Binance, a leading crypto exchange, has issued a crucial security alert to protect users. The update became necessary due to malicious actors’ activities in the crypto space. In a post, Binance notified users of malicious software that alters withdrawal addresses.
Android and Web App Users at Highest Risk
According to the statement, the exchange has identified a global malware in the ecosystem. This malware alters the withdrawal address without the users’ knowledge and potentially redirects it to an attacker’s address, causing the fund loss.
Binance has cautioned all users, particularly those using Android and web apps, to be mindful of the plugins they install. The exchange suspects that the scammers may have infiltrated using such apps, which remain a common target for malware.
We’ve identified a global malware issue that alters withdrawal addresses during the transaction process.
Be cautious of plugins and apps you’ve installed, especially on Android and web apps, and stay alert on iOS too.
Our Binance security team is on top of this issue and… pic.twitter.com/1y9jn0D9CX
— Binance (@binance) September 14, 2024
It has also charged iOS users to stay vigilant as no platform can boast one hundred percent immunity from attacks.
Meanwhile, Binance has assured the community that its security team has commenced blacklisting suspicious addresses to protect users. The exchange is also reporting the wallet addresses involved in the transaction. While the team performs this function and attempts to restore safety, the exchange says users must pay close attention when withdrawing funds.
Security Best Practices and Binance’s Efforts
Cyber security experts say such malware attacks likely target users by switching the copied wallet address to the scammer’s address. As such, any user who fails to double-check the wallet address and transfers funds to the wrong one risks losing the funds forever. They urged users to avoid illegal sites and download only from authentic sites.
As an interim measure before the technical security team flushes the malware, Binance has tasked customers with verifying the authenticity of any app downloaded. Additionally, users must confirm the browser extensions before installation. Users must also double-check the copied wallet address to ensure no alteration occurred.
Some users in the community have expressed confidence in Binance’s ability to safeguard the exchange. Among other things, Binance has played a pivotal role in unraveling major online scam rings to €11.4 million in assets.
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