Binance lost $40.7 million to hackers, which exchange is next!!! - page 7.

TimeBits

member

Activity: 224

Merit: 62

Quote from: sheenshane on May 08, 2019, 12:53:54 AM

Binance exchange is one of the largest exchange but hackers were able to hack them, as what they had stated the hacker's used various techniques so I guess this is a professional hacker who stealing 7000 bitcoin on Binance exchange. 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.

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? Like how would they buy back if the supply is not up for trade?

sheenshane

legendary

Activity: 2366

Merit: 1206

Binance exchange is one of the largest exchange but hackers were able to hack them, as what they had stated the hacker's used various techniques so I guess this is a professional hacker who stealing 7000 bitcoin on Binance exchange. 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.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: pushups44 on May 08, 2019, 12:23:55 AM

These hacks occur with regularity, and given that Binance is one of the largest exchanges in the world, it was bound to become a victim. Fortunately, Binance has a vast majority of its cryptocurrency in cold wallets, and has established a separate fund as insurance. So the victims of these attacks will be made whole. Hopefully the perpetrators will be caught and brought to justice. This is a reminder to keep cryptocurrencies off exchanges.

I think hackers are really targeting Binance for a long time because it is the top crypto trading platform and obviously lots of money to steal. But it takes like a careful and coordinate attack from those hackers before they can breach their system.

@killat - I guess it's always like that, from what I noticed, everything that we are making a good run, suddenly we will hear this kind of bad news. So it's hard to say it this is coincidence or not. We have to wait for the evidence from Binance. Or for all investigators out there, they can trail the supposedly wallet address/es.

killat

member

Activity: 742

Merit: 21

Be the reason someone smiles today

Of course news like this happens when price was starting to recover back up to $6000 the past couple days. Then this happens to stop that trend up. Coincidence?

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: pushups44 on May 08, 2019, 12:23:55 AM

Hopefully the perpetrators will be caught and brought to justice. This is a reminder to keep cryptocurrencies off exchanges.

Billions of dollars are lost because of these hacks and yet not a single person was brought to justice and that will be the case here too, i wish they will refund the users, the same story repeats every time and hopefully their story of just a small percentage is lost is true, looks like they have halted deposits and withdrawals for now, only time will tell when they will be active again.

Quote from: ene1980 on May 08, 2019, 12:20:12 AM

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.

I really do not think so you will get the entire story like the rest of the exchanges that were hacked. Looks like they have stolen the user API keys to execute these orders without signaling any alarm but i am not sure how they know how much amount per withdrawal will ring an alarm, internal leaks may be Roll Eyes

.

DreamStage

sr. member

Activity: 625

Merit: 258

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 =/

pushups44

sr. member

Activity: 854

Merit: 281

These hacks occur with regularity, and given that Binance is one of the largest exchanges in the world, it was bound to become a victim. Fortunately, Binance has a vast majority of its cryptocurrency in cold wallets, and has established a separate fund as insurance. So the victims of these attacks will be made whole. Hopefully the perpetrators will be caught and brought to justice. This is a reminder to keep cryptocurrencies off exchanges.

ene1980

hero member

Activity: 2002

Merit: 535

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

Edit: CZ talking about roll back and it looks like the loss is much bigger to make him so desperate, they confirmed a loss of $40 million dollars and yet claiming that they are safe Roll Eyes

.

Topic: Binance lost $40.7 million to hackers, which exchange is next!!! - page 7. (Read 1296 times)