Binance Has Been Hacked - Lost 7,074 BTC - page 7.

The Sceptical Chymist

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Quote from: minersday on May 07, 2019, 07:19:04 PM

Its quite surprising to see Binance been hacked with all their security measures and protocols.

Yep, they have more security features on their site than I've ever seen anywhere else. I'm not sure whether I should be surprised or suspicious, if you know what I mean.

Fortunately, the bitcoin deposit I made right when all this shit went down made it into my account and I was able to buy some NEO with it. The problem right now is that I can't withdraw anything, and I don't know when that's going to get fixed. Binance said it should be about a week, but I'm not sure what to believe right now.

Quote from: mk4 on May 08, 2019, 09:15:58 AM

Quote from: izanagi narukami on May 08, 2019, 08:03:52 AM

This is really sad when people already being convince to join crypto but it's still hackable

Your point being? An exchange got hacked, not bitcoin.

You know when you hear somebody say "join crypto" they have no clue what they're talking about.

CryptoLing

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I like how Binance handle the hack. The team is very responsive and also they guarantee that all fund will be refund.
We all know how "another" exchange that was hack earlier this year and the safety of the fund is still unknown...

pawanjain

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Quote from: TryNinja on May 07, 2019, 07:07:56 PM

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.

The concern here is not about the funds stolen but about the security breach that allowed the hackers to steal bticoins from the Binance exchange.
The amount 7k BTC now but it can be a greater amount in the future. Although Binance claims that the funds were stolen from the hot wallet which consisted of only 2% of their balance.
What happened to all those security firms Binance partnered with over the last few months ? I am sure they must be having a hard time now that the Binance is hacked.
Although Binance is concerned about the stolen funds and will use SAFU to recover the funds, we as it's users should be aware that any exchange can be hacked and shall keep only a limited amount on the exchange.

clover12

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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!

mk4

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Quote from: izanagi narukami on May 08, 2019, 08:03:52 AM

This is really sad when people already being convince to join crypto but it's still hackable

Your point being? An exchange got hacked, not bitcoin.

Quote from: izanagi narukami on May 08, 2019, 08:03:52 AM

So what's the point of SHA 256 things when hacking incident keep happen in the future ?

It's like saying what's the point of banking security if people can get robbed on the street? Maybe try listening to what you're saying.

Mpamaegbu

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Quote from: minersday on May 07, 2019, 07:19:04 PM

Quote from: TryNinja on May 07, 2019, 07:07:56 PM

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.

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.

It's really sad this has happened but I don't know why people should be withdrawing their coins after the hack despite the assurance that the lost coins will be covered through SAFU. I am a customer of Binance and I believe it's premature to withdraw my coins at this time. Panic withdrawal is the last thing the Binance exchange needs now. Our support for them should wax strong.

Artemis3

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Quote from: izanagi narukami on May 08, 2019, 08:03:52 AM

This is really sad when people already being convince to join crypto but it's still hackable

So what's the point of SHA 256 things when hacking incident keep happen in the future ?
With those amount, I'm sure there will be downtrend very soon

Bitcoin was not "hacked", that exchange ~~was~~ might have. It was ~~them~~ people failing to protect their ~~exchange~~ funds, not a flaw in Bitcoin. Blaming it on Bitcoin is irresponsible at best.

Edited In case it was a phishing/malware attack performed on users and not an exchange security fault.

CoinEraser

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Unfortunately you can see again through this hack that no system is really safe and everything and everyone can be hacked. Although the hack is certainly a shock moment for Binance, but through SAFU fund will certainly make everything go well. I'm sure Binance will handle the hack well and it shows, that not every hack in the Bitcoin world will end in a disaster.

izanagi narukami

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This is really sad when people already being convince to join crypto but it's still hackable

So what's the point of SHA 256 things when hacking incident keep happen in the future ?
With those amount, I'm sure there will be downtrend very soon

Artemis3

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Quote from: mk4 on May 08, 2019, 05:36:08 AM

The people who love to leave funds on exchanges unnecessarily for some reason are very lucky that Binance is going to cover the losses.

Jeebus. CZ actually thought of trying to convince miners to do a re-org.

Tweet link: https://twitter.com/cz_binance/status/1125996194734399488

This from their twitter:

Quote from: CZ Binance

After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:

Pros:

1 we could "revenge" the hackers by "moving" the fees to miners;
2 deter future hacking attempts in the process.
3 explore the possibility of how bitcoin network would deal with situations like these.

Cons:

1 we may damage credibility of BTC,
2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge.
3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds. We should own up it. We will learn and improve. As always, thank you for your support!

And as someone correctly pointed out (in the second comment):

Quote from: https://twitter.com/cz_binance/status/1125996194734399488

Melik Manukyan

🌮You didn't decide not to, you realized you cannot.

CZ Binance

‏true that too, that's what Jihan advised/educated me on too. I trust his advice.

Simon Dixon

Why would you even consider it? If Binance can re-org Bitcoin we might as well all get out of crypto as JP Morgan and the Fed could too.

Cicero

‏people still don't understand the value of immutability, the whole point is people shouldn't cover others stupidity

Spartanec

It's scary that you considered rollback option on #BTC chain.

CZ Binance

‏would be very hard to pull off anyway, not for $40m. Most miners will not "centralize" together just for that. But it was suggested by some great minds, we learned, considered, and decided not to pursue further.

What is exactly in the mind of these people, Reorganize Bitcoin? Just what those millionaires think they are, lol it took their fellow Jihan Wu to straight them out... (Ie. "I tried but failed...").

Also they should learn from Ethereum when they did that grave mistake that split their blockchain forever...

"Not for $40m"... So they haven't learned their lesson. Some millionaire out there still thinks he can pull off a Bitcoin reorg if he loses some more. Thanks their leniency they "just" losing $40m... What amount would it warrant them doing a fork, or would that be a 51% attack?

mk4

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Quote from: Naida_BR on May 08, 2019, 07:20:53 AM

I think that hackers are going to exchange this cryptocurrency amount to fiat instead of hodling.

Unlikely, if the hackers are smart enough. Trying to sell the BTC for fiat is going to be very difficult for them due to the blockchain's transparency. Selling the stolen BTC on exchanges is already out of the equation. The only chance they have for now is to sell it peer to peer in person, which is another risk, as the buyer can easily report them to the authorities(if the buyer is aware that the funds are stolen).

Naida_BR

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Quote from: tk808 on May 07, 2019, 07:05:34 PM

rip 7k btc.

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 is nice that the #SAFU fund is going to be used and Binance will cover the losses, but I believe that there will be a big drop in bitcoin price and in market capitalization. I think that hackers are going to exchange this cryptocurrency amount to fiat instead of hodling.
It is not safe to store your coins in exchanges but always some amounts will stay there that traders need to store there for their activities.

mk4

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Quote from: naomi-the-cat on May 08, 2019, 05:54:15 AM

Looks like hacking a crypto exchange has become so easy nowadays that no security system can guarantee that funds will be #safu.
I feel uncomfortable with that.

It's definitely not easy, but it was never impossible. A top exchange with holdings of a significant amount of bitcoin and cryptocurrencies in general, a security breach is almost inevitable due to the number of hackers trying to break the system. "Not your keys, not your coins".

naomi-the-cat

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Looks like hacking a crypto exchange has become so easy nowadays that no security system can guarantee that funds will be #safu.
I feel uncomfortable with that.

mk4

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The people who love to leave funds on exchanges unnecessarily for some reason are very lucky that Binance is going to cover the losses.

Quote from: adaseb on May 08, 2019, 01:33:37 AM

I think the most panic was caused when he mentioned that he will "rollback" the blockchain. Basically a friend told me this and I assumed he must of heard incorrectly, but he said actually that the owner of Binanace will rollback the blockchain to get the funds back, I started laughing. After some reading I realized that it was actually true.

Rollback what blockchain? BTC was stolen right? Not BNB. Or do you actually mean rolling back bitcoin? What the hell?

EDIT: Jeebus. CZ actually thought of trying to convince miners to do a re-org.

Tweet link: https://twitter.com/cz_binance/status/1125996194734399488

The Cryptovator

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Besides of bitcoin uptrend, hacker become active now. It's not really small amount for Binance. Almost 2% of total bitcoin has been hacked. Anyway this was unexpected incidents and feeling sorry for that. Although it's not very hard task to recover fund for Binance but there is question about security system. Is Binance security system was weak? However, glad to hear that Binance will not touched users amoumt regarding this hack. So users fund is safe almost. It would be better if we change ours account details. Who know which account controlled by hackers?

wumBowo

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Quote from: BlackPanda on May 08, 2019, 03:47:48 AM

This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

by looking on current price movement, looks like its not affecting the price significantly.
CEO of Binance act properly so the panic attack is still on under control and not causing a big chaos.

FedoraTheExplora

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Quote from: iv4n on May 07, 2019, 11:57:56 PM

Interesting tweet from Justin Sun:
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
https://twitter.com/justinsuntron/status/1125932499761225728

This is interesting moment in crypto, social networks are on fire, all in all CZ has a pretty good public appearance. He have a lot of support from other big players, exchanges, etc.. Interesting moment, that`s all, there`s no need for any panic, they have much more bitcoins in their wallets, and this is the amount they will earn in next couple weeks, months. It`s nice how CZ is handling with this situation, he is posting updates every couple hours.

Expressing the deepest respect and support to Binance management, as it is going to be recompensed. Being in crypto makes everyone think about safety and trust daily.

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Quote from: wumBowo on May 08, 2019, 01:43:40 AM

Quote from: DarkIT on May 08, 2019, 12:39:21 AM

Quote from: bonker on May 08, 2019, 12:28:00 AM

Quote from: wumBowo on May 08, 2019, 12:15:32 AM

~~

I hope this can be overcome. well, binance is one of the best exchangers. I think they can overcome this. It is only natural that at the moment they are locking the activity inside, to repair leaks. but, it was very good when they said that there would be no funds from members who were reduced.

yeah i trust them, already using binance over a year and it's the best exchange i have ever used.
Based on their announcement it should take up to ONE WEEK.
Still pretty long time to go

learned from several exchanges hacking, binance problem didn't make me worry at all.i am believe binance and team could solve this problem without harming their customer.moreover CEO Tron will deposit equal amount if CZ allowed him.

BlackPanda

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This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

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