Contact Customer Service:
Remember how important timing is in these situations, so contact Binance as soon as possible because they have channels dedicated to supporting issues like this one.
It’s crucial to act fast so your money can be locked away before it’s gone.
Exchangers don’t always have an obligation to help since some are located where crypto isn’t regulated much.
Track the money:
Following a stolen BNB can be a pain. But if you want to understand blockchain transactions and monitor them for any unauthorized ones, there are some things you can do.
Start by going over transaction IDs and addresses. And no, this doesn’t mean you need to figure out how the technology works.
Each transaction has a unique identifier called a transaction ID. This represents where the money was sent from or to. If you don’t understand this, don’t worry; Most people don’t either.
But learning these concepts will help you understand where your funds were taken.
After that, follow the transactions of the wallet address your funds were scammed into. If you see the scammer trying to transfer funds from that wallet onto platforms like crypto exchanges so they can sell it for normal currency, immediately report them to whatever site it is.
They only have one account on those platforms, and it’s their own, so if you catch them in the middle of transferring money, you’ll know their identity much quicker.
Most recognizable exchanges require users to submit personal information such as names, addresses, and ID’s before being able to convert cryptocurrency into actual money. Getting in contact with these companies can help lead you closer to finding out who took your hard earned cash and putting a stop to their fraud with an arrest.
Report it to the authorities:
It’s hard to say if a formal report will speed up the process of getting your crypto back, but it can’t hurt. Cases like yours never know if they’ll get involved in insurance claims or lawsuits, so prepare for anything.
One notable case is when the Colonial Pipeline was hacked. $4.4 million was paid in Bitcoin as ransom, and they were able to get back $2.3 million with the help of tracing experts.
With that said, it’s unlikely federal authorities would put so much effort into helping average people like you and me.
But most importantly, it’s crucial that you consult legal counsel from someone who specializes in cryptocurrency and cybercrime cases.
Victims can also employ a crypto hunter—someone who’ll find their missing or stolen digital money. And it’s not just about finding it; it’s about catching them too.
They go through blockchain transactions, use cybersecurity with experts, and team up with law enforcement to prevent cybertheft.
Once they identify the thief, they use their skills in blockchain technology, transaction tracking, and cybersecurity to further investigate. They’re able to locate the person responsible as well as the money itself.
Contact here for more details: email@example.com
Contact crypto recovery services:
Having your cryptocurrency stolen is a nightmare. It’s devastating to lose your cryptos. The good news is that there are services that try to help you recover what’s been lost. Online Investment Scams (OIS) is one of them.
They analyze the blockchain and transactions involved in your funds to find out who took them and where.
They also have experience finding attorneys, which they do by taking a professional approach. By doing this, they can give you a team that will help guide you through recovery.
Knowing how hard it could be, they take the time to make their service fast and painless. On top of this, they track money flow through wallets and exchangers across different platforms while giving advice on security improvements for the future.
Contact crypto recovery experts here: firstname.lastname@example.org
Precautions against Crypto Wallet Hacks
Interest in cryptocurrency is constantly rising due to its potential to multiply investments quickly, but it’s not all sunshine and rainbows. The opportunity to make easy money always comes with risks and challenges one needs to be aware of.
Two of these are high market volatility and cybercriminal threats. Cryptocurrency benefits are plenty, they have no governmental regulation (meaning their value depends on the demand-supply mechanism and not on governmental decisions), have a higher speed of transactions, and offer confidentiality. Hackers love this!
With any hack discovered, you can bet that it’ll get resolved fast. However, new technologies open up more ways for hackers to enter systems, so you have to be extremely careful.
Will I get my stolen BNB back?
The reality of finances is unrealiable. There’s no telling if you’ll ever get your money back, and it’s basically a fact that you’ll go through one hell of a fight to do so. And such is life.
But there is hope. If you file a formal plea with your government, you might be able to recover what was lost. Especially if you team up with recovery services, this can make all the difference, especially when it comes to exposing the scammer who tricked you in the first place.
But there are still obstacles along the way. In June 2022, the US Department of Justice released a report that highlights some of these challenges.
It touches on how easy it is to pass around digital assets and how other countries deal with their problems. They also noted platforms and virtual asset service providers (VASPs) as well as skills necessary for investigating anything related to digital assets, along with access to tools used for analyzing blockchain or cryptocurrency.
Here lies the problem, though. You need to figure out how much was stolen from you, figure out how this scammer was able to hide their identity so well, and find out if they moved that money into something regulated or not.