Binance Compensates KYC Data Hack Victims With Lifetime VIP Membership

Top cryptocurrency exchange Binance is offering lifetime VIP membership to all those clients who were affected by the recent KYC (know your client) data hack.

As per the official blog of Binance, the exchange is “actively contacting all potential victims with […] guidance on privacy protection and restitution,” and highly advocates “affected users to apply for new identification documents in their respective region.”

The blog post also states “We are compensating affected users with a lifetime Binance VIP membership, including preferential trading fees, support, and more services.”

Binance also stated that it is yet to complete the KYC data hack that happened in early August. The cryptocurrency exchange’s safety and scrutiny team is presently working to identify the origin of KYC images which are comparable to the ones put out by an unknown hacker.

Binance disclosed the data hack on August 7. The exchange disclosed that an unidentified individual demanded 300 Bitcoins (BTC) to avoid releasing more than 10,000 images related to KYC data stored in Binance servers.

Cryptocurrency exchanges usually call for an image of the client along with requisite documents for identity verification purposes. Binance states that a portion of the hacked images have a parallel with the images handled by a third party vendor who was contacted by the exchange numerous times between December 2018 and February 2019.