Binance hack, Self inflicted or it didn't happen at all?

BitcoinPanther

hero member

Activity: 1918

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Quote from: Jating on May 18, 2019, 12:25:49 PM

I guess we can close this one out, it was never proven that it was self inflicted on at least an inside job or just to hype their DEX.

They are already open for withdrawals and deposits and business as usual for Binance. But I'm sure they have heighten their security so that this kind of hacks won't happen on their backyard again. And yes every penny is covered by their SAFU program so this is a non-issue already.

Yeah I guess time to lock the thread, though during the time when funds where freeze, there is a suspicious movement of BTC out of the Binance wallet but well that is another story, anyway, trading is all good in Binance and all client have their fund. Self inflicted or not, only the insiders know

Just always remember, never use exchange platform as bank to store your coins and token if you won't trade them.

Jating

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Merit: 772

I guess we can close this one out, it was never proven that it was self inflicted on at least an inside job or just to hype their DEX.

They are already open for withdrawals and deposits and business as usual for Binance. But I'm sure they have heighten their security so that this kind of hacks won't happen on their backyard again. And yes every penny is covered by their SAFU program so this is a non-issue already.

CryptoNurse

jr. member

Activity: 32

Merit: 1

Hackers always seem to find a way in. At least Binance was able to recognize and correct the issue and cover the losses. A smaller exchange could not do that.

semobo

full member

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Merit: 146

Quote from: raes on May 18, 2019, 10:03:54 AM

Quote from: semobo on May 18, 2019, 09:58:11 AM

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

an effect might occur, but binance is a large exchange, not many will be affected if the assets they hold are safe. maybe some people had panicked hearing the news, but not many people would leave binance.

IMO the hacked amount is $40,000,000 but they said they have enough funds to cover this losses and will replay everything to the traders but its still affected BNB price so they faced real hack.

Dr.Sponge

member

Activity: 616

Merit: 10

Whether its self inflicted or its really hacked or they just make a fake drama, since bitcoin still ok and pumping, then I don't really care about this accussation lol.

zeze18

sr. member

Activity: 938

Merit: 256

That's crazy.
Biggest exchange like binance is hackable by the hackers, the hackers are so smart and evil.
We should be more careful, and not to place all of our portofilio into one wallet

premiumproductss

full member

Activity: 560

Merit: 119

Who knows where is the truth, we will probably never find out the real story what happened to Binance, but never mind, do not use centralized exchanges and you will be okay. Cool

jademaxsuy

full member

Activity: 924

Merit: 220

How come.no big news regarding with the hack? Is it being discretely decided not to tell the public to avoid panic selling from.the community? In this case BINANCE will going to fall a little bit because the community can no longer trust the exchange.

However, in my opinion it seems not really true because binance anyone could give fake news by creating fake accounts and claiming to be the CEO of binanance exchange and then give fake news.

pieppiep

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Merit: 502

Quote from: miller14 on May 18, 2019, 10:43:15 AM

Binance has done this right very easily. people regained their trust. this is the most important. very difficult to win. I need to hear respect for those who press

I think this is because of the influence of coin price movements in a very fast binary exchange that can make many people believe in binance again.

stigmacryptonight

member

Activity: 574

Merit: 13

Quote from: iconoclast on May 18, 2019, 10:17:12 AM

I am sure they have had people stop storing their money on the exchange and the hack has damaged their air of invulnerability. They would not do that to themselves and I have not seen any explanation of why hacking themselves would serve their interests.

Saving our assets in exchange is not a good idea. Because each exchange is likely to be hacked if there is a gap in the security system. And what I know is why binance is because there is a gap used by hackers. But I know what the details are, if not wrong, 2FA or API that might be used by the hacker.

tins

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Quote from: No Pain No blood on May 15, 2019, 05:10:37 PM

I also just realized why this could happen. as far as I know binance is an exchange that has good security. strange if it can be hacked. and 7000btc but it doesn't affect the price? This isn't strange either. in the past every time there was hacking there was always a dump on the market. so if it matches what OP says. maybe this is just something planned.

The amount hacked according to Binance says that API users use to trade and withdraw. Then the hackers took advantage of that and appropriated the property of many users Binance

miller14

member

Activity: 602

Merit: 11

Binance has done this right very easily. people regained their trust. this is the most important. very difficult to win. I need to hear respect for those who press

Eraldo Coil

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Activity: 448

Merit: 10

Quote from: BitcoinPanther on May 14, 2019, 03:57:11 AM

Quote from: ikicha on May 14, 2019, 03:50:40 AM

Why always 7000 BTC ? lol
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.

That is indeed suspicious here. Then thing is during the 2018 hack, they only suspend the the exchange in just a day. While it took them a week this time. Some theory thinks that they did that to keep the value of BNB from dropping. Others think that it is to avoid the colapse of tether since they are holding around 74% where they have the luxury of arbitraging it to other exchange while they disable theirs.

There is a possibility that the person behind these things is just the same. Or two different people just working together to make it look like there is a hack going on but the real intention as was to make us look dumb. Anyway, this is still a good conspiracy by the OP.

akirasendo17

sr. member

Activity: 1106

Merit: 310

its not good to acused someone of doing something without evidence
besides hacking on exchange is very usual this days
but we cannot deny that there must be an inside job, or something
since they are very aware of hacking that is happening before the incedent

anatolij.shishkin

copper member

Activity: 995

Merit: 1

Conspiracy theories about hacking. I am surprised. Of course it is not clear how the hacking occurred. But it’s not worth spending time on it. And then we definitely can not trust anyone. Hackers, conspiracy theories. Will finance return money to investors? then there is no problem.

BitTraderCute

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Merit: 101

Quote from: raes on May 18, 2019, 10:03:54 AM

Quote from: semobo on May 18, 2019, 09:58:11 AM

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

an effect might occur, but binance is a large exchange, not many will be affected if the assets they hold are safe. maybe some people had panicked hearing the news, but not many people would leave binance.

much traders glad to be binance's customer.they provide good services , high liquidity and many products else.although binance hacked , but it not impacted to binance it self and cryptocurrency market.market still going on well nothing bad thing happen.

iconoclast

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I don't think they faked the hack. In my experience the only time an exchange would fake a hack is an exit scam where they run off with all the money and let investors take the hit. In the case of Binance, the hack was relatively small and Binance covered all the losses in an effort to make it go away. I am sure they have had people stop storing their money on the exchange and the hack has damaged their air of invulnerability. They would not do that to themselves and I have not seen any explanation of why hacking themselves would serve their interests.

raes

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Quote from: semobo on May 18, 2019, 09:58:11 AM

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

an effect might occur, but binance is a large exchange, not many will be affected if the assets they hold are safe. maybe some people had panicked hearing the news, but not many people would leave binance.

igor.vanyutin.83

member

Activity: 294

Merit: 10

I do not think that they have made such an announcement only to make a bit more hype around their exchange. Moreover, it harmed their image a bit, so it makes absolutely no sense to say that they did the hack on their own.

semobo

full member

Activity: 1498

Merit: 146

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

Topic: Binance hack, Self inflicted or it didn't happen at all? (Read 704 times)