Binance hacked. How can this affect altcoin market? - page 3.

GreatArkansas

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Just an update for the incident happen from Binance.

Readmore: https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

Please take time to read, as CZ (founder of Binance) made an apologize for what he said on the livestream of AMA after the incident, about the rollback of the bitcoin network.

MUG1WARA

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binance is a very good exchange and has a perfect level of security, hacking that happens now is 100% not from hackers but there are people in this incident, I also hear if all their funds are safe and they will immediately return some lost funds and of course this alone will not affect the price

SirLancelot

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Quote from: ned.ryerson on May 09, 2019, 05:04:47 AM

Quote from: Cryptrx on May 08, 2019, 11:11:49 PM

It has no direct correlation to the price of altcoins, rather, how people treat the news will either affect altcoins positively or negatively. It has proven that people are triggered to massive sell off in the dawn of such news and that affects the market.

for what reason people have to massively sell their BTC? Binance said that they would cover all losses from their funds and users would not get any hurt. i don't think that something bad will happens with price because of this hack attack

Exactly. The market stays unaffected and I think that Binance has actually proved why it is a best exchange out there. They are covering the loss of the users which is I think great and impressive. This will make them more users in days to come. But of course the concern for security persists and they would be looking to shield the system more to make it inelastic and impartial to any kind of attack like the one that happened.

andreibi

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Naah, no effect at all on the altcoin markets. First of all, the extended bear market has already done its damage creating 90% declines in almost all coins. Most has left the markets. Secondly, these thieves has only helped reduce the circulating BTC supply because all their TX will be monitored and they won't be able to sell.

FlamingFingers

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I really like the way cz_Binance handled the hack issues, it doesn't really affect the price of bnb coin also it does not really affect the whole cryptocurrency market, lots of thought were that it's gonna affect the whole market

OrangeSeller

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Quote from: jyotianand01 on May 09, 2019, 06:02:42 AM

Binance is a good exchange and lot of crypto investors trust this exchange and they will pay back to their clients and it don't make much effect on altcoin market.

The exchange will must be doing it because this can result in loss of trust if they do not repay the clients or users with their coins being stolen. The hackers were very sharp and they have stolen around 7000 Bitcoins from the world’s top exchanges. This is something that can result in loss of trust but I hope Binance will stabilize the situations up to great extent being a leading exchange they have to regain its reputation by 2x their security.

hd060053

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Quote from: angrybird3591 on May 07, 2019, 10:45:48 PM

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

Binance stated there is no affect on user funds as its safe, and the overall attack was around 2% of their BTC funds

Fammosh82

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On the face of it, maybe not so bad. Forty million is a plenty big number, but it’s only a small percentage of Binance funds, and users will apparently get their money back. At the very least, all Binance users need to update their API keys and two-factor authentication immediately.

Melo20

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The more interesting question might be who could have been affected, not by the hack itself but by Binance’s reaction. The company apparently considered doing a rollback on the bitcoin network, to undo the offending transaction. They ultimately decided against it, but even the specter has implications.

steveabrahams

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Yeah i saw that news yesterday and yes it's affect the crypto market yesterday but thank god it's only a day and if you look at the coinmarketcap right now, bitcoin price is not go down anymore but go up, well the different is most altcoin price is going down at the same time. So i guess it's still a good news.

Ozero

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Quote from: smyslov on May 09, 2019, 07:14:18 PM

Honestly, I thought it will have a big impact on the price I was a bit worried because we already had the momentum and was hoping for another all-time high this year, but it did not the price is still stable it did not make a dip and still goes from $6000 to $6100.

A year or two ago, the theft of 7,000 bitcoins from the most reputable exchange would certainly have caused a general decline in the cryptocurrency market. However, this time the market not only did not fall. Bitcoin continues to grow in price autumn at a fast pace. During the day, it increased in price by almost three hundred dollars and now, according to CoinMarketCap, its price is 6296 dollars. This is a very big growth, and immediately after overcoming such an important barrier of $ 6,000.

motienvolam

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Quote from: Rustamm on May 09, 2019, 10:30:46 AM

Fortunately, after Binance hacking, the market quickly returned to growth and the price of Bitcoin overcame the price of $6000 and if the price now holds for some time, then there is every chance to see the price continue to rise. Binance management was able to mitigate the effects of hacking the stock as much as possible by its decision to compensate the exchange users for losses, which is why this exchange is the best among the exchanges.

Partially because Binance claim to be responsible losses for their customers, so the Binance team reacted with hack very good. Bitcoin upward movements to above $6000 dramatically affected price of altcoins. They all have fallen down in BTC pairs whilst their price in USDT pairs have remained stable. I have a feeling like bitcoin will stop its rises sooner or later around $6200, then when bitcoin corrected from $6200 range, altcoins might see another massacre wave in coming weeks. It sounds like too pessimistic scenario, but who knows. In my opinion, prices of altcoins are cheap, so if they fall deeper a bit, we should not worry or panic, because they will sure rally.

Distinctin

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Quote from: labilaab on May 09, 2019, 09:21:30 PM

Its so alarming really and I think it is really bad since it will really have a huge impact to other exchanges too. Since we all know how popular Binance is aside from its the top crypto exchange in the market and its been hacked so how much more this other exchanges.

Just stop worrying, nothing bad happen in the market, instead, enjoy what is happening now because bitcoin is mooning at the moment.
Let Binance take care of their problem, and with this big amount of lose, they will learn and improve their security.

labilaab

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Its so alarming really and I think it is really bad since it will really have a huge impact to other exchanges too. Since we all know how popular Binance is aside from its the top crypto exchange in the market and its been hacked so how much more this other exchanges.

Dewi Aries

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Quote from: Frink on May 09, 2019, 07:02:04 PM

Quote from: libert19 on May 07, 2019, 11:12:16 PM

Quote from: angrybird3591 on May 07, 2019, 10:45:48 PM

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

Only hot wallet was compromised, which makes about 2% of all funds. So users funds are safe.

This right here is the reason for hot and cold wallets.. so in other words, I'd actually say that their security mostly worked.

7k only 2% of bitcoin that stored in Binance. With that big amount of bitcoin that stored there, they might be have strong security to keep it safe. But i think they can compensate their users, already prove if they really professional to handle user's money.

ansarose1

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Im my opinion, i think the stolen value of binance like about 7000 bitcoin has a thing to do with the market, yes i think it can affect the market circulation of prices. And a big margin loss i think. But maybe not all altcoins are affected.

smyslov

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Honestly, I thought it will have a big impact on the price I was a bit worried because we already had the momentum and was hoping for another all-time high this year, but it did not the price is still stable it did not make a dip and still goes from $6000 to $6100.

Frink

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Quote from: libert19 on May 07, 2019, 11:12:16 PM

Quote from: angrybird3591 on May 07, 2019, 10:45:48 PM

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

Only hot wallet was compromised, which makes about 2% of all funds. So users funds are safe.

This right here is the reason for hot and cold wallets.. so in other words, I'd actually say that their security mostly worked.

CoinsOrDie

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I don't think it will affect the market because CZ along with other well wishers in the blockchain industry such as Tron and Quakchain CEO, has handled the ugly situation well and with the insurance cover from "safu funds", I can say that everyone will be fine

xOdiumNostrumx

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I used to really admire CZ, but he recently became so painfully arrogant, that it boggles my mind. This recent hack could be a solid reality check for him tho, we shall see. But yes, its great to see that, at least for now, the market didn't react irrationally and there was no major dump following the hack and the Bitfinex tether fiasco. The market sentiment is definitely much better than couple of months ago.

Topic: Binance hacked. How can this affect altcoin market? - page 3. (Read 1182 times)