Topic: Binance hacked. 7000 BTC stolen. (Read 1037 times)
Exchanges need to gear up their security things, after Cryptopia its Binance hackers are getting smarter. Anyway, there has been rumours around that it was an inside job.
Well, this is the probably the reason of why the initial bullish was interrupted as i believe that the hackers are selling them right now making the market prices to fall once again. Hopefully the other exchanges will improve more their security system.
Might or might not be one of the reasons why that price rally didn't continue.This isn't really surprising that hacking incidents do mostly happens when btc price is surging up and its unlikely to happen when the market is being dumped.Good thing that Binance do able to handle the situation
well and there were no users funds been affected.
Its also normal for the bull/pump to be interupted because people will always sell their assets once they see that the market is improving or maybe your right that the interuption is caused by the recent binance hacked .
Well, this is the probably the reason of why the initial bullish was interrupted as i believe that the hackers are selling them right now making the market prices to fall once again. Hopefully the other exchanges will improve more their security system.
Might or might not be one of the reasons why that price rally didn't continue.This isn't really surprising that hacking incidents do mostly happens when btc price is surging up and its unlikely to happen when the market is being dumped.Good thing that Binance do able to handle the situation
well and there were no users funds been affected.
It's already taken care of, but there are gossips that it's just a publicity stunt for their outcoming DEX but as long as they can keep the funds safe and secure investor's funds, they can do what ever media stunt that they want, they are the number one and their coin is doing great in the market, this is a great feat for the team.
People are messed up.
Nothing of what Binance has gone through made it look like they are doing this as PR stunt to boost their DEX, which isn't even a true DEX. Binance losing 7000BTC is negative marketing for the exchange, not the other way around. On top of that, Binance doesn't need such pathetic moves to generate publicity for their DEX. Everything that Binance touches turns into Gold.
People see ghosts where there aren't any. The only thing I do find unfortunate is that CZ for a moment thought about a re-org, but other than that, he has done plenty of communication through Twitter, which is always a good thing. Other exchanges that were hacked released just one statement/update per day, which is something they should improve since communication with users is the most important thing in such a situation.
Huge haul by hackers and this once again highlights the wisdom of the "not your keys not your crypto" saying.
Thankfully in this incident, Binance has stated they will cover all losses.
Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges.
Stay safe.
For more information on staying safe while using exchanges see: https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/
Sources:
https://twitter.com/cz_binance/status/1125907214256836608
https://binance.zendesk.com/hc/en-us/articles/360028031711
It's already taken care of, but there are gossips that it's just a publicity stunt for their outcoming DEX but as long as they can keep the funds safe and secure investor's funds, they can do what ever media stunt that they want, they are the number one and their coin is doing great in the market, this is a great feat for the team.
I am trading on Binance as well. Yes, had a notification on the bitcoin stolen and yesterday we had system upgrade for almost six and half hours. Now i am sure everything is in place much safer than it was earlier. Hope Binance will remain so awaken so that none would be able to get back into hacking.
I was asleep for the past 3 weeks and binance was hacked? 
. I didn't know that a good exchange with high security, will be hacked. I am using binance in trading since it has a lot of coins that I like. I just checked my wallet on binance, my funds are safe luckily. Everyone funds were saved in binance even after the 7000$ hack. Binance had established SAFU fund from which they used the money to recover the lost funds of the people. This is a example of an big exchange who has take precautionary measures for any unforeseen bad incident.
Well, this is the probably the reason of why the initial bullish was interrupted as i believe that the hackers are selling them right now making the market prices to fall once again. Hopefully the other exchanges will improve more their security system.
In general, everything ended well. Customers believed the exchange. I expected a completely different reaction
At least they are returning all funds so nothing lost from a user perspective
Yes Binance has officially said in their first tweet that they will cover the cost and that is something you would never hear from another exchange. It is just Binance that tried to calm people down who had lost money and controlled the chaos. They have come back strongly with a much strong security system this time. 
binance events hit by hacking 7000 btc may be used as a lesson if the market as large as binance has a weakness. This must be corrected and the strength of binary defense must be strengthened so that the hack incident does not happen again
At least they are returning all funds so nothing lost from a user perspective
That is a good thing to do, they are lucky they have SAFU fund and what the hacker stole isn’t more than the figure they announced. They still need to be more careful because if they get stroked again, they might head towards the line of cryptopia. Now cryptopia has liquidated as a result of the hacking that was done on their own exchange which they could not recover from. Binance is just is lucky because they already have a very large users and volume that is giving them profit everyday amounting to millions of dollars. Now that they have opened their deposit and withdrawal again, all necessaries activities will resume.
At least they are returning all funds so nothing lost from a user perspective
I am trading on Binance as well. Yes, had a notification on the bitcoin stolen and yesterday we had system upgrade for almost six and half hours. Now i am sure everything is in place much safer than it was earlier. Hope Binance will remain so awaken so that none would be able to get back into hacking.
Yes, people have huge faith in the Binance exchange which every one should be waiting for the update about the hacking. Of course, already team from Binance mentioned they are going to release the finds from Safu to the people who lost the money and it is the indication of long vision.
After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
We can’t really compare the base of Binance to that of cryptopia, cryptopia couldn’t manage their because they are small and didn’t get enough fund to run the exchange further, but Binance being the largest exchange, there is no way it will be possible for hackers to steal more than what they stole which is not enough to damage Binance.Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
I know that no money is too small to lose, but the loss cannot really damage Binance, although right from onset, it is not advisable to keep ones fund in an exchange in which Binance itself even advised user against it, but I know Binance would have done the needful to ensure this will not occur again.
I am trading on Binance as well. Yes, had a notification on the bitcoin stolen and yesterday we had system upgrade for almost six and half hours. Now i am sure everything is in place much safer than it was earlier. Hope Binance will remain so awaken so that none would be able to get back into hacking.
I was asleep for the past 3 weeks and binance was hacked? . I didn't know that a good exchange with high security, will be hacked. I am using binance in trading since it has a lot of coins that I like. I just checked my wallet on binance, my funds are safe luckily. 
I am trading on Binance as well. Yes, had a notification on the bitcoin stolen and yesterday we had system upgrade for almost six and half hours. Now i am sure everything is in place much safer than it was earlier. Hope Binance will remain so awaken so that none would be able to get back into hacking.
After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Perhaps because cryptopia has been hacked twice the same week. The site has lost 10% of its assets, which is far too much for an exchange like cryptopia. A liquidation and closing the company is often decided by a justice court not the company itself. Just to say that finally Cryptopia didn't have the choice to close the doors
7000BTC is not a big drama for a site like Binance, it will absorb the loss quickly
After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Perhaps because cryptopia has been hacked twice the same week. The site has lost 10% of its assets, which is far too much for an exchange like cryptopia. A liquidation and closing the company is often decided by a justice court not the company itself. Just to say that finally Cryptopia didn't have the choice to close the doors
7000BTC is not a big drama for a site like Binance, it will absorb the loss quickly
After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.
Let's talk the Logic,
If the Binance where it is the biggest exchange and well known can be hack,
How about ordinary wallet service ?
Is it just a matter of time to happen on us ?
Certainly. This is the point of concern and it should be the point of concern for every exchange out there to make sure they have a great security system. Binance has made great money and was able to recover from the loss but I doubt for any other exchange to do so. So what needs to be done right now is to make the security system much stronger and only then a crypto user would be satisfied.If the Binance where it is the biggest exchange and well known can be hack,
How about ordinary wallet service ?
Is it just a matter of time to happen on us ?
I am talking of an insurance policy here wherein a certain exchange will have to add as part of their strategy to secure the money from hack.
It could be costly on their part, but this helps to lower the risk.
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