A recent staff misconduct incident has cast fresh doubts over the security of the Binance Wallet, raising concerns about whether it is the safest and best crypto wallet for users.
Binance’s internal audit team received allegations that an employee exploited insider information to conduct front-running trades, further intensifying scrutiny of the exchange’s internal controls.
The employee has since been suspended, and Binance has claimed that it is taking appropriate legal action.
However, a string of recent safety incidents and security vulnerabilities associated with popular brands like MetaMask, Phantom, Trust Wallet and Binance Wallet has forced users to look for safer and newer options like Best Wallet.
Binance Wallet Staff Misconduct: The Latest In Crypto Wallet Security Mishaps
One of Binance’s staff members, who was working on the Binance Wallet team, engaged in front-running trades using non-public information.
Binance’s Internal Audit team revealed that the staff member used his previous business development role at BNB Chain to access insider information. Owing to his familiarity with on-chain projects, the employee was aware that a major project was planning a Token Generation Event (TGE).
Prior to the public launch announcement, the individual purchased a “large volume” of the project’s tokens, which he later dumped post-announcement for significant gains. Check out Binance’s investigation report here.
Binance has suspended the employee and is taking appropriate legal action. However, the ease with which staff members can leverage their current and previous roles for insider trading does raise significant concerns about the exchange’s and wallet’s security.
Moreover, this staff misconduct is only the latest in a strong of security incidents associated with popular crypto wallet brands.
Last month, Bybit’s multisig wallet was hacked for over $1.5 billion worth of Ethereum in what many are calling the biggest crypto heist in history.
Earlier this year, the popular Solana wallet Phantom drew significant community criticism for ignoring a critical security vulnerability.
Similarly, Indian crypto exchange WazirX got hacked for $230 million.
The security incidents have forced users to search for safer and newer crypto wallets.
Why Best Wallet Is A Safer Alternative?
Best Wallet has already established itself as one of the leading Bitcoin and crypto wallets, largely due to its cutting-edge, up-to-date security protocol.
For instance, it employs Non-Custodial MPC, a cutting-edge method that splits users’ private keys into two separate shares. One half is securely stored on Fireblocks’ servers, while the other remains on the user’s device. This ensures that neither Fireblocks nor Best Wallet can independently access the user’s complete private key, granting users complete control and enhanced security.
Users also have the option to back up their private key to Google Drive or iCloud. However, they will encrypt it with a secret question, the answer for which is only known to them.
Additionally, with features like two-factor authentication, unique secure passcodes, biometric verification, and frequent security updates, Best Wallet provides robust protection to ensure the safe management of user assets.
Best Wallet: An All-In-One Web3 Wallet
Besides its cutting-edge security, Best Wallet has separated itself from legacy brands like MetaMask and Phantom in several areas.
Unlike them, Best Wallet has multi-chain functionality. Users do not need separate wallets for Bitcoin, Ethereum and Solana networks — they can use Best Wallet instead. Soon, it will offer wallet functionalities on 60-plus chains.
Beyond its multi-chain, non-custodial, and no-KYC identity, the wallet offers a wide range of features, aiming to serve as an all-in-one Web3 platform—not merely a crypto wallet.
Its crypto debit card, staking aggregator, portfolio management dashboard, futures trading, etc., make it a one-stop shop for all things crypto. For instance, its presale aggregator, labelled as “Upcoming Tokens”, lists the top trending crypto presales, helping users find the next 100x cryptos.
It is not without any reason that Best Wallet already has over 500,000 users, with a 630% MoM growth rate. Its native token, the Best Wallet Token (BEST), has also raised over $11 million in its presale, with many calling it the next 100x crypto.
