Binance Law Enforcement Panel Access Sold for $10K Crypto
In a significant security lapse, an anonymous user named “Miembro” has listed Binance‘s law enforcement request panel access for sale on Breach Forums. The asking price is $10,000 in Bitcoin or Monero, a development that raises serious questions about the safety of sensitive data within the cryptocurrency exchange.
Compromised Credentials Lead to Unauthorized Access
Under the moniker “Miembro,” the seller claimed on December 14 that the access offered is exclusively used by law enforcement, promising unlimited requests with a response time ranging from three to seven days. The credibility of these claims was initially uncertain, but subsequent investigations indicated a more severe situation.
Hudson Rock researchers found that the access was obtained through compromised credentials, reportedly belonging to law enforcement officials. These include Taiwanese Criminal Investigation Bureau officers, the Uganda Police Force, and the Philippine National Police’s Anti-Cybercrime Group. It appears that malware-infected computers led to this security breach, highlighting a critical vulnerability in the system.
Further investigation revealed that Kodex, a third-party service, is used by Binance to validate law enforcement requests. The breach indicates that the hackers could have exploited this system using the obtained credentials.
Binance Under Scrutiny Amidst Legal Challenges
This security incident comes at a tumultuous time for Binance. The platform is currently grappling with regulatory issues in the Philippines, where it faces a potential ban by the Securities and Exchange Commission for operating as an unregistered exchange.
Additionally, the United States court has recently ordered Changpeng “CZ” Zhao, Binance’s former CEO, to pay $150 million for violating the Commodity Exchange Act and Commodity Futures Trading Commission regulations. Simultaneously, Binance must pay a substantial $2.7 billion to conclude the CFTC enforcement action.
This combination of legal and security challenges puts Binance in a precarious position. The sale of access to its law enforcement request panel not only undermines the trust of its users but also raises significant concerns about the integrity and security of the cryptocurrency exchange’s operations.
Read Also: Elizabeth Warren Targets Former Officials Amid Crypto Legislation Accusations
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
