Topic: Binance Has Been Hacked - Lost 7,074 BTC - page 4. (Read 1644 times)
Losing 7,074 bitcoin is very sad for Binance, we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.
It's sad for Binance. It's sad for newcryptocornes... Looking to learn and to trust. Binace had been making a good reputable work to push whole community forward. However. The whole community should learn about this transaction.... I'm quite glad this happened (not because someone is loosing BTC) but because this is how we see how truly BTC is. BTC can not distinguish if is some bad, "hacked" transaction. It just does what it has to do, It is the purest of the system. In any mistake there is always something to learn
Best wishes for binance, and binance traders, newcorners aswell
LOL, so you have issue with Binance? I can also see that Binance is declining in value while Bitcoin is gaining more momentum; probably people are beginning to sell their altcoins in Binance wallet for Bitcoin.Best wishes for binance, and binance traders, newcorners aswell
We can now see why bitcoin will always be king of these cryptos, why is it bitcoin that came to their mind first when thinking of selling their altcoins? They would have as well changed it or swap it for other coins and send to an ether wallet, but they probably chose bitcoin first as the most reliable. We can also see from this that some altcoins are the reason why money is not flowing into bitcoin market the way it should, now we are taking our money back.
This is terrible news especially because its coming from such a reputable exchange. Its fair to say that exchanges will always be targeted and that losses will occur. As such, exchanges should offer insurance and it looks like Binance are well versed to cover this which is good to see. Ultimately most fintech companies (not just Cryptocurrency/Blockchain related) are targets to hacking/theft every day.
Binance has been considered one of the safest exchange out there. If hackers can penetrate with all the security measures then it proves that much more needs to be done to secure investors funds.
After this attack, Binance definitely needs to add other security features to make everyone's withdrawal safe. This will happen the week after Binance has official announcements on this issue. In the meantime, consider investing in altcoin which is present in this exchange because the loss of 2% of the BTC has caused this market to have a huge decline. Anyway Binance still guarantees assets for customers so I won't worry much about thisHuge decline on Altcoin market? I don't think it has something to do with the hack.
The decline was cause by smart investors moving their funds to bitcoin. Haven't you check the dominance of bitcoin as of lately? Close to 60% now, which means that the they are all moving to bitcoin ecosystem.
As for the addition of security features, I saw CZ tweets that his people hasn't had that much sleep in the last couple of days, so I'm sure they are working hard on the security as of this moment.
the altcoin dumps is mainly because of bitcoin price rise, I agree there but also there are many cases of some of the big coins that the dumps are because they were recently pumped (a small pump but still a pump) and they needed to be dumped and the bitcoin price rise was like the ignition that kick started that dump.
as for Binance's tweets, it is mostly to keep their users calm and prevent a small part of the panic withdrawal and sell attempts that has been going on ever since the hack news came out. otherwise the hack happened and they lost $40 million, it is too late to have sleepless nights to increase security.
Now the team has come up with a better and safer security system which can help them to get over from the situation like this. According to the time they have to increase as much security which cannot get hacked. I strongly hope now the team has started taking massive actions towards its security issue and they will come with the most secure system. As well they will take care of this thing to never take place in the future.
rip 7k btc.
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
This is really worst thing happened with Binance and due to this incident many users get worried as well as concerned about their funds. Now there are many questions has appear in traders mind about their funds. If the exchange like Binance is hacked then users might be get affected due to the horrible news. Binance is the top exchange at the crypto market and there has been done highest trades on a daily basis because there are great traders which has been active on the exchange. Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
And let's not forget some Words of Wisdom from CZ
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
So their trader thinks holding Coins on the exchange is it safe or not. Fortunately Binance is a big exchange and that's why they will recover this amount very soon and overcome the situation by increasing their security level.
I still can't believe that 7 THOUSAND bitcoins were stolen from one of the (if not the) biggest exchanges in the world and the bitcoin responded by going up. Normally, if you look at the previous hacks that are this sized or bigger you would realize that prices usually fall after a big hack happens, this time people didn't cared about it at all and the price skyrocket up. That shows two things about bitcoin.
One is people do not care about whats going on in the corners of bitcoin anymore and look at the big picture and see what bitcoin could be instead of what it is right now. The other is people do not care about small numbers like 7 thousand bitcoins as long as it is not cashed out directly and making a dent in the market, people used to fear about that, now they don't care and brave about it.
One is people do not care about whats going on in the corners of bitcoin anymore and look at the big picture and see what bitcoin could be instead of what it is right now. The other is people do not care about small numbers like 7 thousand bitcoins as long as it is not cashed out directly and making a dent in the market, people used to fear about that, now they don't care and brave about it.
It is said that attack happened from phishing and viruses to obtain a large number of 2FA codes and API keys
Whatever the reason may be for the hack, it has actually sent fear down the spines of the users of crypto. They now know that their wallets are not secure despite 2FA and having the wallet on the best exchange out there. But the market is not affected at all and is the same. The exchange will cover all the losses but I think it will work a lot on its security to make sure things like these never happen again. That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.
Once an exchange gets hacked, it is almost impossible to regain the trust and reputation. Look at what happened to Cryptopia. They are doing their best and they have promised the users that their losses will be reimbursed in the near future. But even after all this, the trade volume is down and it suggests that a number of users have stopped using the platform for trading.
Almost every exchange got hacked pretty much. And within time people still regain their trust and reputation. I think when a hack happens, most people don't care as long as they don't get a haircut of the funds.
When Bitfinex got hacked, people were given shares and eventually those shares were redeemed for almost the entire loss. However hacks like Cryptopia or MtGox got a sour taste because most people still to this day don't have access to their funds.
Binance since they decided to cover the losses, most people won't really care and within a month or so everybody will forget. Right now everybody is focusing on the bitcoin price anyways.
That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.
Once an exchange gets hacked, it is almost impossible to regain the trust and reputation. Look at what happened to Cryptopia. They are doing their best and they have promised the users that their losses will be reimbursed in the near future. But even after all this, the trade volume is down and it suggests that a number of users have stopped using the platform for trading.
The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.
But still 7k BTC is a huge loss. Big exchange such as Binance shouldn't let that happen, I mean they have to increase their security because in 2018 there was also the same accident with hacked stuff. If they don't do anything, then worse case would be happen in the future.
We all know what's Binance is.
I mean Binance is an exchange who has already faced many difficulties and stood alright no matter how much it had harmed the site.
I was also at first completely shocked by seeing all the currencies withdrawal suspended.
But i know they will quickly start to resume their services.
Many people's hope are still on the exchange and they gonna surely make it proved worthy.
Good luck Binance.
I mean Binance is an exchange who has already faced many difficulties and stood alright no matter how much it had harmed the site.
I was also at first completely shocked by seeing all the currencies withdrawal suspended.
But i know they will quickly start to resume their services.
Many people's hope are still on the exchange and they gonna surely make it proved worthy.
Good luck Binance.
That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.
Inside job is all speculation. And as far as I know, this is the first time they've been hacked, so pretty much they have a solid security features. But hackers are always on the lookup for any loophole to be exploited so it's unfortunate that it was binance that gets hacked.
I'm sure they still have their reputation because they are going to covered everything as per their SAFU program.
That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.
Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.
A bad news for crypto world, yes, but I would say not unexpected. Exchanges are very often the target of hackers and I think it's about time to start care a little bit more on security. That doesn't guarantee they will not be hacked because 100% security doesn't exist but at the moment they don't pay enough attention to that.
Still it looks that this time Binance hacking didn't influence Bitcoin price in bad way.
The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.
Yes they can paid that and shoulder all the loss but their reputation have the scratch now, binance failed to secured some bitcoin with this. There’s no safe exchange, don’t put all in with the exchanges because if there’s more exchange to be hacked, some of them will not act like Binance. 
rip 7k btc.
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
And let's not forget some Words of Wisdom from CZ
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
It's really sad that binance also didn't survive from hakers. When many exchange going through this trouble only binance was more secure exchange. but it's hacked also. now personal wallet is the best option now days i think. binance is one of top crypto currency exchange in crypto world. many people trade in binance. so they have to more alert about being hacked.
In that case the security of Binance is not really high to survive from the hacker the good thing in that case CZ will cover the lose which is a big amount of Bitcoin specially for an ordinary people like me.
Exchange site is only for in and out not for storing for long term look at what happen to Binance.
rip 7k btc.
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
And let's not forget some Words of Wisdom from CZ
"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"
— CZ. Jan 15, 2019
It's really sad that binance also didn't survive from hakers. When many exchange going through this trouble only binance was more secure exchange. but it's hacked also. now personal wallet is the best option now days i think. binance is one of top crypto currency exchange in crypto world. many people trade in binance. so they have to more alert about being hacked.
-snip-
Binance has always the upper hand when it comes to securing digital assets so I don't what will happens after this. We can really see the irony of what he said and what happened. This really proves that it is mandatory for everyone to have their hardware ledger cold wallets because hacking is really unstoppable no matter how great the exchange is.
its always been advised for a thousand times that we never should store our coins for too long on an exchange.I do appreciate on what CZ so said here, inspite on making excuses about their
vulnerability he do chose up to give up some words of wisdom which is typically good on my part.
Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.
A bad news for crypto world, yes, but I would say not unexpected. Exchanges are very often the target of hackers and I think it's about time to start care a little bit more on security. That doesn't guarantee they will not be hacked because 100% security doesn't exist but at the moment they don't pay enough attention to that.
Still it looks that this time Binance hacking didn't influence Bitcoin price in bad way.
Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.
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