All this hacks are major threats in the crypto world and we need to attend to it urgently. It's now certain that's its not safe to store your funds on a centralised exchange. Individuals needs to equip themselves with hardware or paper wallet to be safe. You can also store your cryptocurrencies in wallet where you have the private key.
This is the biggest attack this year and Binance is too subjective in security. I believe that after this case is over, Binance will have more security processes and we will be safer in this market. Now the deposit and withdrawal in Binance is postponed but it will be back soon in the next week so don't worry too much because Binance has a great support policy for everyone. 
Topic: After Binance have been compromised. - page 4. (Read 794 times)
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 
I think Decentralized exchange won't guarantee that your coin will be safe if you using it.
Phishing in DEX website is still possible to happening, so both centralized and decentralized exchange still not safe 100%.
Binance hack case is the worst hacking case in this year i guess.
The hack at Binance is a big blow to the crypto industry since most people like myself believed that Binance exchange was secured and could not be hacked. Yeah and i also think it's high time we really look in the development of Decentralized Exchanges.
It's not a big blow and the price is showing it by going up instead of down. It's a big blow to Binance but crypto remains unaffected. There's a chance the money is lost and there was no hack but an attempt to move the coins to a segwit address. If this is true Bitcoin became even more scarce and more valuable.
Decentralized exchanges aren't popular yet but they will be. The risk is too high and even the biggest exchanges can be hacked there's no safe way to exchange if this includes giving away your keys.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Not sure about that because people are only moving towards another exchange site or even not. Look at the market and we can try to take a look at the daily trade volume because it has represented the volume and demand. It looks like there was on a lot of increase in the demand of DEX . that means if people are not considering it as alternative way to trade. People are still putting their focus on centralized exchange site.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
DEXes are obviously more of an ideal, but thus far decentralized exchanges either lack user-friendliness or volume. I believe scaling solutions will be a prerequisite for their success. For example, OmiseGo is working on Plasma. EtherDelta and IDEX aren't bad, but they are not good enough just yet.
Yeah I agree with you yes IDEX aren't bad and also not good enough as of now, but is good for long term hold for sure in the near future they follow to the top rating coins in the market cap.
The hack at Binance is a big blow to the crypto industry since most people like myself believed that Binance exchange was secured and could not be hacked. Yeah and i also think it's high time we really look in the development of Decentralized Exchanges.
I think so since it doesn't really affect the price of Bitcoin after the incident but just wondering if the hacker could take a lot of crypto on their exchanges. What would they do to cover up those lost cryptocurrencies from their customers? If you think about decentralized exchanges they can't stand alone because it's a lot more hassle than you think especially if there's fiat involve.
All this hacks are major threats in the crypto world and we need to attend to it urgently. It's now certain that's its not safe to store your funds on a centralised exchange. Individuals needs to equip themselves with hardware or paper wallet to be safe. You can also store your cryptocurrencies in wallet where you have the private key.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Decentralized exchange would be great but there is a possibility for creator to wrongly write a contract (only a little possibility). The bigger problem is to exchange coins cross-chain, it's gonna be hard to trade Bitcoin with other cryptocurrency though as they are in different blockchain.We can't ignore the centralized exchange but at least people should trade altcoins in decentralized exchanges, it is a lot safer than centralized, isn't it? Decentralized exchanges should have bigger volume than now. Binance CEO said big exchange wallets are safer than hardware wallet, so store your coins there. What now? But still people don't bother, we always support centralized exchanges over DEX!
People love to talk about decentralized exchanges but they are not curious to trade there. Because whenever a decentralized exchange comes, they always have low volume than centralized! Within 5 months, we have seen how centralized exchange like cryptopia, bithumb, binance, dragonex got hacked! And, the decentralized exchange has lack of hack fear. I really hope to see everyone starts trading in Dex than Cex!
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Decentralized exchange would be great but there is a possibility for creator to wrongly write a contract (only a little possibility). The bigger problem is to exchange coins cross-chain, it's gonna be hard to trade Bitcoin with other cryptocurrency though as they are in different blockchain.
It was shocking to me, I had a deep respect for Binance about security. But they failed to keep it deserving. Not sure how their DEX could be secure, but we never should hold funds in an exchange wallet. This is another warning for people who prefer online wallets. Don't take risk of your valuable assets. I still support binance, stay safe.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Nope! They wont still consider or do fully switch up with Dex's inspite of the hack or compromised of one of the best exchangers as of this day they wont still switch fully.Good thing that Binance do still able to handle the situation but i really doubt that confidence even on the best current exchange would be lessen which is normal.Even I, do already have that kind
of doubts but still if you do just stick with the primary rule on never ever store your funds on exchange wallets then you shouldnt worry too much with these scenarios.
If Binance really protects their users from any loss regard this hacking I think there isn't any problem with this exchange. They said the amount hacked is only 2% of the total btcs the exchange has on their control. They can keep their reputation and recover this loss really fast.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.
Maybe they were able to cover the loss from hacking but what if losses were made to a significant degree. Would binance would still be able to cover up the losses? Tricky isn't it?
There can be much more difficult situation like this and damage to a greater degree and in that scenario I hardly think they would be able to cover the losses completely.
But if it happened, the exchange customers would want punishment for exchange owners at least. It wouldn't finish well for platform users, with irrecoverable losses, but it would finish even worse for platform owners. That is another reason why I think exchange owners wouldn't let it happen.
The hack at Binance is a big blow to the crypto industry since most people like myself believed that Binance exchange was secured and could not be hacked. Yeah and i also think it's high time we really look in the development of Decentralized Exchanges. There are a couple of decentralized exchanges that are doing quite well in the industry and have not experienced any form of security issue before. Decentralized exchanges have to be given some level of thought.
Any exchange can be hacked if users visit phishing sites, and enter their data, they will lose their coins from account and if they not have extra security exchange can't do nothing, always check the link when go to exchange.
I hope so, because they are much safer than centralised exchanges. However, it does not have any influence on Binance users, because they will cover all loses from their fund, so no worries. But I believe this fact will move investors towards decentralised exchanges.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Decentralized exchanges have always been considered safe because funds are not held and traders are in control of their private key. Asides the usability of DEX, I am still trying to figure out why its unpopular among traders
I think after such a problem the large exchangers will lose trust. The quantity of the stored cryptocurrencies on balance will become much less. Many already look directly at the exchanges with small daily volumes of trade.
There's no indication of that yet and binance still working with how they will resolve this issue and not to let their name/business being compromise, they are working and looking on how those coins that's being hacked will be paid and let the traders to keep the trust and continue using the exchange. If Binance really protects their users from any loss regard this hacking I think there isn't any problem with this exchange. They said the amount hacked is only 2% of the total btcs the exchange has on their control. They can keep their reputation and recover this loss really fast.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.
Maybe they were able to cover the loss from hacking but what if losses were made to a significant degree. Would binance would still be able to cover up the losses? Tricky isn't it?
There can be much more difficult situation like this and damage to a greater degree and in that scenario I hardly think they would be able to cover the losses completely.
I think after such a problem the large exchangers will lose trust. The quantity of the stored cryptocurrencies on balance will become much less. Many already look directly at the exchanges with small daily volumes of trade.
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