Binance lost $40.7 million to hackers, which exchange is next!!! - page 6.

TimeBits

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https://www.youtube.com/watch?v=ob9Ak1t09Ao

You should of smashed em buddy. At least you should of drank his Iced Caramel Cloud Macchiato Espresso Con Panna White Chocolate Mocha Cold Brew with Salted Cream Cold Foam Decaf Pike Place Roast Iced Blonde Almond Coffee.

MakeMoneyBtc

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I think every big exchange is targeted and hackers are just waiting for the best occasion to take action and hack one of them. Every exchange promises to have the perfect security but as we all know that doesn't exist since almost every big exchange has been hacked at a certain point even though the damage wasn't so big.

Nadziratel

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Quote from: Siren on May 08, 2019, 01:29:05 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

I completely agree with you. There is no need to panic. Binance will easily compensate. So calm down and focus your own trading. I am sure that everyone funds in secure with Binance.

stfN2128

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another small setback in the crypto world. really sad to see something like this. what do we learn about this. no system will be ever secure, in every system is a backdoor which will be founded if you dive deep enough.

40.7 million isn't that big amount for binance i guess Roll Eyes

Quote from: Siren on May 08, 2019, 01:29:05 AM

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

are you serious? being silence about those shit doesn't make anything better... lol

Siren

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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

Nadziratel

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Quote from: ene1980 on May 07, 2019, 11:20:12 PM

When it looks like the market is recovering from the bear market, yet another major exchange is hacked and $40.7 million is lost, looks like there is no end for these hacks and not sure which exchange is the next target. These security breaches will impact the market in a huge way as investors will think twice before investing because none of the exchanges are safe, they might refund the users because as per the news only a small percentage of the funds are lost but what i really do not understand is that when these huge amounts of withdrawals are executed how they are passing through the internal audit and many hacks in the past were not transparent, hopefully they will provide the details on how this hack happened.

Zhao was fighting a nobody in Craig and if he could have being more careful with his internal security rather than fighting bull shit artists these hacks wont happen.
Here is the link to the article about the entire news

I guess this news hasn't been confirmed yet. But even if it's true, I don't think it's too big for Binance. He may even have a few days' earnings. They won't hurt anyone.

TimeBits

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re-org WADDA YAH MEAN BUD?
your pros
1. That only rewards people btc who do not deserve it
2. It would only encourage miners to hack more
3. p2p trading

your cons
1. you already did
2. no you wont
3. p2p trading
4. next time you won`t be able to cover it.

https://www.youtube.com/watch?v=NHdjO24hcXk

Genemind

sr. member

Activity: 1596

Merit: 335

That's the risk of keeping all our earnings in exchange.
The reason why I keep my holdings on a hard wallet is because of the fact that every exchange is hackable these days. Let's just be observant all the time. Keep our private keys secure. People might really switch to p2p in this case.

NeuroticFish

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Quote from: TimeBits on May 08, 2019, 01:06:26 AM

You don`t think a hacker could get the cold wallets? or a army? some bandits could bust in and give the codes to a friend.

I expect to see there something like multisig wallets with keys in various locations in the world. In such case your story should not yield the result you'd expect.

EdenHazard

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Another risk that must be face by some investors bitcoin is hacker, we don't know the solution to make us comfortable from the hacker but it's being a shadow that will pounce when we are unguarded. Binance is the large exchange so far, with this case I believe there is some users who decide to leave binance and move their asset to another exchange, and it could be seen by the decreased price of BNB. However, I can't imagine how binance hold all bitcoin, as a news said that 7000 bitcoin has been stolen and that is just 2%, 7000BTC just 2% yeah I can't imagine 100% of bitcoin which is binance exchange.

leps

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Looks like CZ from binance is not considering to look at a rollback solution https://twitter.com/cz_binance/status/1126002001093939200

It would be a very complex process and I don't think miners would come to an agreement to push this solution forward but it was scary to see that some of bitcoin devs ever considered this possibility.

TimeBits

member

Activity: 224

Merit: 62

Quote from: NeuroticFish on May 08, 2019, 01:05:02 AM

Quote from: TimeBits on May 08, 2019, 12:50:47 AM

read the last post of this https://bitcointalksearch.org/topic/using-bitcoins-formula-and-blockchain-what-currency-do-you-create-5139147
Why not you yourself be the key? or just used p2p trading? Then this cannot happen.

While indeed people should not keep such huge amounts of money at exchanges, many do speculate and need the liquidity. And Binance was the biggest exchange by volume, so clearly the biggest funds should be there.

However, your image is unfair. Binance has lost only the hot wallet and according to them it was not too big, only 2% of all. Imagine what would have happened if hot wallet wold have been 30%...(!!)
Also it seems that Binance has a cold wallet with own funds (earned from exchange fees) exactly for this kind of situations and that wallet can cover this loss.

You don`t think a hacker could get the cold wallets? or a army? some bandits could bust in and give the codes to a friend.

https://ottawacitizen.com/news/local-news/staff-at-bitcoin-business-bound-by-armed-bandits-police

NeuroticFish

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Quote from: TimeBits on May 08, 2019, 12:50:47 AM

read the last post of this https://bitcointalksearch.org/topic/using-bitcoins-formula-and-blockchain-what-currency-do-you-create-5139147
Why not you yourself be the key? or just used p2p trading? Then this cannot happen.

While indeed people should not keep such huge amounts of money at exchanges, many do speculate and need the liquidity. And Binance was the biggest exchange by volume, so clearly the biggest funds should be there.

However, your image is unfair. Binance has lost only the hot wallet and according to them it was not too big, only 2% of all. Imagine what would have happened if hot wallet wold have been 30%...(!!)
Also it seems that Binance has a cold wallet with own funds (earned from exchange fees) exactly for this kind of situations and that wallet can cover this loss.

TimeBits

member

Activity: 224

Merit: 62

read the last post of this https://bitcointalksearch.org/topic/using-bitcoins-formula-and-blockchain-what-currency-do-you-create-5139147
Why not you yourself be the key? or just used p2p trading? Then this cannot happen.
Using proof of person.

Jating

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Quote from: marycrazy08 on May 08, 2019, 12:03:19 AM

This is terrifying not to just Binance, but to overall crypto space. Man, if Binance got hacked, who's next? Nothing is secure. This will only cause negative impact to all of us, this is one reason why institutions are scared to enter our market. It's really bad Sad

I need to start pulling all my coins out of exchanges now. This is scary.

I hear you. And yes, it's a bit scary that one of the most trusted and reputable and secured exchanges has been hacked by $40 millions just like that. Well, not your keys not your coins, so if you are paranoid then you can pull out your funds. And that is why we also says that to leave everything on an exchange.

I'm not sure if this is another case of inside job. But then again, Binance is the top dog, would it make sense for them to hire someone with delicate and sensitive information? I doubt that.

TimeBits

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Quote from: 7788bitcoin on May 08, 2019, 12:05:58 AM

Quote from: TimeBits on May 07, 2019, 11:59:50 PM

So Binance is taken the loss of 7000 coins, I guess that is kind of what Poloniex did back in the day to me, it took them sometime but they paid them back. I guess you can kind of rely on them, but what if there is a massive hack, how will they be able to pay back the funds?

It is simple they wont be able to repay anything, either way $40 million is a huge amount of money even if it is a top exchange with ample funds, the news just broke a few hours back and the entire damage will be known at a later stage, the market has responded to the news and the entire market is bleeding.

Quote from: sheenshane on May 07, 2019, 11:53:54 PM

There are also users accounts who affected not only Binance cold storage wallet. Still, lucky for them they will able to refund as what they have said.

Mt. Gox was also a big exchange when the hack happened and the empty promises they gave to all the users and the fake assurance that everything is safe, still they have not refunded everyone and a lot of people have lost millions of dollars worth of coins in the current market valuation.

oh sounds like p2p trading is the way to go! Roll Eyes

Trusting a 3rd party is site is 2 spooky 4 me.

CryptoBry

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Quote from: ene1980 on May 07, 2019, 11:20:12 PM

When it looks like the market is recovering from the bear market, yet another major exchange is hacked and $40.7 million is lost, looks like there is no end for these hacks and not sure which exchange is the next target. These security breaches will impact the market in a huge way as investors will think twice before investing because none of the exchanges are safe, they might refund the users because as per the news only a small percentage of the funds are lost but what i really do not understand is that when these huge amounts of withdrawals are executed how they are passing through the internal audit and many hacks in the past were not transparent, hopefully they will provide the details on how this hack happened.
Zhao was fighting a nobody in Craig and if he could have being more careful with his internal security rather than fighting bull shit artists these hacks wont happen.
Here is the link to the article about the entire news

There is no question that the trust and confidence of the market bestowed on Binance can be hitting some lows on this recent development. This comes as a shock to many because we are assuming that Binance is hack-proof but hackers are many steps ahead of this game so they were able to breach the hull. I am expecting that Binance will do everything they can to prevent the same disaster from happening again...they should be hiring hackers to fight back these hackers in their own game. As to which exchange can be the next target well nobody knows on that but am sure if one exchange is belonging to the top 10 then its should be careful and should double up its own defenses at all corners.

7788bitcoin

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Quote from: TimeBits on May 07, 2019, 11:59:50 PM

So Binance is taken the loss of 7000 coins, I guess that is kind of what Poloniex did back in the day to me, it took them sometime but they paid them back. I guess you can kind of rely on them, but what if there is a massive hack, how will they be able to pay back the funds?

It is simple they wont be able to repay anything, either way $40 million is a huge amount of money even if it is a top exchange with ample funds, the news just broke a few hours back and the entire damage will be known at a later stage, the market has responded to the news and the entire market is bleeding.

Quote from: sheenshane on May 07, 2019, 11:53:54 PM

There are also users accounts who affected not only Binance cold storage wallet. Still, lucky for them they will able to refund as what they have said.

Mt. Gox was also a big exchange when the hack happened and the empty promises they gave to all the users and the fake assurance that everything is safe, still they have not refunded everyone and a lot of people have lost millions of dollars worth of coins in the current market valuation.

feryjhie

hero member

Activity: 882

Merit: 595

Quote from: ?? on ??

it was a inside job Grin

https://www.youtube.com/watch?v=8fvTxv46ano

why can you think of this incident because of insiders?
Based on their statement in the articles it's said “Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks.”

marycrazy08

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Peace and love

This is terrifying not to just Binance, but to overall crypto space. Man, if Binance got hacked, who's next? Nothing is secure. This will only cause negative impact to all of us, this is one reason why institutions are scared to enter our market. It's really bad Sad

I need to start pulling all my coins out of exchanges now. This is scary.

Topic: Binance lost $40.7 million to hackers, which exchange is next!!! - page 6. (Read 1351 times)