Binance Urge To Tighten User Accounts Amid Increasing Crypto Hacks

Binance Bans Accounts of Relatives of Russian Officials
  • Crypto exchange Binance showed how users can increase the security of their accounts.
  • Hackers have stolen more than $1.3B in Q1 2022 alone.
  • The official Twitter account of Binance now hits 9 million followers.

Binance, the largest cryptocurrency exchange, said security is the top priority of its platform amid the rising number of cryptocurrency exploits.

According to the data from a blockchain data platform Chainalysis, hackers have taken more than $1.3 billion from exchanges, platforms, and private entities in the first three months of 2022 alone. 

DeFi protocols accounted for almost 97% of all cryptocurrency exploited in the first quarter this year, including the recent DeFi hack from Axie Infinity’s Ronin network that recorded more than $600 million of exploited assets.

In a tweet, the crypto exchange shared three levels on how users could further enhance the security of their Binance account.

The level 1 added security includes using a strong password and frequently changing it. Furthermore, users should enable two-factor authentication (2FA) to attain the first level. 

At the level 2, users must check which devices have access to their accounts and switch on “Address Management,” in order to get email confirmation when receiving new withdrawal addresses.

At the highest level of added security, Binance suggests that  users should learn about phishing and use Universal 2nd Factor (U2F) validation, an extra layer of account security.

While crypto exchanges like Binance do everything they can to keep its platform and the accounts secure, users must also do their part by following necessary steps to add security with their accounts.

On the other news, the official Twitter account of Binance has exceeded 9 million followers today, which made them the most followed and popular crypto account in the world. 

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.