$50,000 “Locked” On Binance Exchange, “Will Never Gain Access” Redditor Says

  • Reddit user says he’s been locked out of his Binance account worth $50,000.
  • Redditor’s hotmail email associated with their Binance account now “indefinitely suspended.”

A redditor with the username BeanThe5th recently posted an update regarding their previous post claiming their Binance account worth $50,000 had been hacked. After the account was compromised, the user reportedly tried to contact Microsoft support every day for an entire month in an attempt to retrieve their hacked email account. The redditor then states that Microsoft’s support team asked them to submit information which would prove that they were actually the account holder.

According to the user, it took the support team a whole month before they responded by saying, “they fully acknowledge” that the redditor was the account owner. However, the support team said the Hotmail account had been used for “fraudulent activity”, so they had to “indefinitely suspend the account.” This of course meant that the user’s access to the account was locked. Unfortunately, the redditor said, not only had their Binance account become inaccessible, but almost their “entire career” had been lost.

“Literally Impossible” To Access Email Account

The redditor went on to explain that they were not allowed to access their Binance account again unless they sent a support ticket via the email linked to the account. This, the user says is “literally impossible” because their email account is “suspended forever”, which means it’s basically inaccessible. Moreover, the redditor mentions that they have the phone number associated with the account, the google authenticator, and the photos required for 2-step verification.

Also, before being locked out of their account, the user says they were instructed by a Binance representative called Jager to submit a personal photo along with their passport copy. The representative reportedly stated that they required a note from the user as well saying, “Please change my email to Be*****@gmail.com.” The redditor then says they submitted this information to the exchange, however, they are still being required to submit a support ticket from the email linked to their Binance account. As mentioned, Microsoft refuses to let the user access their hotmail email account due to questionable activity.

Phone Provider To Blame For The “Whole Problem”

Due to all this, the redditor has threatened to sue his phone provider Rogers, because they are blaming them for the problem. The frustrated user also recommended not using the hotmail email service while noting that their phone provider had “claimed full responsibility” for the issue.

Notably, many other reddit community members tried to offer helpful suggestions in order to help resolve the matter. Redditor mobuckets1 told the user to contact higher management or the Binance subreddit because they might be able to help more.

Binance Locked Account

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):

Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.