Binance BTC Hack is due to 2FA - page 2.

TheKeyLongThumbI

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Quote from: jdarren on May 08, 2019, 05:45:40 PM

With the recent Binance hack of 7,000 BTC cyber security firm Ciphertrace pointed out that the reason hackers were able to obtain API keys, 2FA codes and other info was due to hacking hot wallets using a two factor approach, social engineering and SIM card porting of phone numbers.

What Dave Jevans recommends moving forward is a 3FA approach. Has anyone used this or what are your thoughts?

https://cryptobriefing.com/binance-promises-to-cover-7000-btc-lost-in-hack/

What? All this time I thought that activating 2fa on all my accounts made me feel that my funds are very secured but now it is vulnerable? Then that 3FA approach is useless then. I think we need more softwares to successfully track this hackers instead of buffing up the security measures each time it gets breached because these hackers will just study it until they crack the code again and again.

hungsanh2512

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I think the current situation of binance. 3FA is also gradually used. At least it will make people feel more confident and confident. Any form will have its advantages and disadvantages. People are still the key to all security.

hahahafr

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It's so sad that these hackers always get to have their way with the funds of users as and when they please. I believe it is time we really give the development of Decentralized Exchanges some level of attention because no matter how these centralized exchanges claim they are they still get hacked.

Crypto Girl

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Quote from: darklus123 on May 09, 2019, 12:58:46 AM

Quote from: peter0425 on May 09, 2019, 12:12:44 AM

Hackers will will obtain new ways to really hack our accounts here in crypto. That's why first thing we really do is not to leave huge money in our trading account. 2FA was touted to be the best solutions when is was released years ago, but look at where we are today. Those hackers are really that smart and will always find ways any loopholes in the system even if we have this 3FA.

It is because there is no such system called perfect one. Sadly if you are a huge trader you really need to put a lot of amounts to certain exchanger and you can't do something about it.

The question here if it really happened or this was just a propaganda for them to take advantage.

That was the rumors was about that it's just a show up and poor traders that's been under had nothing to do but to pray for their money. Though, it's under SAFU but still it just prove how vulnerable the system is.

Anyway, they should push through the 3fa to bring back the trust and confidence in the platform, after all it's their liabilities.

Herbert2020

legendary

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stop trying to come up with new methods of increasing security. there are already excellent methods available that millions of people are using correctly and have never had any problems. just because someone used some methods in the wrong way which led to a catastrophe of this size it doesn't mean you should reinvent the wheel.

FreeEarnsActivist

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If someone interested in an analysis of the transaction, where btc go take a look at Coinfirm analysis: https://twitter.com/Coinfirm_io/status/1126082101080743938

omone1

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Never heard of 3FA before. Just as someone has pointed out if we adopt 3FA, its a matter of time, it will still be hack and we may have to migrate to 4FA and when this is breach, we will have to move on to a higher version and this will go on and on while losses continue to be suffered. I really hope for a technology that can't be compromised, but this is almost impossible. Maybe I phone engineers and other cyber engineers should step in. I wonder how John MaCafee can help in this case, he should drop finding Satoshi for now and see solution to this.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

In the end, most security measures can be circumvented if people are working from the inside to enable these hacks to take place or through negligence. Roll Eyes

We had a incidence with our home security where someone was working for the security company and he was retrenched when the company struggled.

So being homeless and angry, he sold the database of the sensitive passwords that you give to the security company when the alarm goes off and these people broke into several houses without any security staff responding to the alarm. Angry

Social engineered "hacks" are very difficult to stop, because you dealing with people. Roll Eyes

Nadziratel

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★777Coin.com★ Fun BTC Casino!

No matter how hard we try. One day they will find a way again. This is the life story of mankind. First, the disease occurs, then the humanity to deal with. Sometimes the solution comes in days. Sometimes it takes years. There's not a lot we can't come up with. I'm sure there will be an extra security measure now and this will be enough for a while. Then we will experience the same things ... The nature of mankind ...

squatter

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STOP SNITCHIN'

Quote from: TimeBits on May 08, 2019, 07:42:24 PM

Imagine being in a mcdonalds and everyone walks up and orders something from the cashier at the same time, that is what is going on here.
Why not make them form a line and take each customer one at a time? or 3-4...

Because that would be incredibly slow and customers would complain about withdrawal delays. It would also be costly (transaction fee wise) and bad for the Bitcoin network because they couldn't batch transactions.

Quote from: TimeBits on May 08, 2019, 07:42:24 PM

It is pretty simple you set up a system where "if certain amount of users withdraw or alts are being traded and exchanged for btc which exceeds above normal a rate of traffic by 1.5x or 2x transactions" exec queue timer.

They are trying to support large scale API trading... bots, algorithms. Is that a realistic approach?

Quote from: jdarren on May 08, 2019, 05:45:40 PM

With the recent Binance hack of 7,000 BTC cyber security firm Ciphertrace pointed out that the reason hackers were able to obtain API keys, 2FA codes and other info was due to hacking hot wallets using a two factor approach, social engineering and SIM card porting of phone numbers.

If SIM card porting was required, then 2FA (with OTP authentication like Google Authenticator) is still fine going forward.

cipherhut

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2FA then 3FA then what? Hackers will definitely find loopholes to break the security walls, to restrict such incidences we need to explore the biometric section where we can trace the unique identity and it will at least minimizes the intensity of getting hacked.

GetAurox

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Seems like another swim swapping incident.

darklus123

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Quote from: peter0425 on May 09, 2019, 12:12:44 AM

Hackers will will obtain new ways to really hack our accounts here in crypto. That's why first thing we really do is not to leave huge money in our trading account. 2FA was touted to be the best solutions when is was released years ago, but look at where we are today. Those hackers are really that smart and will always find ways any loopholes in the system even if we have this 3FA.

It is because there is no such system called perfect one. Sadly if you are a huge trader you really need to put a lot of amounts to certain exchanger and you can't do something about it.

The question here if it really happened or this was just a propaganda for them to take advantage.

vennali

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Is 2FA really that weak for authentication ? Other than social engineering, I don't see how accounts can get hacked, unless they have the passwords and codes on their phones which get hacked. Its more of a result of poor security management.

3Fa would certainly change things.

peter0425

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Quote from: darklus123 on May 08, 2019, 11:44:27 PM

Eventually sooner or later hackers will be able to obtain new tactics or find out any loopholes of the said 3FA. Therefore the best thing to do is to always move your funds in and out from any trading platforms.

I know this is kinda toxic idea but I think that is one of the best thing we can do for now.

Hackers will will obtain new ways to really hack our accounts here in crypto. That's why first thing we really do is not to leave huge money in our trading account. 2FA was touted to be the best solutions when is was released years ago, but look at where we are today. Those hackers are really that smart and will always find ways any loopholes in the system even if we have this 3FA.

darklus123

hero member

Activity: 1246

Merit: 588

Eventually sooner or later hackers will be able to obtain new tactics or find out any loopholes of the said 3FA. Therefore the best thing to do is to always move your funds in and out from any trading platforms.

I know this is kinda toxic idea but I think that is one of the best thing we can do for now.

hatshepsut93

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Quote from: TimeBits on May 08, 2019, 07:59:56 PM

fingerprints is the easiest way to go (some people don`t have fingers)
eyes is another easy way to go (some people don`t have eyes)
DNA is universal.

That's a horrible idea, because that information is sorta public - someone can obtain your fingerprints from items that you have touched, and it takes just one breach to render this method broken for the rest of your life, because you can't change your fingreprints. So, if some crappy service will get hacked and biometric information will get stolen, or if someone will deliberately setup a malicious service under the guise of a legit one, all in order to harvet biometrics, this method of security will get completely broken. It only works when you submit your fingreprints in real life instead of sending them over the Internet, and even then I'm sure hackers will be able to tamper with it at some point.

tyz

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Quote from: TimeBits on May 08, 2019, 10:50:01 PM

Quote from: tyz on May 08, 2019, 10:24:32 PM

Quote from: jdarren on May 08, 2019, 05:45:40 PM

What Dave Jevans recommends moving forward is a 3FA approach. Has anyone used this or what are your thoughts?

You can install as many security mechanisms as possible if the users act carelessly in the end. Social engineering is a broad field, so you can't say exactly how the hackers got to the data, but it often happens via a personal mail asking to change the password and then redirected to a fake site. It is difficult to prevent such mistakes from individual users.

worst case possibility`s they kill you? or they kid nap you? right? the "hackers, or hijackers, or murders, or thieves" whatever you want to call them.

As I wrote, social engineering is a broad field with many varities. And all your listed kinds more or less belong to it Wink

Duzter

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None is sure what is the truth behind the hack. In each and everything now we've got the 2FA security and this is termed to be the best in comparison to all other security features. Now this too has got hacked is simply unbelievable. Another issue going on is that Binance could have revealed it as a way to transfer the funds to its DEX which is under development and this might be to bypass US regulations.

TimeBits

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Quote from: tyz on May 08, 2019, 10:24:32 PM

Quote from: jdarren on May 08, 2019, 05:45:40 PM

What Dave Jevans recommends moving forward is a 3FA approach. Has anyone used this or what are your thoughts?

You can install as many security mechanisms as possible if the users act carelessly in the end. Social engineering is a broad field, so you can't say exactly how the hackers got to the data, but it often happens via a personal mail asking to change the password and then redirected to a fake site. It is difficult to prevent such mistakes from individual users.

worst case possibility`s they kill you? or they kid nap you? right? the "hackers, or hijackers, or murders, or thieves" whatever you want to call them.

Topic: Binance BTC Hack is due to 2FA - page 2. (Read 520 times)