Binance Has Been Hacked - Lost 7,074 BTC - page 8.

wumBowo

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tozex.io

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

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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

adaseb

legendary

Activity: 3808

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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.

No idea why CZ would say that. Since its probably not possible to rollback the blockchain or even potentially dangerous because it would make Bitcoin more centralized and might destroy it.

I remember when BItfinex was hacked a few years ago, much more coins were stolen and they never suggested to rollback anything, because its a crazy idea to even think that.

Jating

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Quote from: nc50lc on May 08, 2019, 12:23:06 AM

Looks like last year's "Funds are SAFU" meme will be revived because of this.
User's funds aren't affected, stop the FUD specially if you didn't have an account in Binance Tongue

Right, Binance claim that everything is covered thru their SAFU so I don't know why people are in a panic or just plain stupid and claiming that this is FUD.

Deposits and withdrawals are halted, which obviously is the best thing to do before they re-assessed everything and look at what went wrong.

And for those who are holders or has account on Binance then just wait till everything settles down and I'm sure Binance will soon open up again because that is their business.

DarkIT

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

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

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses Cry

.
Hopes it recover ASAP

There will be an announcement soon from the binance side because they are the most traded exchange so even if they are locked for a day they will face huge losses.

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.

legendster

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www.V.systems

Quote from: serjent05 on May 07, 2019, 11:32:26 PM

It is not a FUD, it is a hack. We cannot remove the possibility of self orchestrated hack to showcase their SAFU. Thus, increasing people's trust and believe that their fund is secured through SAFU. Which we can call a marketing strategy plus free advertisement about their SAFU.

Interesting, this also means that they'd have to clear all traces of the 7k btc's movement in or out of their system. Which is very hard to do. But then again with billions at disposal, hard becomes easy.

bonker

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

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses Cry

.
Hopes it recover ASAP

There will be an announcement soon from the binance side because they are the most traded exchange so even if they are locked for a day they will face huge losses.

nc50lc

legendary

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Self-proclaimed Genius

Looks like last year's "Funds are SAFU" meme will be revived because of this.
User's funds aren't affected, stop the FUD specially if you didn't have an account in Binance Tongue

wumBowo

sr. member

Activity: 770

Merit: 298

tozex.io

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses Cry

.
Hopes it recover ASAP

bonker

hero member

Activity: 784

Merit: 502

The hacked amount is merely nothing when compared to their total trading volume or funds in their wallets but this will affect their reputation slightly.They need to increase their security as much as they can or else they will be in the down fall sooner.

iv4n

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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.

feryjhie

hero member

Activity: 882

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Quote from: miningguru on May 07, 2019, 08:31:50 PM

Quote from: bL4nkcode on May 07, 2019, 08:14:25 PM

Quote from: alexey14 on May 07, 2019, 08:10:48 PM

Maybe Binance hack was an exit scam.

I would agree if the lost/hacked funds were above 50% of their total funds including hot and cold wallets, but it's merely 2% of their btc holding, regardless its bnb tokens and other coins as per mentioned on the article.

Oh! They lost the money in terms of other coins not the bitcoin, but already they promised they are going to give those fund to the people who lost. That's why i like mostly Binance exchange they will care more about their customers.

as i just read the blog post and it's written that the funds lost just a bitcoin there is no other coins that lost from binance

serjent05

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Quote from: alexey14 on May 07, 2019, 08:10:48 PM

Maybe Binance hack was an exit scam.

It is impossible. They are on their peak atm. If they exit they would have lost billions of possible income from their business. Beside they just started their "DEX" exchange so exiting is not in their line of thought for now. Tongue

Quote from: duyduc256 on May 07, 2019, 10:41:15 PM

Don't worry too much because CZ has insurance policy for all investors and you can rest assured when withdrawing money at this exchange.

This is one good move by CZ, having a back up plan such as insurance fund if ever the worst happen such as this event.

Quote from: duyduc256 on May 07, 2019, 10:41:15 PM

I think after this FUD news, Binance became even more popular because many projects will spend their money to support this exchange. This is what impressed me most because CZ is gaining the trust of many people and surely Binance will continue to be ranked No. 1 this year.

It is not a FUD, it is a hack. We cannot remove the possibility of self orchestrated hack to showcase their SAFU. Thus, increasing people's trust and believe that their fund is secured through SAFU. Which we can call a marketing strategy plus free advertisement about their SAFU.

duyduc256

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Quote from: QueenW on May 07, 2019, 08:45:33 PM

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Don't worry too much because CZ has insurance policy for all investors and you can rest assured when withdrawing money at this exchange. I think after this FUD news, Binance became even more popular because many projects will spend their money to support this exchange. This is what impressed me most because CZ is gaining the trust of many people and surely Binance will continue to be ranked No. 1 this year.

Twinkledoe

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Quote from: jakelyson on May 07, 2019, 08:07:03 PM

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

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.

I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.

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.

This just proves that nothing is safe as long as it is online. Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.

With more and more sophisticated softwares being created, there will always be hacking that will happen. Hackers will try and try again. For all we know, that's all they do all day long. Find a way to penetrate those big crypto exchanges. I just hope no inside job is in play here.
BNB is a trusted exchange with big volume, so they can recover that fast, no doubt. But the credibility, I don't know if such incident will greatly affect on this aspect.

leowonderful

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Bitcoin FTW!

Quote from: Aero Blue on May 07, 2019, 08:38:58 PM

Holy fuck $40 million dollars that is actually insane... At least they have the money to cover it apparently? I have like 10 cents BTC in there, but I was going to try and put more in lol good thing I waited.

Yup, seems the fees from their platform collected are being used to cover the stolen funds. Personally wondering how this entire hacking happened considering 2FA codes and API keys were retrieved, hope that information comes out soon as Binance starts investigating into this. Pretty nice they decided to be so transparent about this as well, but it's still a hacking and the market did respond negatively to this, and user funds are safe as already mentioned so things don't seem to be as bad as they potentially could've been.

Aero Blue

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Quote from: QueenW on May 07, 2019, 08:45:33 PM

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Yea that's the problem with security in general, it can be really good until that small line of code fucks everything up and a lot of times things like that really can't be prevented. It's probably a pretty good bet to say that everything is going to be hacked eventually, its just odds. As things get more and more complex, the tendency to make errors continues to rise, leaving unknown holes in almost everything. The hacking techniques that will be used in he future are things we couldn't even imagine that were possible.

QueenW

hero member

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now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Aero Blue

full member

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Holy fuck $40 million dollars that is actually insane... At least they have the money to cover it apparently? I have like 10 cents BTC in there, but I was going to try and put more in lol good thing I waited.

miningguru

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Quote from: bL4nkcode on May 07, 2019, 08:14:25 PM

Quote from: alexey14 on May 07, 2019, 08:10:48 PM

Maybe Binance hack was an exit scam.

I would agree if the lost/hacked funds were above 50% of their total funds including hot and cold wallets, but it's merely 2% of their btc holding, regardless its bnb tokens and other coins as per mentioned on the article.

Oh! They lost the money in terms of other coins not the bitcoin, but already they promised they are going to give those fund to the people who lost. That's why i like mostly Binance exchange they will care more about their customers.

bL4nkcode

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Limited in number. Limitless in potential.

Quote from: alexey14 on May 07, 2019, 08:10:48 PM

Maybe Binance hack was an exit scam.

I would agree if the lost/hacked funds were above 50% of their total funds including hot and cold wallets, but it's merely 2% of their btc holding, regardless its bnb tokens and other coins as per mentioned on the article.

Topic: Binance Has Been Hacked - Lost 7,074 BTC - page 8. (Read 1644 times)