Topic: Binance lost $40.7 million to hackers, which exchange is next!!! - page 3. (Read 1351 times)

I want to see a new tweet by Binance Ceo about the new way of security. We all know the types of securing information: Something you have(Fingerprint). Something you know(Password). Something you are(Face scanner).  Let the Ceo think twice. Hacking news makes me feel bad.

If it is connected to the internet it can be hacked.

If it plugs into a power source it can get hacked.

Some of the methods are fascinating. https://www.tomsguide.com/us/Laptop-Hack-Power-Outlet-Laser,news-4224.html

Who controls the button? EVERYONE
Well with decentralized voting, the only corrupt people can be the majority.

I know there is more good people on this planet than bad, I have faith in my numbers, not all my numbers but the majority of them.

Poor implementation of a decentralized exchange is different to whether the idea of a decentralized is better or worse than a centralized exchange - I'd say its better.

Not quite the same, but something like DAI/MKR where everything is done through smart contracts to create a CDP, is better than having a central entity do the equivalent work imo.

The alternative is that we keep trusting exchanges like Binance, wait 6-12 months and post the same thing again about how much money was lost this time round.

Who determines to do the roll back / re-org. Can I buy something of you and then simply accuse you of ripping me off and get my crypto back ? If not - why not. Isn't all theft - theft ?

Why not roll back for transactions from dodgy merchants, wrongly described goods or parcels lost in the mail ?

Who has controls the button that does the roll back ? What if they abuse their power or are corrupt ?

your going to kid nap someone, and make them do a captcha eye scan? And when they report it what are you going to do?

It felt like a major screw up more than a hack.

40m $ is a huge amount at least they are covering it. I hope no exchange would be next. It all ends in here.

So an imposter cannot simply do the same ? Perhaps with a MIM attack or phishing ?

Identity theft is very popular.

Good I hope so, then we can fix it and do a RE ROLL RE ORG ROLL BACK

I would quite happily wager that at some point in time in the next 5 years someone will find a way to exploit them which will result in loss of funds.

Look I gave you the Solution,3fa Proof of Person, use it..... OR don`t put your coins on a exchange and trade it to scummy fiat

You give your picture and ID and Address anyways, anywhere you go in public your face is there and your finger prints, what is the big deal to upload a 5 second video,  You don`t even need to give your address then.  

so in other words, no.

On a serious note, this will have a negative impact on Binance long reputation among it equals and not a good one for the exchange. Also, hope this will not have negative impact too on the current price of Bitcoin? or cryptocurrency in general?. Hope this ugly incident never happen again.

A lot of the loss of fund security breaches currently are security breaches due to coin network exploits (replay, 51% double spends, routing attacks,  time warp attack etc) but because of how trading works (reliant on coin network confirmations) anyone can become a target and victim. DEXs are also not immune from other types of attacks like DNS exploits and various other methods that manipulate connections to a network.

A lot of DEXs have not been systematically targeted yet because they simply are not profitable enough yet for the pro hackets.

With a peer to peer system the users of the DEX simply become the victims directly.

Has the p2p exchange been hacked on Ardor or Bitswift, a true p2p system   One with the exchange built right into the wallets.

Yeah right - NAH

I've written about that before......

DEX suffer the same or more problems.

This breach is massive, and shows why we need decentralized exchanges (just like we love decentralized coins) right NOW. I'd like to know what these advanced 'unforeseen' security vulnerabilities are that Binance is talking about (but of course any explanation will be vague). The fact that they were thinking about a rollback, which could question the independence and integrity of the entire Bitcoin ecosystem just shows they've got too much power.

Lets not forget that Ethereum forked (creating Ethereum, and leaving behind Ethereum Classic) because of a $50 million hack. It isn't good enough that a centralized exchange separate to Bitcoin could potentially impact the reputation of this leading decentralized cryptocurrency because of an almost $40 million hack. This amount is not insignificant, and the way Binance talks about it, its lucky they didn't lose more.

And now it'll be closed to deposits and withdrawals for a week (at least). Even my rubbish fiat bank doesn't stop me from accessing my funds for an entire week.

I'd expect this from Cryptopia, but not from Binance - the fastest startup to reach unicorn status, currently (or soon to be previously) coming in with a $2 billion valuation should have unrivalled security.

Anyone still thinking the centralized Binance chain is a good idea??

"which exchange is next!!!"

Again warn us not to put too much property on the exchange. Binance is currently the world's No. 1 exchange, they have full security technology but are still attacked and lose a huge amount of money. This motivates us to use DEX more, in the future DEX is probably the preferred choice.

When I read the title I see Binance NOT Bittrex.

*