Binance hacked. How can this affect altcoin market? - page 5.

Juggy777

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Quote from: ivan1975 on May 07, 2019, 10:38:18 PM

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

@ivan1975 there’s no effect on the alt coin market post the hack news as Binance user funds are already secured in SAFU, so all users shall recover their funds in coming days. The only downfall is that deposits and withdrawals have been suspended on binance, leaving users with no access to their funds. It’ll be interesting to see how Binance proceeds from here, and how it’ll try and win back it’s users trust.

EdvinZ

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Hacked the largest cryptocurrency exchange. I think that the necessary security measures will be improved and the platform management will make the right decision. Indeed, such a large negative news did not affect the course of Bitcoin. It seems that investors understand that this situation has happened earlier on other platforms, and that these are the risks that they take when they invest their money.

strunberg

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Quote from: ccsang on May 08, 2019, 09:52:08 PM

Quote from: Moore234 on May 08, 2019, 06:50:14 PM

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

Look like cryptocurrency market don't affected at all and market is stable right now, BTC price is continues rising. I think main reason is binance announcement that SAFU fund for recovering the loss of $40 million for users, most important is binance is top cryptocurrency exchange and investors have confidence in it.

i think investors and trader already insusceptible at all for exchanges hacking .they didn't panic anymore with bad condition in market.the thing that make market continue rising was binance's ceo statement that said all customer fund are safe.

ccsang

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Quote from: Moore234 on May 08, 2019, 06:50:14 PM

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

Look like cryptocurrency market don't affected at all and market is stable right now, BTC price is continues rising. I think main reason is binance announcement that SAFU fund for recovering the loss of $40 million for users, most important is binance is top cryptocurrency exchange and investors have confidence in it.

shesheboy

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Quote from: Ghost_1957 on May 08, 2019, 08:13:39 PM

I think it won't affect much. The news is hacked but the BTC still touches the $ 6000 mark.

I heard that btc's have been recovered ? That maybe the reason on why btc still continue's to increase . i also heard that binance users didnt lost their funds in which i think this still gives them a confidence to trust and continue using binance . that is another reason on why the btc and the crypto market still continue to increase . however i think the hacking incident will leave a trauma to some users and they will start to think that its not safe to store their funds on an online exchange .

Quote from: Ghost_1957 on May 08, 2019, 08:13:39 PM

Or this is just a trick for binance to be trusted to invest in, which affects crypto

If that is true then that is a good idea to attract more crypro investors to hope in and join the ride . this can lead to more price hike in the upcoming days , weeks .

Ghost_1957

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I think it won't affect much. The news is hacked but the BTC still touches the $ 6000 mark. Or this is just a trick for binance to be trusted to invest in, which affects crypto

waynechong1995

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swing!

That's alot of money and I believe binance will eventually come out with a different security measure for its user to prevent such cases. Yes it doesn't tension the alt investors cause their assets simply too sensitive. Look at binance itself it doesn't suffer too much drop but rather an 1 hour recovery. Investor would look at a bigger picture though

Moore234

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They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

qmclak

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No , Because binance covered all the loses from SAFU. Unlike the other exchange that got hacked and they don't do anything at all like bancoor, cryptopia, coinrail, bitgrail.Atleast binance stand still.

aylabadia05

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Hopefully that doesn't affect the altcoint. This is the latest case of theft in the case of reporting that occurs in the worldwide cryptocurrency exchange.
Worse yet, Binance himself admitted the hackers were able to get important user information, such as API keys, two-factor authentication codes, and other potential information, needed to enter the Binance account.

tabas

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If most of the pairs in the market is with BNB, I'm sure that it had took an effect in the market. But by looking at the market again, looks like there's not much effect because BNB still stands by $20 and the whole market cap is still standing to $187B.

Jenkins33

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I do not believe that such a cool stock exchange is so easy to hack. Perhaps a ban on withdrawal and deposit of funds is connected with something else that we are not told about yet.
However, I began to worry about my funds on this exchange.

macshad

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The impact on altcoins will be gentle and transitory. I think the market has estimated in the hack as of now and Binance safeguards its clients with a different reserve. Hacks are a standard in the business given its advanced idea. Consider burglaries and customary banking. They have not deterred individuals from utilizing the area bank.

evenotto

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I think the effect will not be very significant, the price will not collapse.
BNB token was able to withstand the negative pressure, and Bitcoin is also not very bad at this moment

baigreen

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Any hacking has a negative effect. The fact is that people do not like to learn that the most protected exchanges are falling under the attack of hackers. Undoubtedly, this will slow down the growth of Bitcoin for some time.

joinfree

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The inevitable has now happened now i guess no cryptocurrency exchange is secured enough. CZ has been boasting that "Funds are SAFU" Grin

. Not to say that i am happy about this incident but in this industry don't really make news about yourself because as the attention is being drawn to you so are the dangers of hacking also getting closed to your doorsteps.

The market has already started declining due to this issue and altcoins are bleeding real bad!

traderethereum

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The market still going on and I think that does not give a big effect to the other market especially for the altcoin market.
Besides that, I think traders are not panic too because they are sure that binance can handle the problem and all the traders need to do is stay focus on their trade to make more profit.
We only hope that in the future, binance can secure their website so that the problem will not happen again in the future.

The Cryptovator

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I don't think it will effect much on others alt coins. But seems Binance (BNB) coin dump hard after hacked exchange. As usual altcoins already dumped due to bitcoin up trend, so I have not noticed any big effects on others coins. This is(hacked amount) big for binance, but its not very big amount for total crypto markets. However, this is negative impact for binance, not for overall crypto markets. So we should not think too much about it.

Terrmit

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In any case, the hacks of major exchanges show us that the system is not flawless. And ultimately, hackers attack exchanges. Binans can afford that. But what about the other exchanges?

forexandcryptoauditor

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As per the statement from Binance CEO, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings. And there was no impact to users wallets. So dont think users have lost anything.
The thing we have to see here in this case is that hackers also got google authentication codes to withdraw this massive mount of $40 million. How its possible? Binance is always emphasizing on its security and presenting it to users to increase the confidence.
As a workaround and further investigation, now Binance has stopped deposits and withdrawls but we need to be very careful storing our assets with single exchange.

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