Topic: Binance futures attack was a failure according to CZ (Read 187 times)

Thats the good thing with Binance where they do able to handle out the situation in spite of the attack and such loss of funds or into those exploit informations
where most exchangers do experience such scenario would most likely close its doors or decide to stop their service but eventually even if they do able to sort it and handle it  out.
They should do their best to suppress or avoid it as minimal as they can because continuous issues in regards to security would gradually lose up users confidence and im pretty sure with that.For now they are still on the tip top shape in means of exchange market but if these issues do still continue then im sure lots of people or their users will find out some better place than Binance.

Binance really need to watch their back tight because they're already the largest exchange, so they should not compare themselves to smaller exchanges that needs a low security gadgets to be put in place to secure their platform, binance really need to go for high tech security  gadgets, they need to go for the best hand, because their operation cross across several countries and they should know that their name will get to the ear of hackers in different part of the countries, and most especially those countries where they have very intelligent set of developers who could use code to make and mar anything that has to do with internet, these are the type of people Binance need to go for and pay them heavily to secure their sites.

Too many trust somewhere until they don't.

I've never understood the trust so many people put their trust in Binance. It seems to be almost automated.

There's nothing implicitly evil or mediocre about them but plenty of their practices are not premier league or reassuring at all. Ultimately they're just another bunch of people and most people screw up eventually.

I'm pretty sure that we'll see Binance bust it's nr 1 spot eventually, but I can't see it become MtGox 2.0 at all unless CZ and his fellow colleagues plan an exit scam when Binance is no longer the money making machine that it is today.

People can say about CZ whatever they want, but he has turned something people initially didn't believe in into a crypto powerhouse with a native exchange token worth billions. CZ is a mastermind who turns everything he touches into gold.

Binance jumped in so many businesses than it could put them in a very difficult situation in the future. It's like a bomb waiting to explode honestly.

It's not that I don't trust them but bad company management or wrong decisions can send a company in the coffin.
No matter if you tell me Binance is a cash machine (which I agree) if a day something happens to Binance (and we can imagine a lot of things), MtGox will be peanuts compared to Binance.

It seems that the attack by hackers will bring Binance's staff and security to a new level. You should know that there are enemies, there will be struggles. Imagine Binance, there is no peace here. They need to work better to protect users on this platform.

Didn't CZ also say that it turned out to be a misunderstanding? After talking to the client/attacker, they managed to come to some sort of an understanding or something. He mentioned that further in the same thread on Twitter. Besides, most exchanges get their security improved after suffering an attack, it would be quite embarrassing for a name like Binance to suffer two of them in a span of four months.

Let me just say:

Funds are not safu.

I agree with you. Indeed, Binance is a very responsible exchange that recognizes its mistakes and tries to correct them

One day he will get hacked for a amount that he cannot cover, then what will he do?

You can`t print the btc out of thin air like the fiat.  https://en.bitcoin.it/wiki/File:Jonny1000thetimes.png 2.0 = binance future.

Funds are not #safu, this proves it. https://thenextweb.com/hardfork/2019/07/08/binance-hack-8-million-bitcoin-cryptocurrency-stolen-transfer/

It even says it in the whitepaper, the 2nd sentence and first sentence of the bitcoin whitepaper that your funds are not safe, if you do not trade p2p.  
"the main benefits are lost if a trusted third party is still required"

fucking moron thought he could roll back the blockchain to get the funds back, you trust this dipshit?
cz binance "turns out reorg is not a option, the blockchain is more resilient than we thought"

spoiler: They are fractional reserve banking with the btc, that is why they had to create their bullshit BNB coins now. I look forward to the day of mtgox2.0 it is coming.

hacker attack a few months ago is not a failure in my opinion,
an exchange is said to fail if it has been attacked by hackers but after that the exchange closes and cannot refund user funds,
but binance is responsible and returns the stolen funds,
and here the real success, because the binance trade is more concerned with user responsibility and comfort.

I support you said because the statement which he made won't be the solution to the problem facing the exchange and if he wants to held himself responsible for the lapses himself and the binance security team should figure out the best solution to the attacks or else more people will be a victim of the situation.

They do keep saying your funds are safu but now I do not believe they are with them being hacked and now this incident and seems to be covering up now.
It is important to find out what exactly happened because in this article they are blaming this for the crash of the price of bitcoin $10320 to $10023 in a matter of moments on sept 16 for all other exchanges being the largest amount of volume and it is still on the recovery of this major dip.

https://cointelegraph.com/news/bitcoin-futures-platform-safu-after-false-alarm-attack-binance-ceo

Binance is spreading it business across so many regions recently and that will definitely come with it security risks but for CZ to make that kind of comments about the recent attack on some of the exchange features is a kind of wrong decision to me. The deed has already been done what I was expecting the leading CEO of the world biggest cryptocurrency exchange to do was to apologize to it customers and fine a lasting solution to this repeated attack.

The binance futures platform was reported earlier in the week of being attacked and it did damage the exchanges reputation on the security of its system since the main site of the worlds biggest exchange did suffer from a hack a couple of months ago.

It seems it was a well known customer who was upset about something done to their account so was trying to recover their losses. But instead lost their coins instead.
Here is a quote from cz in the article located below:

"CZ is in soup for another reason too.
As soon as he made the below statement, he had his foot in his mouth.

'As we use the index price (not futures prices) for liquidations (our innovation).'

His tweet received a serious community bashing for the claims of using index price for liquidation as Binance innovation. Undoubtedly, the community is aware that it is by now a trading standard against price volatility. The community claimed it was Bitmex that introduced the concept to the industry first.

Some of the participants stated it was innovated by CZ when he was with OKEX exchange. We may not be able to dig that out but CZ calling it as Binance innovation has instigated the haters once again. And this happens right after the FAQ plagiarism fud.

Two days back the exchange was gleaming about its debutant trade volumes worth $170 million. And now it might have to face the burn of this accidental controversy on the trade volumes.

Binance has been in the news for all the right and wrong reasons. A couple of days back we covered the uncertainties around Binance. US launch which seems to be just around the corner now."

source https://www.altcoinbuzz.io/crypto-news/finance-and-funding/trouble-binance-bitcoin-futures-platform-attacked