Topic: Binance Has Been Hacked - Lost 7,074 BTC - page 5. (Read 1644 times)
It is said that attack happened from phishing and viruses to obtain a large number of 2FA codes and API keys
No exchanges are ever safe. as a matter of fact, this is just the beginning. something needs to be done about these hacks. some one suggested introducing the ability to revere transactions. for that to happen, 51% of miners must support it. but this will open the doors to more disastrous problems which are unforeseen. the hackers would have made away with more, had most of the funds not being on hardware wallets. I hope something is done and fast. till then, what Cz said is true; the decentralized nature of blockchain means that the security of your funds is in your hands. never put all your eggs in one basket.
Personally, I believe that hacking has just begun. it's beyond a reasonable doubt that the reason why hackers have been under the hood was because of the bear run - hacking has not been profitable for them. now that the market is gaining momentum, there would be problems. this is because of the fact that the price of btc will make hacking extremely profitable for hackers. it takes hackers millions of dollars sometimes to hack exchanges. so expect the levels of hacking to increase 10 folds when the markets go back up. I personally will be very careful with exchanges this time.
I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
It’s a self-insurance fund. If they lose up to X BTC, they will cover the loss.Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
Also, it’s a meme. CZ (Binance’s CEO) said “funds are safu” last year and became a meme.
Well, it is a good thing they have that sort of self-insurance policy in place for users, it reduces the rate at which people will panic when such circumstance occurs, but they need to continue encouraging people to keep their fund safe in their wallet themselves, instead of storing their coin on the exchange wallet, so they don’t keep paying heavily for what they know nothing about, imagine that the hacker stole over 50,000 btc through them,would that not lead to bankruptcy?
From the same link you posted above:
I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that? Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
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.
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. 
Really bad news. Its make me more worry now. I still has some BTC in an exchange I think I should move it now. The fight again hackers will never end. Even big and famous exchange like binance has been hacked too. Government should help to decrease the number of cybercrime, so police should catch the hacker who did this.
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
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.
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.
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.
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 this
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
Best wishes for binance, and binance traders, newcorners aswell
Without reading this forum message. I never would known of the hackings. Then logged into my Binance account, my funds are all sitting still there! 
I also just heard this news from this forum, if I didn't read this maybe I wouldn't know about this news, my question is whether this will affect the price of bitcoin in the next few days?It affects but not the effect we are expecting because bitcoin seems to be mooning after the Binance Hack.
As an investor, should we say good job Binance?
All we want is just for Bitcoin to rise and it happened, and still happening now.
I'm retty sure someone is enjoying their cocktails in the Caribbeans at the moment. Nonetheless, it's quite impressive how much money 2% of binance makes.
Without reading this forum message. I never would known of the hackings. Then logged into my Binance account, my funds are all sitting still there!
I also just heard this news from this forum, if I didn't read this maybe I wouldn't know about this news, my question is whether this will affect the price of bitcoin in the next few days?
From the same link you posted above:
Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
In as much that their security has been breached, people are not concerned about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.
Nothing is fully secure online, if you really care about your funds then don't put them on exchanges for a long time.
Btw I am glad to hear this statement above that "No user funds will be affected", this is what a reputed and trusted exchange should do.
From the same link you posted above:
I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that? Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
Binance pays 10% of it's trading fees to keep the SAFU active. For more info on SAFU refer the below link.
https://www.binance.vision/glossary/secure-asset-fund-for-users
This is really sad when people already being convince to join crypto but it's still hackable
Hacks are not limited to crypto-currency exchanges. Every day, the bank accounts and credit cards of millions of people get hacked. Obviously these incidents don't get much media limelight, as they are considered as nothing out of the ordinary. Money is not safe if it is stored in third party storage, such as banks (in case of fiat) or crypto-exchanges (in case of BTC).
Exactly, the most priority we are going to lose if we store them in Banks, Cryptocurrency exchanges etc. It is not safe even we store them in our house too, we cannot blame anything but we should secure ourselves in order by holding the money and providing some good security to it. Keeping them in the third party has much higher chances of loss compared to with us.
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.
I observed lately that many news report about this incident spread like a wildfire in social medias which definitely got a bad side for both parties (Binance itself, customers and future investors) because money is not the only one which is lost here, their good impression to the people was affected as well. Anyway, Yes! We all knew that the Binance is on the top of the pyramid when it comes to exchanges but it doesn't mean that they are perfect already. Committing mistakes is inevitable, the important thing is they try to make up on the damage they've been made. The following quote posted by 1Referee is the best to describe the current situation
, I agree on it. People somehow thought Binance was a fort knox that would never get hacked, well, they were wrong. 
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