In a recent blog post that the exchange made on June 23, Binance gave users some timely advice on what actions to take if their exchange account is compromised. There is no doubt that the reason for the post is that many of their customers actually get their accounts hacked. This is why this video will guide you on what to do if your Exchange account is hacked.
The Risk of Leaving Your Funds in An Exchange
Ordinarily, many Bitcoin and crypto enthusiasts are of the opinion that leaving your digital assets on an exchange is extremely risky. This is because of the belief that the person controlling the private key to your assets actually controls what happens to them.
Exchanges can be hacked directly, causing users to lose their funds, which may be outside their control. However, a personal compromise of a user’s account is potentially devastating. The summary of what the Binance blog post said that the user should do if they suspect that their account has been compromised is explained here.
What to Do If You Suspect Your Account Has Been Breached
If you have a suspicion that your account has been compromised, the first thing you should do is change your password immediately. Are you unable to log in? Don’t panic. Check your email for any notifications that you may have received regarding sign-ins from unusual locations. Contact the exchange’s support team immediately; they’ll look into it and do everything possible to help you recover your account.
What to Do If Your Account Is Breached
In the event of a breach, the first thing you need to do is contact the exchange’s support team. They will conduct a thorough analysis to determine the extent of the breach. If assets have been lost, document everything and provide evidence to support your claims. Save any conversations, emails, or chat logs you may have had with the exchange.
Safeguard Your Account From Future Attacks
Don’t let it happen again! To safeguard your account from future attacks, activate two-factor authentication (2FA), which provides an additional layer of security by requiring verification in addition to a password. Keep your passwords long and complex, making sure that you use different passwords for each account and change them regularly.
That’s it about what to do if your cryptocurrency exchange account is breached and steps you can take to protect your account. Remember, always keep your accounts and investments secure, and never let your guard down.