This whole fiasco shines a light on how centralized and how terrible the governance is in the BTC community. The possibility of a "re-org" and rolling back a transaction is in itself disastrous to BTC long-term. The fact that Lubin would even entertain a discussion of this being a possibility severely cuts at the trust of immutability.
When (not if) BTC falls from its top position using the flawed market cap #'s will it still be called the "altcoin market"?
Topic: Binance hacked. How can this affect altcoin market? - page 6. (Read 1160 times)
Binance said that they are going to repay the lost funds and they responded immediately. I think they did exactly what needs to be done in a timely response. I also found it interesting that one of their compliance firms CipherTrace responded in how the hack may have happened due to a two-factor authentication rather than a three.
Read it here: https://decryptmedia.com/6930/binance-hack-security-breach
Read it here: https://decryptmedia.com/6930/binance-hack-security-breach
I think, what binance is doing now is right. they will return the lost funds, I like that. but if it's about the impact caused by the 7000 btc missing, I don't think it will affect the market. You know the daily volume of BTC is bigger than that so don't worry.
Actually it does not. A scenario that is less expected on my part. Since, when there is an exchange that is hacked, the price of different coins especially bitcoin is going down. Unlike this one, 7000 BTC was stolen but the price did not go down IDK why.
Because it's not enough to move or to create any huge impact around this market, it's just doing nothing inside, binance already doing it's very best to make sure that their business will not be ruined by this hacked news but just to continue working with the security of their platform. 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?
Will this event affect altcoins?
I don't think it will have much effect, because the coin hacked is not altcoin, the effect would have been severe if it was Ethereum that was hacked.
Actually it does not. A scenario that is less expected on my part. Since, when there is an exchange that is hacked, the price of different coins especially bitcoin is going down. Unlike this one, 7000 BTC was stolen but the price did not go down IDK why.
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?
Thats a sad news but i think Binance can still handle the present situation, My IT Engineer friend was told me that no such thing as safe in the Internet everything has subjected to any vulnerabilities thats why its better check the security from time to time. and Binance this time was the new victim. Will this event affect altcoins?
Just interesting reading about this hack: https://twitter.com/ProofofResearch/status/1126043610787532801
Not everything is so clean in the kingdom of the CZ.
Not everything is so clean in the kingdom of the CZ.
I don't think that will only affect the Altcoin market but the entire market at large. Maybe but that's not certain
well the prices of altcoins are in stable and also bitcoin, it doesn't affect the market and as you can see bitcoin is slowly increasing, seems bitcoin trying to reach $6000.
Or maybe there was no hacker? All this performance is played out in front of us.
A CZ is a good good director, pulling the strings.
Who knows the whole thing.
A CZ is a good good director, pulling the strings.
Who knows the whole thing.
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?
Will this event affect altcoins?
After having this information, we all see the price of all coins almost unchanged. Only the price of BNB is the highest reduction of 8%. However it is gradually recovering. That proves that investors are very confident in Binance. Enter Binance's team and short-term resilience.
And I'm also an investor on BNB so I believe it will return right this week
It is troubling, Binance is known for being secure and reliable.
I guess in the end, if a hacker is gonna hack, they will find a way.
Kind of like in airport security.
Even with all these security measures, if someone wants to hijack a plane, they will find a way around it.
Interestingly, the market hasn't really been affected that much.
Yes, it is down, but btc hasn't changed too much.
BNB got hit hard, but it has been pumping a lot so correction is natural.
The good side is, binance is still a shining example on how to deal with stuff like this.
They are transparent, traders will be reimbursed, and they responded quickly.
I guess in the end, if a hacker is gonna hack, they will find a way.
Kind of like in airport security.
Even with all these security measures, if someone wants to hijack a plane, they will find a way around it.
Interestingly, the market hasn't really been affected that much.
Yes, it is down, but btc hasn't changed too much.
BNB got hit hard, but it has been pumping a lot so correction is natural.
The good side is, binance is still a shining example on how to deal with stuff like this.
They are transparent, traders will be reimbursed, and they responded quickly.
It seem no one is really safe from hackers as long as they are hosted online, The hack is unlikely to affect the market, although it is huge but it is unlikely to adversely affect binance operation or the market in general
Exchange sites getting hacked does not effect the altcoin market in many ways. I think it would only affect the exchange site itself probably the customers will have trust issues with the site especially when the exchange sites does not compensate with the people's loss. Exchange sites getting hacked is one of the things that we should become wary of to be honest.
Apparently, CZ's safu will have enough funds to cover for all the lost bitcoin. Affected users can resume their activities normally. TBH, the sharp decline of BNB when that happened was kinda expected. However the way CZ handled the situation was nothing but excellent hence we see that the market isn't affected much.
hacking against the exchange will have a varied effect. if the target of hacking from a large exchange such as binance, of course this will have the effect of fearing the users. They feel that investing in the crypto market is not safe. But, this effect will be forgotten as Iconoclast says.
The effects, if any, will be short term and quickly forgotten. We have seen lots of big hacks in the past and they only knocked down prices in the short term and after a week or so everything was back to normal. The only people who will suffer long term are those that had their money taken. If they continue to invest they will likely not keep their investment on a exchange. But the rest will learn nothing from it and will continue to keep their money on exchanges where they can be hacked and stolen.
I think it has little impact in altcoin market. CZ is smart enough to setup SAFU that will cover the fund of exchange depositor if hack like this happen. It is clear that all the fund is safe and sooner or later, Binance operation will resume. As of the Hacked BTC, I think it wont be move soon probably hacker will wait until the issue cools down and dump it to the market. So we won't be seeing any effect of the hacked BTC being sold.
Hmm, maybe Bitcoin SV CEO Mr Fake Satoshi has a fingerprint on this hacking news? I don't think it just happened with coincidence. Running a big exchange requires to manage a huge team but this team failed to keep everythin under control.
In my opinion, this is bad news if Binance is hacked. because Binance is one of the biggest markets. with events like this, a large possibility will have a negative impact on the altcoin market. Hopefully, Binance can find a solution after the problem has befallen them.
Jump to: