Binance system's vulnerability | Bitcointalksearch.org

audaciousbeing

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Quote from: BillCoin on March 07, 2018, 03:29:56 PM

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

A small percentage of users won't command the amount of attention this vulnerability has garnered in the past few days and its effect which can be traced to the downward trend in the price of bitcoin. What I see here is damage control of them trying to downplay the amount of people affected and along that promising some form of refund in other to appeal to the emotional side of the community. Earlier, I had read that binance was not hacked rather it was the bot that is being used on the platform that is hacked and another version shows that there is more than they are telling us. Its high time people are being held accountable for holding funds in this market.

Barbolini

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Binance is large and a good reaction like that is expected. Future attacks will be more sophisticated and dangerous.
Some attacks will go through though even with a good security.

sachdientugoogle

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Take everything you read in crypto communication channels with a grain of salt.
Binance rose to #1 very fast. This created a lot of haters and competitors who want a piece of Binance's market share. There's billions of $ incentive for these people to fabricate stories, blow issues out of proportion, spread fear, and campaign against Binance.
Of course, there is also a subset of people who have legit issues. But you don't hear from the other side as often, the people who have no complaints using Binance.

dragoz11

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some users have disclosed their account info in order to use trading bots with API and the hackers made the bots to execute trades of their own wishes by pumping one coin up to 100x, so this is once again in my opinion the lack of interest for security of users.

andrey111

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Probably one of the versions that the binance probes will be able to influence the course of bitcoins and other coins. After all, coins have not been stolen from users, but simply transferred to bitcoin. But I repeat this one of my personal versions.

Oceat

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Quote from: shakaru on March 10, 2018, 08:28:01 AM

Quote from: DBronze98 on March 09, 2018, 09:44:46 AM

Their vulnerability was reversing, and CEO Binance announced that they would return the Altcoin of all attacked users. This move makes many users feel secure and completely trust Binance in resolving these vulnerabilities quickly and professionally.

One problem man !
Here a lot of traders with API bots , nobody claim here that his api was hacked and he lost alts.
Where is all people ? If tons of users was hacked - where is them ?

I think it was big market manipulation to earn again tons of millions dollars from normal people.

There's no point of manipulating that since there risk management system were activated and all of the malicious activity were being halted and even the hacker's activity were being and all the funds are safe. That's what the CEO of binance said in the article and i think binance security system is up ready for any battle for cyber crime.

redsun114

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Quote from: darkangel11 on March 07, 2018, 03:50:53 PM

Quote from: BillCoin on March 07, 2018, 03:29:56 PM

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

I only heard of a few users. We can assume that most of them either don't know or didn't post anything, but still the panic is much bigger than it should be. It's only a couple users on 1 of the exchanges and people seem to be reacting like it was the end of the world. Quick, dump all cryptos because somebody reported their altcoins were sold without their knowledge. Maybe you shouldn't keep your coins on exchanges in the first place?
Also it's not like they lost their money, they had one asset converted into another at market prices. The money did not leave the exchange (at least from what I heard).

You know how the community is and very little things can cause a huge panic. It is good that it was quickly curtailed but it was not even a direct attack on binance anyway, and it was the users that the hackers were able to get their account details, generate APIs from the account in the past that ended up being affected but according to binance, only conversions were done with withdrawals paused immediately thereby affecting even the hacker's funds.

Dragon5

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Binance has reacted quickly, that's good. And all funds are safe as I understand. Moreover, it is widely known that a lot of traders use bots. Actually, who doesn't? So, be aware)) don't leave crypto on the floor)))

Lieldoryn

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Quote from: haroldtee on March 08, 2018, 08:07:33 AM

The summary of all that happened can be seen here - https://support.binance.com/hc/en-us/articles/360001547431-Summary-of-the-Phishing-and-Attempted-Stealing-Incident-on-Binance

Some hackers tried to play some pranks after some account details were stolen in the past, as a result of some past phishing attempts that happened which some binance users fell for some times ago and that eventually led to what happened.

I do not use the services of this exchange. What is there when you log in to your account does not apply the system of two-factor authentication? How can you get around her? Can there be problems in the security of the exchange? They accuse users in order to divert suspicion from himself and not lose customers?

shakaru

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Quote from: DBronze98 on March 09, 2018, 09:44:46 AM

Their vulnerability was reversing, and CEO Binance announced that they would return the Altcoin of all attacked users. This move makes many users feel secure and completely trust Binance in resolving these vulnerabilities quickly and professionally.

One problem man !
Here a lot of traders with API bots , nobody claim here that his api was hacked and he lost alts.
Where is all people ? If tons of users was hacked - where is them ?

I think it was big market manipulation to earn again tons of millions dollars from normal people.

richmcrich

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Quote from: voron84-05 on March 08, 2018, 07:36:47 AM

I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

That is always one thing with exchanges and that is the main reason why everyone keep saying it is necessary to never put all funds on an exchange.

It is good that these exchanges though are always taking necessary precautions and also perfect that they were able to avert the whole issue which I believe almost caused some serious dump in the price of bitcoin as that was not normal. It is good everything has been resolved and I feel everything just happened with the market coincidentally anyway.

pleght

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I do not think binance's system is weak.I think these problems are caused by user error.But whatever happens, we should not leave our money in the stock market.

terrific

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It was phishing after all. There are people who tried to steal funds of users.
https://support.binance.com/hc/en-us/articles/360001547431

Quote from: BTCsuccessor on March 09, 2018, 09:19:32 AM

We cant avoid this especially that binance is one of the most best exchange.

Yes the most popular exchanges and web wallets are being targeted by these hackers.
We can't avoid this incidents so if someone stores a lot of crypto on an exchange.
Don't trust any of them.

DBronze98

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Their vulnerability was reversing, and CEO Binance announced that they would return the Altcoin of all attacked users. This move makes many users feel secure and completely trust Binance in resolving these vulnerabilities quickly and professionally.

Tapyaks72

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Quote from: cryptojac17 on March 09, 2018, 09:16:28 AM

Quote from: alyssa85 on March 09, 2018, 08:29:09 AM

Quote from: voron84-05 on March 08, 2018, 07:36:47 AM

I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

Speaking about money, resource, and anything that is valuable are always vulnerable to thief or hacking the good things they use to manage to minimize the damage but let just take it these way we just make lesson to learn and reminded every one in the crypto world that don't let guard down. Seems that we over reacting with these let just be calm.

Yeah well this the lessons that we should learn that we should stop and be contented what guard we have we should also focus on security we should not lower guard if we want not to lost the trust of the investors.

BTCsuccessor

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Quote from: Domenc on March 07, 2018, 03:26:18 PM

According to the recent news from www.thenextweb.com, www.financemagnates.com and many more sources it clearly indicates that something fishy is going inside the Binance exchange. Selling of user’s altcoin without their concerns has created a scene of panic. Due to which Binance has suspended withdrawals for the while, things seems to be unclear until any further update. Does this ignite the issue of security among exchanges once again?

We cant avoid this especially that binance is one of the most best exchange. So there is more possibilities that it will be hacked by the hackers if the team Binance will not give so much securities on it.

cryptojac17

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Quote from: alyssa85 on March 09, 2018, 08:29:09 AM

Quote from: voron84-05 on March 08, 2018, 07:36:47 AM

I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

Speaking about money, resource, and anything that is valuable are always vulnerable to thief or hacking the good things they use to manage to minimize the damage but let just take it these way we just make lesson to learn and reminded every one in the crypto world that don't let guard down. Seems that we over reacting with these let just be calm.

fiulpro

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Well that's really a serious senario .
You know the company won't do anything by itself .. it's not them but some hackers who have somehow hacked into the accounts of the ones present there .
It cannot be them.. they already are earning a hefty amount from...the exchange site considering how famous it is... Thus they wont risk dropping their value .

alyssa85

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Quote from: voron84-05 on March 08, 2018, 07:36:47 AM

I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

Kevin77

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Quote from: BillCoin on March 07, 2018, 03:29:56 PM

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

Yeah, so I heard. It is good that they were not able to successfully achieve their aim and at the end of the day, it backfired for them. Binance really showed some fast moves here, otherwise that would have caused some damage as some people were already panicking when the news started flying round with binance being hacked. It was only some accounts that got vulnerable after a phishing attempt that was affected.

Vulnerability of binance system only happened to the victim who must have mistakenly ended up on a phishing website in which the accounts were able to gather up some accounts and then convert it into Via to move out before binance was able to spot the irregularities and then halted all withdrawals immediately and even in the attempt withheld all the hackers assets from being withdrawn. I am sure those affected will only have to make the exchange back and also delete any created API if that has not been done already as well as change their account details.

Topic: Binance system's vulnerability (Read 224 times)