Binance lost $40.7 million to hackers, which exchange is next!!!

eaLiTy

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Quote from: EdenHazard on August 27, 2019, 01:57:10 PM

FYI binance itself have a trigger warning on their security system , ridiculous if such a huge exchange didn't have it.

I never claimed that they did not have any trigger system in place, you can check my post history and you will have my point in this matter. If a trigger system is initiated after loosing $40 million what kind of security measure is that. The trigger system is meant to stop any unusual activities and not after the process is done, if they are sending $40 million dollars per transaction in a block without any verification then no one can help them and that is the point i was trying to make.
Anything online can be hacked if there is a bug, but what happens if the entire wallets are offline and the kYC are not linked to the main application, do you think that the hackers will have any use hacking an exchange again rather than disrupting their service.
My point is there are ways to protect these sort of attacks the only thing is that they need to implement those to avoid these looses.

EdenHazard

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Quote from: eaLiTy on August 26, 2019, 10:15:45 AM

Quote from: imstillthebest on June 16, 2019, 08:27:02 AM

your thoughts are wrong because in the online world everything is possible and everything is hackable . binance should have a sticker security for now but there is no guarantee that it could make them safe .

You can prevent these incidents by taking good security measures by getting trigger warning when something fishy is going on, they got the trigger after the hacker's already withdrew the amount, so basically it their fault for not configuring their system to get prompt response. You will not hear many stock exchanges hack, it is because if they see any unusual activity they will shut down the entire system and will restart when they think it is safe and then verify and carry on with the process, we need those kind of strict security measure from crypto based exchanges too.

There's always a glitch to exploited , basically nothing is safe on the internet.

No matter how high the security measures been implemented , i think there's always a chance for someone to get in the system and take advantage on its negligence ... things that called bugs or something like that. Easy said than done , yeah.

FYI binance itself have a trigger warning on their security system , ridiculous if such a huge exchange didn't have it. They should lose more than $40 million if there's no proper security system. Time after time hackers will always found ways to avoid any security system that claimed as the most secure one , that's yin-yang the concept of dualism.

eaLiTy

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Quote from: imstillthebest on June 16, 2019, 08:27:02 AM

your thoughts are wrong because in the online world everything is possible and everything is hackable . binance should have a sticker security for now but there is no guarantee that it could make them safe .

You can prevent these incidents by taking good security measures by getting trigger warning when something fishy is going on, they got the trigger after the hacker's already withdrew the amount, so basically it their fault for not configuring their system to get prompt response. You will not hear many stock exchanges hack, it is because if they see any unusual activity they will shut down the entire system and will restart when they think it is safe and then verify and carry on with the process, we need those kind of strict security measure from crypto based exchanges too.

ene1980

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Quote from: ?? on ??

$40 million is peanuts compared to Binance revenue Cheesy

They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

How many peanuts they can handle to go bankrupt, there are instances where the owners die as the sole owner of the private key of the companies entire cold wallet funds and no one is able to recover anything, so choose your words carefully Tongue

. I am not sure how many audits they did after the hack to check their entire system of any back doors, recently there was a news that their customers private documents are available online and how do you think they will compromise this serious privacy issue which could get anyone in trouble if criminals gets hold of their documents.

imstillthebest

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Quote from: Woodie on June 12, 2019, 12:34:37 AM

Quote from: ?? on ??

$40 million is peanuts compared to Binance revenue Cheesy

They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

You are correct and Binance knows the importance of good customer service which they have and has made them the best but on the security side it could be nice to know how the hackers exploited their system as I thought this would never happen with them.

lol . so your still happy despite the hacking incident that happens ? what about binance ? they arent smiling because 40m usd is still not a joke amount . you thought that binance is a perfect exchange and wont ever be hacked ? thats impossible mate . your thoughts are wrong because in the online world everything is possible and everything is hackable . binance should have a sticker security for now but there is no guarantee that it could make them safe .

Woodie

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Quote from: ?? on ??

$40 million is peanuts compared to Binance revenue Cheesy

They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

You are correct and Binance knows the importance of good customer service which they have and has made them the best but on the security side it could be nice to know how the hackers exploited their system as I thought this would never happen with them.

squatter

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STOP SNITCHIN'

Quote from: stadus on June 11, 2019, 10:33:44 AM

That's correct, but it's not the amount only, it's the vulnerability of the site against hacking.
They are a billion dollars exchange, and their trading volume (daily) is over $1 billion, so they can easily recover the hack amount, but if this happens again, I doubt if they can regain the confidence of the people again, this will lead to a their downfall as the next hack might result to loss of bigger funds.

It's important to note that Binance wasn't actually hacked. They are still using the same hot wallet today, which they've said is limited to about 2% of customer funds. Some users -- including some with very high account value -- had their accounts compromised. Binance didn't have proper internal checks in place and authorized very large withdrawal requests from these accounts through its automated system.

An attack like this can't drain anything beyond what's in the hot wallet. We can also take some comfort in the fact that Binance's system wasn't actually compromised. Fixing this problem is a matter of implementing more strict controls on the withdrawal system, not identifying unknown security holes and rebuilding the system.

stadus

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Quote from: ?? on ??

$40 million is peanuts compared to Binance revenue Cheesy

They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

That's correct, but it's not the amount only, it's the vulnerability of the site against hacking.
They are a billion dollars exchange, and their trading volume (daily) is over $1 billion, so they can easily recover the hack amount, but if this happens again, I doubt if they can regain the confidence of the people again, this will lead to a their downfall as the next hack might result to loss of bigger funds.

Clement Kaliyar

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Another news from binance as they went offline all of a sudden citing hard disk error and here is the thread regarding that PREVIOUSLY NOT ALLOWING TRADING it clearly shows that the misfortunes of binance still continues, eager to see what CZ has to say about this issue and whether his confidence still shows up in his tweets Grin

.

ene1980

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Quote from: stadus on May 24, 2019, 12:43:41 AM

This is risky, personally I pass the KYC so my information is now not a secret if it's happening.
Even big exchanges can be victim of this, I wish we have some sort of exchange that does not require any KYC,but we cannot do it since they are regulated by the government.

I think Exchanges should be penalize if they got hack as not only our coins are compromised, but our information as well.

They will not tell you whether the personal information you gave are safe with them, we have seen many hacks in the past and what happens all of our personal data will appear in some dark site to be sold and only then people will understand the gravity of the incident, every exchange will follow the AML rules so that they do not get in trouble for their business but at what cost in the big question. Yes i support the idea of penalizing the exchange for their reckless behavior for not taking care of their security.

stadus

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Quote from: bradock on May 23, 2019, 10:27:05 PM

and the hackers starting to sell users database infos in the darknet its have like 7m user database

This is risky, personally I pass the KYC so my information is now not a secret if it's happening.
Even big exchanges can be victim of this, I wish we have some sort of exchange that does not require any KYC,but we cannot do it since they are regulated by the government.

I think Exchanges should be penalize if they got hack as not only our coins are compromised, but our information as well.

bradock

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and the hackers starting to sell users database infos in the darknet its have like 7m user database

jerry0

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I have some coins in binance. They do still show up there. So in this hack, does anyone know what percentage of users were affected? Were they mostly bitcoin holders? Were there altcoin holders that got coins hacked? Or was this only binance wallet?

Did they reimburse users who were affected by this? Or no users were affected by this?

Also if someone has 2FA enabled, they are not safe from this?

ene1980

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Quote from: r1s2g3 on May 09, 2019, 11:47:34 AM

Binance API keys have problem and this is the first time they accepted it. There API keys were hacked earlier too.

https://hackernoon.com/how-your-trading-api-keys-can-be-used-to-drain-your-funds-f9148d1e6d33

https://coingape.com/binance-hacked-or-syscoin-blockchain-compromised/

This is a fucked up revelation by CZ who was promoting and encouraging everyone to keep their coins in the exchange as it is super safe, he should be prosecuted for the mishandling of things and not revealing their security problems to the public, if they really knew that earlier and never reported it to its users, it is a crime to begin with, i am not going back to that exchange in the near future.

Caladonian

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Quote from: btc_angela on May 11, 2019, 03:41:27 PM

Quote from: Ucy on May 08, 2019, 04:29:46 PM

This is heartbreaking.
I have a feeling that whoever is doing this is capable of hacking pretty much any cryptocurrency exchange. They only hit any exchange when they feel like.
It's unfortunate enough money isn't put into the research o decentralized great exchanges

They could be eyeing this exchange for quite some time now. And because Binance is huge, it's worth their time to find weaknesses in the system and that's why they do. So they could literally hit any exchange if those hackers took the time and drain other exchanges money as well.

They are good from what they've doing, there's no escape from any target as this hacker/s really have the knowledge and capabilities to breached in
with any securities they will find any possible way just to break and sucked wallets and move away with the money from the exchange.

Time now for every exchange to find good backend support group to take care of securities and protect their business.

Jating

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Quote from: Netnox on May 12, 2019, 01:53:23 AM

Quote from: btc_angela on May 11, 2019, 03:41:27 PM

Quote from: Ucy on May 08, 2019, 04:29:46 PM

This is heartbreaking.
I have a feeling that whoever is doing this is capable of hacking pretty much any cryptocurrency exchange. They only hit any exchange when they feel like.
It's unfortunate enough money isn't put into the research o decentralized great exchanges

They could be eyeing this exchange for quite some time now. And because Binance is huge, it's worth their time to find weaknesses in the system and that's why they do. So they could literally hit any exchange if those hackers took the time and drain other exchanges money as well.

So sad that these exchanges are not taking the necessary steps to prevent such malicious activities. As far as I know, the Binance hack was not a sudden attack that happened in a matter of a few seconds. The hackers took at least a few hours to move the coins from the Binance hotwallets. And it surprises me that none of the staff noticed the robbery while it was going on.

It's because there are not warning or red flag about this withdrawals. The hackers obtain the 2FA's and anything related to withdrawals from accounts that why Binance wasn't able to catch want's going on.

Maybe they think it's just a normal withdrawal process that's happening. Until such time they realises or someone reported that there is a hack, but it's too late as the hackers was able to get away already.

Netnox

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Quote from: btc_angela on May 11, 2019, 03:41:27 PM

Quote from: Ucy on May 08, 2019, 04:29:46 PM

This is heartbreaking.
I have a feeling that whoever is doing this is capable of hacking pretty much any cryptocurrency exchange. They only hit any exchange when they feel like.
It's unfortunate enough money isn't put into the research o decentralized great exchanges

They could be eyeing this exchange for quite some time now. And because Binance is huge, it's worth their time to find weaknesses in the system and that's why they do. So they could literally hit any exchange if those hackers took the time and drain other exchanges money as well.

So sad that these exchanges are not taking the necessary steps to prevent such malicious activities. As far as I know, the Binance hack was not a sudden attack that happened in a matter of a few seconds. The hackers took at least a few hours to move the coins from the Binance hotwallets. And it surprises me that none of the staff noticed the robbery while it was going on.

btc_angela

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Quote from: Ucy on May 08, 2019, 04:29:46 PM

This is heartbreaking.
I have a feeling that whoever is doing this is capable of hacking pretty much any cryptocurrency exchange. They only hit any exchange when they feel like.
It's unfortunate enough money isn't put into the research o decentralized great exchanges

They could be eyeing this exchange for quite some time now. And because Binance is huge, it's worth their time to find weaknesses in the system and that's why they do. So they could literally hit any exchange if those hackers took the time and drain other exchanges money as well.

jossiel

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As he said that's an expensive experience and lesson and I think this wasn't the first time that happened some bugs or hacks on their exchange. The syscoin thing also happened to them.

Quote from: r1s2g3 on May 09, 2019, 11:47:34 AM

https://coingape.com/binance-hacked-or-syscoin-blockchain-compromised/

Yeah, this thanks to this link.

Quote from: Ucy on May 08, 2019, 04:29:46 PM

This is heartbreaking.
I have a feeling that whoever is doing this is capable of hacking pretty much any cryptocurrency exchange. They only hit any exchange when they feel like.
It's unfortunate enough money isn't put into the research o decentralized great exchanges

We don't know when they will be attacking again and yeah it's likely they can attack any exchange that they want. We seem to believe that Binance has the highest security but after the incident our expectation has changed.

dunfida

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Quote from: r1s2g3 on May 09, 2019, 11:47:34 AM

Binance API keys have problem and this is the first time they accepted it. There API keys were hacked earlier too.

https://hackernoon.com/how-your-trading-api-keys-can-be-used-to-drain-your-funds-f9148d1e6d33

https://coingape.com/binance-hacked-or-syscoin-blockchain-compromised/

Thanks for the share up!

They do messed up on this one.Hacking incident in the middle of the Hype of their Binance chain is heavily affected.This is just like a broken glass which it would
really be hard to bring it back into its original form when they are trying to fixed but somehow they are trying out their best.

What exchange next? No one would able to know but as long these hackers can see on how they can milk out some money then
we would be just be surprised.

Topic: Binance lost $40.7 million to hackers, which exchange is next!!! (Read 1351 times)