Topic: Binance hacked. How can this affect altcoin market? - page 9. (Read 1177 times)
I never thought I'd see a day that binance exchange will get hacked but I guess am so wrong ,nothing is impossible to hack it seems ,anyway today I read on news that tron CEO is willing to return 7000 btc to binance to replace the stolen btc even if this doesn't happen 7000btc is not enough to shake whole binance
What do you mean by affecting the altcoin market? Bitcoin was what the hacker took so you should be talking about general market not just altcoin most especially the Bitcoin market that the hacker may tamper with trying to sell low or something
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Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-UpdateNothing to worry to the Binance traders.
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
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?
Bad news, because this BTC will be sold soon on the market and it will affect on BTC price huge. But I am sure that Binance is still #1 and now a good chance to buy BNB for the low price.Will this event affect altcoins?
Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-UpdateNothing to worry to the Binance traders.
7000 BTC or about $45M in bitcoin is a very large number, i dont know why hacker can stole this from binance and transferred in one transaction. I think Altcoin and Bitcoin will be dumping in a week because of this Bad News. But CZ says, all fund are recovery by SAFU fund
A quite huge number of bitcoins. But what I noticed, it didn't trigger the price of Bitcoin when the Hack happened, it didn't dump too hard.
If you convert that amount of Bitcoin, it is around $40m. But the market cap didn't even trigger, it should be a FUD, but the market holds.
This is the transaction of transfer, it is just one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
If you convert that amount of Bitcoin, it is around $40m. But the market cap didn't even trigger, it should be a FUD, but the market holds.
This is the transaction of transfer, it is just one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
$7000 BTC were stole and that's a lot of funds. Binance took a right way to use SAFU fund to recover all of loss. This decision is what made the hack didn't give a big impact to the price. They are also supported by Coinbase and QuarkChain in this problem. Nothing to worry!
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?
Already they explained that no user funds will be affected and also the lost amount is not much big for them so it is not going to affect the market much but I saw that there is a slight dump on the bitcoin prices lately which might occured due to this.Will this event affect altcoins?
If you are holding your money into any of your exchanges then please move it to a wallet to avoid any losses in future.
This is very bad news for the entire crypto market. Let's hope that the Director of the exchange will return the funds to its traders and how to explain the situation. Otherwise, it will have a negative impact on the price of cryptocurrency and trust .
Ok one thing i dont get from this is :
They are saying that "hackers" got API keys - account logins together with 2FA codes through phishing, malware etc.. OK
Than they are saying that hackers withdraw 7K btc in one transaction from their BTC HOT WALLET ONLY ! What ?!
If hackers got ahold of api keys and account logins there would be numerous transactions where they would have to login or use the API keys to make a shitload of withdrawals etc...
Also users would have complained by now for the missing funds and unuthorized withdrawals etc
If they had access to the hot wallet than the whole hot wallet would have been emptied not only 7K ..
+ a sudden BNB pump in the last month ?
The whole explination is sketchy
They are saying that "hackers" got API keys - account logins together with 2FA codes through phishing, malware etc.. OK
Than they are saying that hackers withdraw 7K btc in one transaction from their BTC HOT WALLET ONLY ! What ?!
If hackers got ahold of api keys and account logins there would be numerous transactions where they would have to login or use the API keys to make a shitload of withdrawals etc...
Also users would have complained by now for the missing funds and unuthorized withdrawals etc
If they had access to the hot wallet than the whole hot wallet would have been emptied not only 7K ..
+ a sudden BNB pump in the last month ?
The whole explination is sketchy
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?
Bad news, because this BTC will be sold soon on the market and it will affect on BTC price huge. But I am sure that Binance is still #1 and now a good chance to buy BNB for the low price. Will this event affect altcoins?
It is high time the exchanges started monitoring the activities of their own staff. Some of these reported hackings of the exchanges might be an inside work. In addition, I don't think the binance hacking will have a negative impact on the altcoins.
I think so, too. An exchange like Binance with massive volume and a massive infrastructure to handle this volume invests a lot of money in securing their infrastructure, too. You wont be able to hack them without in depth knowledge of their network infrastructure and eg. passwords to access certain servers. 
I think the crypto market has been a little affected by this news. But not everyone is awake to see this news. We should see what the traders are really going to do. I don't know how they can be certain that there was only 7000 lost BTC? How can they be sure that the BTC were withdraw by hackers? Does some people found an anomaly and announce it to Binance? For me, it is a mystery that in one night you immediately can assess the loss. The hackers did use only one computer to access all hacked accounts? Or maybe the hack did occurs since a certain time ago.
The price seems not to be affected, whether bitcoin and altcoin because CZ said that they are to covered everything that their customer has lost.
The only effect is that deposits/withdrawals are temporarily halted at this time and we don't know when it will be open to public again.
So no need to panic here and let's continue the growth that we have been witnessing in the last two months or so.
If someone has funds on Binance, then just be patience as I'm sure they will release an official statement when do to go live again.
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?
It is high time the exchanges started monitoring the activities of their own staff. Some of these reported hackings of the exchanges might be an inside work. In addition, I don't think the binance hacking will have a negative impact on the altcoins. Will this event affect altcoins?
I think the crypto market has been a little affected by this news. But not everyone is awake to see this news. We should see what the traders are really going to do. I don't know how they can be certain that there was only 7000 lost BTC? How can they be sure that the BTC were withdraw by hackers? Does some people found an anomaly and announce it to Binance? For me, it is a mystery that in one night you immediately can assess the loss. The hackers did use only one computer to access all hacked accounts? Or maybe the hack did occurs since a certain time ago.
The effect on altcoins will be mild and temporary. I think the market has priced in the hack already and Binance insures its customers with a separate fund. Hacks are a norm in the industry given the digital nature of it. Think about robberies and traditional banking. They have not dissuaded people from using the neighborhood bank.
And we though this exchange is stronger than ever, it only means nothing is safe when its online. But the amount is just too few though, 7000 BTC might affect a slight dive but there seem not much. Though the BNB is being dumped, it would be a good chance to BNB for guaranteed profit.
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.
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?
This will not have any direct bearing on Bitcoin and altcoins. But this can undermine the trust and confidence for Binance which is supposedly a hack-free operation being the most famous and the most used cryptocurrency exchange platform on the market today. This is just a big testament to the reality that not a single player in this market can be safe from sophisticated and nearly genius hacking intelligence of some people who are using what they got to create mayhem online. Good thing that Binance is able to detect the hacking and the damage is contained...for sure this can not paralyzed Binance.
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