Yi He, co-founder of the crypto exchange Binance, has denied responsibility for a user losing $1 million due to a security flaw on their platform. The controversy arose when crypto trader Nakamao reported losing his entire account balance, alleging that unknown entities manipulated his account without accessing his login details. Binance responded by stating that the hacker used a plug-in to steal the victim’s account information and conduct unauthorized transactions. Despite Binance freezing the account within minutes of the breach, Nakamao suffered significant losses. The co-founder reiterated that Binance cannot be held accountable for losses resulting from hacked user devices. In related news, crypto investigator ZachXBT linked the team behind the memecoin CAT to a hack of crypto investor GCRClassic’s account, accusing them of engaging in pump-and-dump schemes.
