Topic: Update on Binance hack as per CZ (Read 298 times)

CZ and Binance team done an excellent work in making the hacking situation having almost zero affect on the market price because the price of the crypto are usually affected when such attack happen big crypto exchange but I heard Justin Sun (CEO of TRON) was the one the created the strategy and assistant to Binance.

They still don`t have a queue on massive withdraws.

It is 1 line of code.

Let's see what does binance do this time. because we have seen some exchanges got hacked again and again for like 7 times. those where dark times and those things also result in the Suicide of the CEO and now the Binance hack. This is one serious issue with the security and people just don't want to lose any more money now.

Well i can sympathize as this is a tremendously difficult problem because, it involves humans who can be deceived.

Take for example Electrum, it recently has been a non stop spree of people losing money and its not even their fault in the first place, but people foolishly downloading fake wallets because they are too lazy to verify a signature.

From an engineering point of view, its programing to fight bad human habits. Not saying its impossible, but its a big challenge.

How do i make you, the foolish typical windows user, from stop you from clicking on any random popup telling you to upgrade, when people using that OS have been conditioned like Pavlov dogs to such behavior of receiving popups they have to click away to get "work done".

And this is only the tip of the iceberg. It seems that this "hack" combined both technical and social aspects, and given the "prize", I wouldn't be surprised the perpetrators committed lots of effort, resources and patience to pull it out.

Actually if the users will not have missing funds, they will not care much. It's like they are insured. And I think that this is what CZ tries to achieve. Because any other option means disappointed/leaving customers.
Bitcoin history is full of hacks, still people keep huge amounts of money on exchanges. Some are trading, OK. Some may be lending (does Binance have lending actually?). The others ... well, the others I just don't understand...

Don’t worry mate CZ not like you either lol

But we must go on since the binance team is not stopping and as what CZ said they are fighting and working round the clock so this is enough reason to trust and support them still

Go binance,you are still the most and best exchanger of this time and forward

I am sure they will do that after they got hacked. They will serious to protect their member and make sure that it won't happen again in the future. They will use everything to make sure the website is secure, and if necessary, I think they will make another protection from the hacker. I am curious with what binance wants to do related to protect the members, and I hope that they can give the news about what they do to secure their website.

That's actually true, less and less people are going to trust them with their cryptos now but i believe that what most people want to know is if they are still going to get their cryptos because at this juncture, that's all that matters to them.

No, they are doing this to save their reputation and the survival of their business. If a financial institution drop the ball like that, they have to do some serious "recovery" and "preventative" actions to please the existing and future customers or their business.

Would you continue using an exchange if they lost millions of dollars of their customers money... and then not react with "big" changes to close all the holes in their security? They should also beef up the security checking of their own employees to see if they have criminal records or if they are in financial difficulty.   

re-org/ rolling back was a completely bizarre idea stated by CZ, But the word had been said and can't be undone. I'm sure most of the community will have a different opinion about him since he stated that awful things. Even though, the idea isn't being done. It is a disgrace to even think about it.

It is sure any hacked exchanges as a whole will completely be revamped their security system, and double, triple checking about it. The problem is nature centralized exchange technologies aren't sustainable for cryptocurrencies ecosystem. Personally, we need to urge the decentralized exchange developments.

This is how you see through if somebody is true to their business and dead serious to it. It would be nice if Binance will add another wall of defense on your wallet. Just follow what they want you to do because it's for your own safety. There would be no second hack this time guys .

No matter what they do there will always be some hackers that are one step ahead.  The scariest thing about this whole situation is CZ was talking about rolling back bitcoin.  I know ethereum was able to do it but bitcoin would completely lose credibility if the miners were able to pull that off.

I do like something a lot though. They are trying to innovate in the phishing protection department, that is something really hard to do, since it's user/employee error. Most companies would state that there's nothing to do about it but they are trying.

If they get to some positives results about it they should publish it for sure because that is certainly a very big problem the internet is facing right now.

Well the did has already been and binance need to provide some security measures to prevent future hack and also protect your found in they, it sims they have not gain full protection of the affected wallets the hacker stole from. I like the measures they are applying in this situation but the prolonged paused on withdrawal and deposits will effect many of us trading on binance but we just have to wait and show our support.

next week it is , I guess there is no other way to be getting your funds anyways
hope is not just a simple delay tactics to not cause panic and everything is under control
otherwise the bull run we experience could be well hampered by Binance's failure to keep their word
yet another reason to never store coins on any exchange , even the ones too big to fall

Not in your wallet, not in your control. Did you learn your lesson yet?

Even if you wanted to play trading, you shouln't have put funds in there that you "need" tomorrow. The saying "don't invest what you can't afford to lose" exists for a reason. Be thankful your funds are (apparently) not gone. You should always expect that tomorrow, Binance could be no more. This is more or less how Mt.Gox vanished, and back then, that was the exchange, everyone put their trust with, not in any of the other suspicious little ones... Only Mt.Gox had a "proven" reputation, being the "number 1" probably made people feel better...

Oh, who is number 1 today? Hmm I wonder...

There is also spreading, not just coins, but trading platforms, and investments. Don't put all your eggs in the same basket...

Whats next, demanding a bank your money after a bank run, while knowing well in advance the bank plays with your money and even pays you interest for letting them to? The reason bankruns exist in the first place is called fractional reserve banking. Serious exchanges should never do do that, that is why you pay them instead of the other way around.

If Binance survives, it might have gained some reputation credibility. Did you know what happened when Nicehash were "hacked"? People weren't paid back in full... two thirds or so, and only over a long period of time (presumably time it took them to recover).

Yes it can be worse, much much worse. Not in your wallet, not in your control.

I suspected they'll do this, If not It might have triggered a huge withdrawal requests from their users and if indeed the hackers were still in possession of those API keys and 2FAs, It would be difficult for Binance to make proper investigations or stop the hackers from continuing their exploits.

I think the Roll back of transactions on blockchain network in order to neglect the loss, was sure not possible and it was just a slip of tongue from CZ. If bitcoin network can be rolled back ,then this is system is not good and can be manipulated. People would have lost faith in bitcoin if ever a roll back happens on transactions. CZ should only recover funds from the Safu trust and should not give statements which bring bad reputation to bitcoin itself.

I agree its because they have all money needed if incase hacks like this happens. So mostly, people using their exchange won't feel these problems. And as seen the exchange is most likely faster solving the problem and reacting. This just made people's trust to the exchange stronger.

smaller exchanges disappear because their business was small so they didn't have that much money to back things up and didn't have that many operations running. on the other hand a big exchange like Binance has multiple operations running so even if majority of their users leave they will continue earning money! for example they have already created a token out of thin air and have sold it to the public making millions out of it. that is not something a small exchange does or even can do!