Topic: Binance Has Been Hacked - Lost 7,074 BTC - page 6. (Read 1626 times)

It could be less or more than a week. As long as Binance itself doesn't know how the hackers managed to manipulate their security measures, no funds will be able to move out.

I like the fact that they have their much memed SAFU fund, but it still sucks because people don't know how long exactly it will take before they can access their crypto funds again. This once again shows that you completely depend on the exchange's mercy to allow you to withdraw. Imagine the stress people go through despite the statement from CZ that they will utilize their SAFU fund.

People somehow thought Binance was a fort knox that would never get hacked, well, they were wrong.

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.

SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.

It’s a self-insurance fund. If they lose up to X BTC, they will cover the loss.

Also, it’s a meme. CZ (Binance’s CEO) said “funds are safu” last year and became a meme.

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.

This is actually bad. This is truly not good because Binance has had a history of greatness in the crypto space since long. According to a report by Binance, Bitcoins worth more than $40million have been stolen in a large scale hack. The hackers had actually stolen API keys, 2FA codes and other information in the attack which means that it is not impossible to decode what a human codes.

most of traders put their crypto asset in exchanges wallet.and this is be main issu at this moment.exchanges must improve their security level into several layers.and we as crypto investors should do preventing action by saving our asset into hardware wallet or cold wallet.

I've been thinking that, too. Many traders of binance will eventually withdrawing and/or pulling out their fund after this hacking issues. The trust and reputation of a big and established exchange like binance are already ruined. Let's just face that. Even if they will gonna repay the hacked amount or repay the btc amount, the issue here is that it wasn't secure at all and that we shouldn't let our btc fund left in any exchange.

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.

That's a good news as they will refill victims funds back to them, that make Binance the best among all exchanges becasue i strongly believe that, this is the first time to hear such a thing, although anyone can prove me wrong either.

Although the security breach in such a big exchange called for questions becasue i believe that such an exchange should have a very tight security to protect the customers funds. Let them increase their internal and external security protocols.

Precisely. Anything and everything online and accessible through the Internet is hackable. There is no 100% hack proof security. It is because we are still humans and can be exploited by social engineering.

Keep your private keys to yourself, only then it's 100% hack proof.

This is literally nothing for binance, do you know how big binance is? For every 100 bitcoin (all altcoins etc combined of course not just btc) traded on their website they get at least 0.05 bitcoin for it, for every 2000 bitcoin they get 1 bitcoin in return, which means every 14 million bitcoins (not just bitcoins I remind you, all trades combined) traded on their website they recoup that money.

Something as big as 7 thousand bitcoins for you and I means absolutely nothing to them. They can recoup that in no time and continue their operation like nothing happened. This "in between time" is only there because they want to stop what the hacker did and prevent it to happen again, that is much more important than the money lost, that could be profited later on but defending yourself for further hacking is much more important.

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).

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?

Its nothing new with this one, I am thinking how it happens and even always in the same scenario's where bitcoin pumps hard then all of a sudden hack news or negative news pop's up. I know this is real but, that's a big question to in my mind. Going back to the topic all exchange is vulnerable to hackers no system is safe. Only humans created binance and so we can expect a human knowledge also can enter and disrupt the security of any exchange. Its good only that binance team who manages the backend notice it faster and prevent hackers for stealing more funds inside the exchange.

To be fair, the tx had 44 outputs to different addresses (that could be 44 different accounts/withdrawals). Maybe the hacker targeted users with a big balance, or something like this. I can’t really know. I don’t even know if what they are saying is true... (I’m giving them the benefit of the doubt here).

Is there something I don't get here? If the stolen bitcoin was from vulnerable user's accounts as they have claimed, why was the withdrawal one massive transaction instead of multiple transactions of varying sizes from multiple wallets/accounts? Am I missing something here?

Phishing and malware are not even Binance's fault. But, the reality might be different.

As for funds still showing, well the thing is you can't move them (in or out). So they may "show" there but that is always true in all bankruns until people actually want to withdraw at the same time. The point of damage control is to calm people so they don't do this, so the bank can cope with the withdraws.

An exchange doesn't really use fractional reserve (or shouldn't) but arbitrarily restricting withdraw does send an alarm, even if everything is fine.

A full reserve bank (or exchange) has never nothing to fear should their clients decide to withdraw. If it is what they claim only 2% is lost and their earnings are well above that then sure no problem. The fear is of course if they are telling the truth, because if the situation IS worse i doubt they would disclose it, precisely to avoid the run.

For the time being everyone has to renew their API keys, trading within the exchange is the only thing you can do for now.

We can only hope they are telling the truth and are not going to pull another nicehash stunt. But the community has every reason to be concerned.

Thankfully the vast majority of the funds are protected on cold wallets, as they should, and only a minuscule fraction (2%) was hot for daily transactions, which is what they claim was stolen.

Exactly, but this is what Binance is saying, this is their official statement. I don't have any reasons to distrust them, but such it's very fragile situation. I agree with the fact that they should block this withdrawal or be prepared for it.

There was no “hack invasion”. The article says that the hacker got a big number of API and credentials from users by using phishing attacks, virus and other methods. Thus, the big problem wasn’t on the exchange, but on the users. The part which was Binance’s fault is that they couldn’t block the massive withdrawal of 7k BTC before it happened.