Binance lost $40.7 million to hackers, which exchange is next!!! - page 5.

TimeBits

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Activity: 224

Merit: 62

Quote from: leo99 on May 08, 2019, 04:23:47 AM

why did hackers need BTC, how do they cash it?

They cash it by something called money laundering. Let`s say I hack a exchange and get 7000 bitcoin, I could used a mixer and donate to myself on my stream or a friends stream, I could send it to 1000`s of streamers. Are you going to interrogate each one of them for receiving a donation? Now I the streamer cash out my btc into fiat or get someone else to do it on local bitcoins. They needed the btc because they see it is easier to steal than earn, the banks/governments do the same thing with interest and tax and laws, for example here in Canada only they are allowed to sell the booze and weed GANGSTER THUGS! Wink

this is a streamer https://www.ccn.com/twitch-streamer-receives-a-donation-of-20-bitcoins-while-playing-runescape someone who plays games or makes videos on a live stream.
https://www.youtube.com/watch?v=qDzF7oAeaPA 1.7 btc donation
https://www.youtube.com/watch?v=SDUKB4NWMdM 4btc donation then like 4 and 4 and 4 $73K
https://www.youtube.com/watch?v=FmHAlUnfXRY my fav bitcoin alert

also those beggers you see on all the btc gambling sites and on twitter, they could be used as mixers Wink

leo99

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why did hackers need BTC, how do they cash it?

jseverson

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Activity: 1834

Merit: 759

Quote from: Siren on May 08, 2019, 02:29:05 AM

Would you just stop spreading this issue?you are not helping the market stupid by sharing same topic all over the place

40$ million is just a small amount for a big exchange like binance,so ths question is why need the hacker take this small amount when they are capable of taking more?lol this is just nothing but another bad issue to discourage investors to continue supporting the market

So we're meant to close our eyes and cover our ears? Sure this is bad for the market, but this also invites other exchanges to step their game up. If one of the largest exchanges could be hacked, then you can't trust any of them with your money. They have to find a way to change that.

If you want to find the bright side to this story, it's that Binance promised that user funds won't be affected. I won't trust them or any other exchange with my money, but kudos to them.

TimeBits

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Activity: 224

Merit: 62

You know what is another cool thing about p2p trading, no fees other than what you pay the miners in tx.

scambust

legendary

Activity: 1652

Merit: 1007

Even if the exchange was hacked for 1 BTC, this doesn't look good from security perspective. I think too much automation lead to too much loopholes to exploit. Maybe they should use Bitmex's model of withdrawals only once a day.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Eh, one does not claim that their platform is safe when they just got hacked $40M worth of holdings. Binance is a good platform up until this point, don't get me wrong, but the recent actions of CZ, especially his statement regarding the hack suggests otherwise. Personally I would avoid trading and using the said platform in the meantime to avoid loss of funds.

Lastly, I don't support the rollback, as any sane person who knows how everything works in bitcoin would also do.

TimeBits

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Activity: 224

Merit: 62

Quote from: mindrust on May 08, 2019, 04:12:54 AM

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.

Talks about the rollback and ways to do it:
https://www.pscp.tv/w/1mrGmvjpbqBJy

Says he doesn't want it here.
https://mobile.twitter.com/cz_binance/status/1125996199041830912?s=19

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.

Lol

https://www.reddit.com/r/CryptoCurrency/comments/blyjsd/the_hack_may_be_worse_than_binance_is_letting_on/

If they lost the 7k btc, they lost the funds.

mindrust

legendary

Activity: 3234

Merit: 2420

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.

Talks about the rollback and ways to do it:
https://www.pscp.tv/w/1mrGmvjpbqBJy
https://twitter.com/CoinSpice/status/1125979761728049152

Says he doesn't want it here.
https://mobile.twitter.com/cz_binance/status/1125996199041830912?s=19

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.

Lol

https://www.reddit.com/r/CryptoCurrency/comments/blyjsd/the_hack_may_be_worse_than_binance_is_letting_on/

TimeBits

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Activity: 224

Merit: 62

Quote from: SaShiRaJaVu on May 08, 2019, 03:57:22 AM

Quote from: TimeBits on May 08, 2019, 03:47:53 AM

Yah super safe! they only got hacked for 7000 today.

Looks like he is not a person that can be trusted, he just got hacked big time and still claiming that everything is safe, i am not sure whether he is dreaming and not knowing the situation and now claiming about a roll back Roll Eyes

, which will be a disaster if he is to control 51% and it is a direct attack on the network which cannot be accepted in any way possible, the long term implication and trust for bitcoin is at stake if he does anything remotely to that extent.

A roll back with a re-org HAHAHAHAHHAHBAHAHHAHAHHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHHAHAHAHHAHA
Hey guys we just lost 7000 bitcoin, were going to give it to the miners so the hackers don`t get it, so you can buy it off the miners again

https://www.youtube.com/watch?v=eVFd46qABi0

proTECH77

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Activity: 1120

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Bisq Market Day - March 20th 2023

Quote from: DreamStage on May 08, 2019, 12:34:08 AM

Well those are some current fucked up News.
Wasn't expecting any of bad news for a long long time. This one will certainly bump on Bitcoin price.
We were just going to nicely and up again on the right track and boom this comes up now.

I wonder when there will be more secure measurements taken for such big exchanges =/

Basically, am not too sure if the hack was done without the help of an insider, becasue we have seen many exchanges been hacked and at the end of the day they came out to say, the hack was as a result of an insider. Binance is known by it security and hearing such news about them make me perplex over the issue of security. Never keep your funds in an exchange.

TimeBits

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Activity: 224

Merit: 62

come on some 1 give me merit for this one. lol thanks.

SaShiRaJaVu

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Activity: 1694

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Quote from: TimeBits on May 08, 2019, 03:47:53 AM

Yah super safe! they only got hacked for 7000 today.

Looks like he is not a person that can be trusted, he just got hacked big time and still claiming that everything is safe, i am not sure whether he is dreaming and not knowing the situation and now claiming about a roll back Roll Eyes

, which will be a disaster if he is to control 51% and it is a direct attack on the network which cannot be accepted in any way possible, the long term implication and trust for bitcoin is at stake if he does anything remotely to that extent.

TimeBits

member

Activity: 224

Merit: 62

Yah super safe! they only got hacked for 7000 today.

Broly46

full member

Activity: 1554

Merit: 115

0xe25ce19226C3CE65204570dB8D6c6DB1E9Df74AC

Good riddance to Binance. It serve crypto well until it lasted.
Btw 40m isn't easy to Mt Gox too, I wondered how easy it is for Binance?

pushups44

sr. member

Activity: 854

Merit: 281

Quote from: ene1980 on May 08, 2019, 03:23:30 AM

Quote from: Siren on May 08, 2019, 02:29:05 AM

Would you just stop spreading this issue?you are not helping the market stupid by sharing same topic all over the place
40$ million is just a small amount for a big exchange like binance,so ths question is why need the hacker take this small amount when they are capable of taking more?lol this is just nothing but another bad issue to discourage investors to continue supporting the market

Are you a dumb ass to think that sharing this topic here which is known worldwide by now and covered by several international media could be silenced, $40 million is not a small amount even for an exchange like binance, open your eyes and see the situation rather than being an internet warrior supporting them at this stage, suppose your coins are stolen and the markets went down, what you will do, sit down until everything clams down while you loose your valuation. If you have not lost any money because of the inefficiency of these exchanges you can support them, that might not be the case with everyone here who are into bitcoin for a long time.

I totally agree that news of hacks should be spread as far and wide as possible to warn investors of the risks of keeping funds on exchanges and to encourage exchanges to practice stronger security. I believe Binance is one of the best exchanges so if they can be hacked any exchange can be hacked.

TimeBits

member

Activity: 224

Merit: 62

Quote from: ene1980 on May 08, 2019, 03:23:30 AM

Quote from: Siren on May 08, 2019, 02:29:05 AM

Would you just stop spreading this issue?you are not helping the market stupid by sharing same topic all over the place

40$ million is just a small amount for a big exchange like binance,so ths question is why need the hacker take this small amount when they are capable of taking more?lol this is just nothing but another bad issue to discourage investors to continue supporting the market

Are you a dumb ass to think that sharing this topic here which is known worldwide by now and covered by several international media could be silenced, $40 million is not a small amount even for an exchange like binance, open your eyes and see the situation rather than being an internet warrior supporting them at this stage, suppose your coins are stolen and the markets went down, what you will do, sit down until everything clams down while you loose your valuation.

And the headlines will read "BITCOIN HACKED AGAIN FOR 40 MILLION!"

My mom: "I don`t trust bitcoin, it got hacked 15 times now"
Me: uggggggggggggggggggggggggg, nope a another bank got hacked.

ene1980

hero member

Activity: 2002

Merit: 535

Quote from: Siren on May 08, 2019, 02:29:05 AM

Would you just stop spreading this issue?you are not helping the market stupid by sharing same topic all over the place
40$ million is just a small amount for a big exchange like binance,so ths question is why need the hacker take this small amount when they are capable of taking more?lol this is just nothing but another bad issue to discourage investors to continue supporting the market

Are you a dumb ass to think that sharing this topic here which is known worldwide by now and covered by several international media could be silenced, $40 million is not a small amount even for an exchange like binance, open your eyes and see the situation rather than being an internet warrior supporting them at this stage, suppose your coins are stolen and the markets went down, what you will do, sit down until everything clams down while you loose your valuation. If you have not lost any money because of the inefficiency of these exchanges you can support them, that might not be the case with everyone here who are into bitcoin for a long time.

Kasabus

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Activity: 2814

Merit: 576

This is the biggest news I know today, but it seems it does not affect the market, so it's alright.
At least we know that Binance can still operate despite that amount of loss.

Some people have theories that it could be inside job, what do you think about that?

TimeBits

member

Activity: 224

Merit: 62

Quote from: roosbit on May 08, 2019, 03:00:54 AM

For a big exchange such Binance they should have learnt from Mtgox but then it could be too early to draw conclusions unless a full report is available to the public. Damn 40 mil is a lot of money!

At the end of it all I think quality of service affects security because we want withdraws to be processed swiftly.

Here is the conclusion, When you give someone something and they give a representation of that thing back, it the real thing becomes theirs. Do not do that. Do not use banks or financial institutions, use p2p, Read the first sentence of the the white paper.

lol @ the shmucks still trading on Binance, I suggest you put your coins in your wallet. Why do you need Big Brother to hold your wallet when you trade?

roosbit

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Activity: 891

Merit: 43

Random coins :)

For a big exchange such Binance they should have learnt from Mtgox but then it could be too early to draw conclusions unless a full report is available to the public. Damn 40 mil is a lot of money!

At the end of it all I think quality of service affects security because we want withdraws to be processed swiftly.

Topic: Binance lost $40.7 million to hackers, which exchange is next!!! - page 5. (Read 1296 times)