Topic: Binance hacked AND proven to be wash trading (Read 411 times)

Did I say this was my opinion? No. The fact is that they've been proven to be wash trading. Check out BTI.


Wrong again. It's better to never trust anyone with your borderless trustless (key word) currency


Saying you have a reserve is all fun and games until the totally existing fund doesn't cover everything. How do they prove they're keeping 10% of their fees in a SAFU fund? Is it bitcoins or shitcoins? Was it tether? Did they have to market buy $40M of bitcoins to cover their losses? They're great at hype. They're great at pretending they're being completely transparent but honestly if they're holding their own insurance fund and it's not transparent it's just a marketing ploy.

What needs to be answered is, how much is left in the SAFU fund? Can they prove they're somehow segregated from other funds? If not they could just as easily be hacked. What currency are SAFU funds in? Lots of people use their BNB ponzi coin to save on fees. If it was in BNB that's ultra crappy because of course your shittoken will drop like a rock when you either market sell $40M worth. The other option there would be that they don't sell and it still drops like a rock because who the hell wants to trade at an exchange that can't keep hackers out?

SAFU simply translates to "I can't spell worth shit and didn't even bother to double check my tweet. The "u" and the "e" are clearly so close on the keyboard and I made a booboo". Then it became a meme. Then he decided to use it to his favour because he wanted to ruin it by embracing it. the whole situation is a giant cringe from me, but it's to be expected from a 17er.


You forgot your source on your opinion there.


Why did the CEO of a multi-billion dollar crypto exchange not understand that a 51% attack against the first and biggest cryptocurrency is a bad idea? The guy is a complete and total moron who's just therefore show. He doesn't have a clue what the hell he's doing, which is why it doesn't surprise me that the team behind him also can't secure the funds held on the exchange.

Basing on this Tweet: https://twitter.com/cz_binance/status/1126469393204924416 its just a Hashtag and below its been clarified and the same on what i have said earlier about the abbreviation.

---

What do you think with this tweet guys?
https://twitter.com/cz_binance/status/1126469393204924416

And here's my I told you so. Yesterday I posted about happy Craig and today we had the biggest SV pump since April. It won't last long. Craig will soon call out someone or brag in a tweet to make people dump again.

Anyway in light of the recent theories I'm more of a believer in the "binance lost money and are afraid to admit it"

I agree with you- the next hack on Binance could be very dangerous and looking at the hack history of many of the exchanges, they suffer another one similar to the previous just a short while after the initial (probably a week, two or a month). Binance should and needs to be very very careful and take optimum precautions else another calamity may happen and they many not be able to hold up with their 'SAFU Vault " lol.

if the bitfinex hack is any lesson, they'll only get bigger from here. they're covering everything from their own funds (apparently that'll only take < two months commissions to do) so i'm guessing that'll convince many users to stay. between their liquidity and their ability to offer unverified trading, i don't see them going anywhere anytime soon.

things over at Binance will only get worse because up to this point they were only making profit and counting their money. now that they have lost $40 million dollar in an instant they have to start working hard to make it back and that requires all kinds of shady stuff in the background.
i gave up on this exchange they day they started to legitimize scams also known as ICO and came up with the new name of IEO. in ways this hack was a good thing, it stopped them from damaging the whole cryptocurrency market even for a short time.

This was all I thought that Binance was one of the largest exchange and they must have too many layers of security in securing their fund but now sadly they are one of the victims by the hackers which is very genius to steal fund. They can refund of what are the losses but you can't blame their costumer/traders to not to put a huge amount on the exchange, they need customer trustworthy.

Never thought that its an abbreviation of something, all I know it means as safe, as known phrase of cz, funds are safu.

However, traders will not absorb this reminder, but will prevent of losing huge funds, if and only if they'll do. Just don't leave coins on any exchange for a longer than the its time needed for trading.

I don't like Binance since it started to act as a monopoly. I'm in a demand for an alternative. Maybe Bitmax or any one of the new arrivals like PrixBit which is Korean and which has a great trading competition $400k indicating they don't have the money issue. Also, incentive mining is a difference. What Binance provided is ended. Other big and famous ones are not in good shape.

t
The wash trading does not appear to be initiated by Binance and the report said that it was low in comparison to other exchanges.

Wash trading is often done by coin devs and coin communities to make their coin appear to have more trading volume.  Some exchanges even encourage it by giving certain users access to extra low fee or even fee free trading.

It is only logical that some of them will target the largest exchange for that.


The hack just proves again that too much $ in one place makes a juicy target for thieves.

Incase of exchange hacks this should really be in first priority where filling up or covered the lost funds.For 7000 btc they would really do such thing
even pulling it out on their own pocket 100% yet this is on exchange with their reputation.Just wondering on whats SAFU and as i able to search its the acronym meaning of Secure Asset Fund for Users (SAFU).
Each exchange should have this kind of reserve.

They might able to resolve it out but that 100% trust into its users do already decreased and im sure with that.

That thinking might apply to professional traders and corporate entities, but unverified users can withdraw 2 BTC per day. That's nearly $12,000 per day at these prices with zero documents -- in fact, not even a name or address is required. Their stablecoin order books compare to the major fiat exchanges and they have ample altcoin markets. That's more than enough action for the average retail user, which is their primary market, hence why they've been rolling out credit card buys and things like that.

I avoid KYC like the plague. I only ever did it with one reputable and licensed fiat exchange and even that feels like shit. I've been pretty happy with Binance's verification tiers and limits.

They're paying it out of their own pocket.

https://bitcoinexchangeguide.com/hacked-2-of-binances-btc-holdings-will-be-covered-in-full-by-safu-funds-withdrawals-halted/



It seems a little strange to me that you'd confine yourself to one exchange and a limited sum to avoid KYC.

The rollback approach is clearly not something that should be pursued, and apparently even CZ has agreed that after consulting a bunch of people.

I think that the main thing that attracted people to Binance wasn't the fact that their funds are more secure in there or anything, but the fact that they had the most liquidity for any exchange that allowed semi-anonymous accounts to be registered. People simply don't want to go through the hassle of having to verify themselves on exchanges.

But this again shows that things can go south even with an exchange with a good track record, so as Chris! said, make sure that you take coins off exchanges and onto a bitcoin address that you actually control whenever possible.

Have they already publicly stated the method by which they'll be filling in this loss, btw?

Craig Wright must be jumping from excitement. Not long after CZ removed his precious shitcoin his exchange got hacked and humiliated. That's an interesting coincidence. Somebody should keep an eye on those stolen millions. It would be another coincidence is somebody were to use them to buy SV. Even if they have nothing to do with SV that would be master level trolling.

 Prixbit is one of the new exchange that attracted my attention. especially when you trade, the acquisition of the mining token is more like successful marketing.

Well, it does seem overhyped to me. tbh I wouldn't be surprised if someone got the idea that "it is completely safe there", but it isn't bad either. If I have to put it in words, it is that all exchanges suck but binance suck less which made it stand out and started the big hype.

You can't determine whether an exchange is good or not from their trading competition. Look for their policies, their response to customer support, where are they based, whether the team is known or not and so on.

Those trading prices are just a way to attract new user that will surely (or 90%) leave the platform when they've collected the prize.

I would never put in any exchange if my purpose is only to hold.

Binance is a reputable exchange even after this hack as no user's money was compromised, all are covered with their SAFU funds or we call it insurance in simple terms.

About the wash trading accusation, I would not touch that, it's hard to give an opinion when it comes to things about violation of law.
Let the regulators punish them if they've done a violation.

What happened is a warning that even if the best trading exchange can still be hack.
Better not trust only one site, diversify your funds and let's support other exchange to grow so we will not all be in Binance only.

Pretty low fees, no KYC, great liquidity - it really sounds great.
Probably if I would have traded more I would have gotten to also use Binance too. But I didn't.

I somehow didn't like the way they try to evade law. I am also against businesses getting to centralize something in the crypto field. On the other hand they've earned my sympathy in their actions against CRW's coin.

Binance handled pretty well the hack, since they had funds to cover it, it seems. So they may get out pretty well from this.
Wash trading? I guess that all do it because they can. The only way to prevent reduce it is to keep the funds in own wallet.
Bitcoin? I don't know how big effect can have 7000BTC dumped. But I feel that the only part losing could be Bitcoin, and only price-wise and temporarily.