Binance just lost 7000 BTC in a security breach

Baofeng

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Quote from: bobby1776 on May 09, 2019, 12:49:06 AM

I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (

CZ confirmed that as early as next week, withdrawals and deposit will resume so you don't have not worry so much.

https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

Quote

Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it.

Kemarit

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Quote from: bobby1776 on May 09, 2019, 12:49:06 AM

I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (

I guess you haven't read what CZ, the CEO of Binance said. All those funds that are lost in the hack will be covered by them. So don't need to worry, what you need is patience and be updated on the news. You can either follow CZ's official twitter account here: (https://twitter.com/binance?lang=en) or (https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update).

sandra_x

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It seem no one is really safe when it comes to protection against hackers. One would have expected that an exchange with the size and reputation of binance should have spotted this on time.Security breach such as this is a point opponent's of bitcoin ETFs approvals will always quote.we need better protection. Also,no one should leave coins in custody of exchanges.

jossiel

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Quote from: OgNasty on May 07, 2019, 08:11:32 PM

Quote from: jossiel on May 07, 2019, 08:02:39 PM

This is recent, news are all over it. 7000 BTC that's a lot of money.

That's chump change to them...

Yep, that's small amount for them and a lot for a shrimp like me. Tongue

Quote from: bobby1776 on May 09, 2019, 12:49:06 AM

I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (

Don't you worry, you'll be able to withdraw that as soon as possible when they allow the withdrawals again. Just be updated with the progress that they are doing for this incident.

Quote from: Mugtaiya on May 08, 2019, 05:12:30 PM

Atleast they are not saying their customer funds were part of the hack like all the other exchanges have claimed happened. Then stopping people from withdrawing their funds with freezing every coin transaction ala cryptopia.

They don't want to let their customers worry but if you understand what's that #funds SAFU means, there are accounts that are actually affected.

PrimeNumber7

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Quote from: bL4nkcode on May 07, 2019, 08:36:14 PM

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

Quote from: BitMaxz on May 07, 2019, 07:34:11 PM

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.

And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.

The 2% of BTC holdings is the btc they are holding on behalf of customers. As a percentage of their own money (shareholder equity), the number is much higher.

bobby1776

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I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (

Mugtaiya

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Atleast they are not saying their customer funds were part of the hack like all the other exchanges have claimed happened. Then stopping people from withdrawing their funds with freezing every coin transaction ala cryptopia.

Sonic103

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we can remember the AMA which talked about the problems of BNB
https://callisto.network/blog/post/ask-me-anything-with-dexaran-24-03-2019/

And Russian language
https://hashrate-and-shares.ru/ask-me-anything-with-dexaran-24-03-19

joniboini

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Quote from: traderethereum on May 08, 2019, 01:14:00 AM

No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance.

How does buying TRX and BTT equals supporting Binance in time of crisis? That looks like Justin is pumping his own project tbh.

There's no need to help Binance, they are rich (or at least they told us like that). But I still don't get why CZ consider block re-org to fix his problems. Sounds like he's trying to control what miners do. Fortunately that didn't happen and there's no more drama.

TryNinja

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Quote from: hugeblack on May 08, 2019, 02:55:15 AM

Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking.
Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling.

Maybe it was the fact that CZ is covering all the loses. (Also, 7k BTC looks like a huge amount but it’s only 2% of Binance’s holdings)

I remember checking the price right on iOS’s stock app and seeing ~$5700 when the news came out (it was nearing the $6000 at that moment). My first thought was: “oh shit... here we go again”; But that was all, and the price recovered to ~$5850 right after it.

hugeblack

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Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking.
Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling.

traderethereum

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No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance.
After he bought, I think it could lift the price to the higher price, and I think it's already happening because btc now increases again and the other coin is following to increase.
But that is a huge lose from binance, and I hope that does not happen again in the future.

Baofeng

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Quote from: bL4nkcode on May 07, 2019, 08:36:14 PM

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

Quote from: BitMaxz on May 07, 2019, 07:34:11 PM

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.

And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.

And there goes Justin the Shill God, Lol. The hacked funds are covered already according to CZ by their SAFU so why the heck Justin needs to bail them out?

I also have the same thoughts that Binance will be at least not within the reach of the hackers because of their tight security. Anyways, it just proved that no one is safe here and I just do hope that the price won't go on another downward spiral because of this news.

sheenshane

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Really sad to them that is a huge amount of bitcoin had been losing. I can't imagine even Binance exchange was hacked.

Quote from: EastSound on May 07, 2019, 09:08:36 PM

It might be a marketing trick for both binance and Tron.

Yeah, it looks like possible but we can conclude.

Quote

We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.
We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.

https://twitter.com/cz_binance/status/1125956811574484993

Good thing they will cover the lost fund. But as of now users can't able to withdraw until next week.

TimeTeller

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Quote from: BitAssetUS on May 07, 2019, 09:29:16 PM

I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there. just wait and see then.

I doubt they will let their clients down. I am confident that they will not let your coins be gone.
They will cover those losses and be back in business in few days.
But I wonder how come someone got in with their tight security per se.
It means, their security measures is not robust enough to reject possible attacks on their system?
Better store your coins in your own wallet. Even this top exchange is victimized by these hackers.

BitAssetUS

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I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there. just wait and see then.

EastSound

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Quote from: bL4nkcode on May 07, 2019, 08:36:14 PM

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

Justin has a history of being a liar, wouldnt trust his words.
It might be a marketing trick for both binance and Tron.

bL4nkcode

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Limited in number. Limitless in potential.

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

Quote from: BitMaxz on May 07, 2019, 07:34:11 PM

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.

And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.

OgNasty

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Quote from: jossiel on May 07, 2019, 08:02:39 PM

This is recent, news are all over it. 7000 BTC that's a lot of money.

That's chump change to them...

jossiel

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This is recent, news are all over it. 7000 BTC that's a lot of money.

Quote from: BitMaxz on May 07, 2019, 07:34:11 PM

I'm lucky that I already withdraw some of my coins out from binance last week

I hope that others didn't let their funds sleep on Binance or any exchange, just like what we've been pointing out and suggesting to the most people here that don't use exchange as a cold storage.

And use this incident as a lesson so that most of them will start moving their funds to a safer place such as a hardware wallet.

Quote from: TryNinja on May 07, 2019, 07:06:17 PM

Quote

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Good thing that they have the ability to cover the loss. CZ is aware of this and planned it well.

Topic: Binance just lost 7000 BTC in a security breach (Read 373 times)