Stolen cryptocurrencies are becoming more rampant in the crypto community this is because the cryptocurrency technology is not yet fully developed, bad actors have seen this as an avenue to steal crypto owners’ coins by exploiting the system.
Crypto exchanges are hacked surprisingly often. One of the biggest heists occurred in August when cybercriminals stole $610 million in various cryptocurrencies from the Chinese platform Poly Network. The hackers eventually returned the funds.
A Japanese exchange, Mt.Gox was forced into bankruptcy in 2014 when hackers lifted $450 million worth of Bitcoin from their wallet.
And the famous Twitter hack of 2020, where a bunch of hackers hacked into over 140 accounts of influential people and posted a tweet asking their followers to send Bitcoin to a particular wallet that the amount sent will b doubled and returned to them. The hackers were able to cart away over $200,000 worth of bitcoin. Although, the perpetrators were later caught and charged with wire fraud, money laundering, identity theft, and unauthorized computer access related to the scam.
How your cryptocurrency is likely stolen
For your cryptocurrency to be stolen from Binance, that means your account was hacked, this might be through Man in the middle attack, Phishing or Identity theft and manipulation.
We advise you to create another Binance account or other cold or hot wallet to receive your recovered cryptocurrency and get rid of the email or phone number if possible the device you use to connect to the hacked Binance account because they are likely compromised, this will eliminate the risk of your new wallet or Binance account getting hacked.
Difference between a cold and hot wallet
Cryptocurrency wallets are tools that are commonly used to store and protect these holdings, and they come in many different forms and varieties. The difference between a hot wallet and a cold wallet is that hot wallets are connected to the internet, while cold wallets are not.
The biggest advantage of holding cryptocurrency in a hot wallet is that it can be used to help facilitate basic transactions. Crypto traders looking to make purchases with their cryptocurrency assets might choose to use a hot wallet because the funds in that wallet will be transferable across the internet. Examples of hot wallets include Binance, Trust Wallet, MetaMask and other internet-based crypto wallets.
Compared to a cold wallet that is entirely removed from the Internet ecosystem, a hot wallet presents more risk to the holder because it can be accessed remotely from other parts of the Internet i.e it can e hacked online. However, a hot wallet is not an unsafe way to store your cryptocurrency.
A cold wallet is an offline wallet used for storing bitcoins. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby protecting the wallet from unauthorized access, cyber hacks and other vulnerabilities to which a system that is connected to the internet is susceptible.
An example of a Cold Wallet is the Trezor Wallet. A cold wallet is any form of wallet that which the Private key is not stored on the internet. The most traditional form of a cold wallet is paper, when a Cryptocurrency holder decides to write his or her private key on a piece of paper and keep it, the piece of paper for that moment is a cold wallet. While an example of the more advanced form of cold wallet is the Trezor wallet.
There are ways in which you can retrieve your stolen cryptocurrency, there is a youtube video of over 30 minutes detailing how a recovery hacker recovered the forgotten password and private key of a Trezor hardware wallet, this might be slightly different from recovering the cryptocurrency but a similar method will be implemented to do so. But before we dive into that let us start with what cryptocurrency is.
How to recover lost cryptocurrency from Binance:
If your crypto got stolen from your Binance account best chance is that the person had online access to your Binance account through some social engineering hacks so your best chance of getting it back is to hire a Recovery expert – which is a team of cyber security experts, social engineers and sometimes hacker – to help you recover your cryptocurrency. Hiring a recovery expert is like hiring a team of investigators for yourself, you will know that your project will be of prime importance.
Go to Recoveries Pro to hire a recovery expert. Recoveries Pro is the industry’s go-to place to hire hackers and recovery experts for various recovery jobs with over 8 years of experience and 3000 successfully solved recovery cases. Go to Recoveries Pro to help you trace the blockchain (a public ledger) and recover your cryptocurrency.