If big exchange such Binance has been hacked, some speculations about it won't be weird.
Let watch close the bitcoin address that drained 7000 btc from binance wallet, we will know the hack was real or fake.
But we glad all of users funds are safe guaranteed in their possession.
Topic: Binance hack, Self inflicted or it didn't happen at all? - page 2. (Read 778 times)
Seriously I wonder how a $40M lost from an exchange did not affect it much. It appears as if nothing happened, it equally did not affect the general bitcoin price at that time just like a previous news like that had done in 2017. I equally had such scepticism as we have known it is not possible for a withdrawal of such huge amount to happen once. Whatever it is, one needs to be careful an never leave huge amount on these exchanges
Do you know that there are around 300 exchanges out there and more than 90% of the crypto users are using Binance? In other words, more than 90% of the market is captured by Binance and that is the reason of the success of the exchange. It has made enough money to deal with the hack and the loss of the users. Another exchange would not have survived such an attack. 
They should not undermine how the investors and traders think if they find out they are making this out and just try to manipulate people, they are going to protest and look for a better alternative, there so many exchanges in the market and everyone vying to get a slice of the market.
Wow, this is really interesting and I have to say that you did a good job in doing research and stating out reasons as to why the Binance hack might be a fake news, unlike others that will come here to say something and won't even give reasons as to why they believe that is happening lol.
With the facts you've given here, I'm also starting to believe that this is fake, cause I don't really know why they have similar stats, both 7000 BTC. But whatever it is, the most important is that they were able to secure users funds. And this is also shows why you should trust any of these exchanges at all.
With the facts you've given here, I'm also starting to believe that this is fake, cause I don't really know why they have similar stats, both 7000 BTC. But whatever it is, the most important is that they were able to secure users funds. And this is also shows why you should trust any of these exchanges at all.
Seriously I wonder how a $40M lost from an exchange did not affect it much. It appears as if nothing happened, it equally did not affect the general bitcoin price at that time just like a previous news like that had done in 2017. I equally had such scepticism as we have known it is not possible for a withdrawal of such huge amount to happen once. Whatever it is, one needs to be careful an never leave huge amount on these exchanges
Either ways I think the most important figures is that there are no self inflicted losses on the part of binance users
That would have been the worse of all
But if personal opinion; I think binance drawed the hack upon theirselves
That would have been the worse of all
But if personal opinion; I think binance drawed the hack upon theirselves
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.
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.
If truly Binance was hacked, then may the 7000 BTC was transfer to several wallet at the same time but i doubt it, Binance is hiding something about the whole issued. It is good that it didn't affect bitcoin price unlike last year hacks which actually act as one the bear's instrument.
Binance got hacked and 7,000 BTC were stolen.
Binance temporarily closes withdrawals and deposits and announces they will buy back their 7,000 BTC (worth $42m at time of hack) using an emergency fund they have set up. Essentially pumping a new $42m into the game.
And then BTC pumps to the sky.
Coincidence?
Binance temporarily closes withdrawals and deposits and announces they will buy back their 7,000 BTC (worth $42m at time of hack) using an emergency fund they have set up. Essentially pumping a new $42m into the game.
And then BTC pumps to the sky.
Coincidence?
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.
I don't think the hacker made the transaction from the platform itself, that limit is set to only the platform and not binance Blockchain, I believe that the hackers didn't hack individual account because it would be impossible to send out 7000 BTC in one transaction, but they send the coin directly from the Blockchain which means that binance should bear all the lost and not put it on any of their members, unless they can explain why a person could be able to withdraw 7000 BTC when the withdrawal limit is 100 btc. I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.
For me as far as they returned peoples money and everyone is safe thats whats basically needed for progress I think so lets hope that never occurs again and as for the 7k transfer thats actually very weird but it might be they got through some of their tracking system unexpectedly
And also, I really don't think that it is self-inflicted at all. This incident have negative impact on their security image so there's no reason for them to do that at the expense of their reputation. But I think, it is one lesson for them. Invest their money also in tight security measures.
Definitely but one thing catch my attention, on this segment of the video by Chico Crypto, it is kinda interesting how he stated that it is not a hack but rather the incompetence of Binance staff regarding the transfer of their fund to segwit addresses. It imply that the hack is just a mere cover of their failure that almost cost them hundred thousands of BTC. It happen since during their AMA they were questioned about implementation of segwet address and CZ is obviously unsure of his answer. If that indeed happen, it is logical that it is better to blame the error as hacked than announcing the incompetency of their technical staff since the latter would impose more threat and worries to their audience.
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.
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.
If truly Binance was hacked, then may the 7000 BTC was transfer to several wallet at the same time but i doubt it, Binance is hiding something about the whole issued. It is good that it didn't affect bitcoin price unlike last year hacks which actually act as one the bear's instrument.
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.
It seems to me all this because the head of the exchange very skillfully dismissed this situation and did not cause a strong damage to exchange. In fact, everything will be restored and the money returned to customers.
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.
No one can tell for a fact if the hack actually happened. Nice post here with some citations, making it valid. But the big question is: if the hack is fake, what will Binance profit? So I still have 70% conviction that the hack occurred, since CZ knows announcing a hack will bring distrust to an extent. The delay before reopening might also be to tighten security. Only Binance team knows if the hack actually occurred, this particular hack scenario is strange.
I don' think the hack was "Self Infected" or it didn't take place or anything. Probably people are just trying to spread FUDS though this. Well, you got those news from the Youtube. Most of the Youtubers actually spread or wrong or misleading information just to get views for themselves! Don't blindly believe those videos. Do your own research and see what you get.
The theorem is complex. Anything can happen, one thing am thankful for is that after the hack, market went up and bitcoin just got bullish, so people needed not to panic over the supposed hack.
The similarities look a bit surprising and suspicious, but why would Binance do that? Why would they want to lose the missing trading fee in this period when trade is closed?
why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.
Because they didn't send the BTC from a user's account. Hackers allegedly gained access to one internal wallet of Binance and they sent the BTC skipping the exchange's restrictions.
what will be binance benefit lying about hack which could dent binance reputation. i can't believe an exchange will lie about a very sensitive issue like this.
I don't think the Binance hack was self inflicted, it happens really, what shall it profit the CEO of Binance to do such thing, and that's a big FUD if it happens to other small exchange, despite the hack lots of people still using Binance exchange
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