Topic: Update on Binance hack as per CZ - page 2. (Read 317 times)
We have to give the second chance for Binance, they are doing everything to make the transactions safe again and we need to have more patience. Everything will be fine, the refund can still happen and Binance will handle this one properly. Thanks for the update OP, this can help the investors to calm down and trust binance. This hack is very crucial for binance, but I know they will be more secured in time.
Next week?
I need my funds this week because I need to pay something.
I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.
I need my funds this week because I need to pay something.
I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.
I don't think they are just doing this to calm the public. Didn't they said they'd refund the loss?
But then maaybe they should prolong the suspension of the deposit and withdrawal because when they did that, the prices of BTC and altcoins started shooting up. I bet when they finally reopen everything the prices will all drop and back to $3k. Well this is just my observation. What I can assure is that trading volume rise and prices will keep swinging sideways for a long time in the current price range.
Yes they said they'd refund the loss using SAFU safety fund to cover the loss.
With this hack incident, i'm sure binance will upgrade their security more.
I don't think they are just doing this to calm the public. Didn't they said they'd refund the loss?
But then maaybe they should prolong the suspension of the deposit and withdrawal because when they did that, the prices of BTC and altcoins started shooting up. I bet when they finally reopen everything the prices will all drop and back to $3k. Well this is just my observation. What I can assure is that trading volume rise and prices will keep swinging sideways for a long time in the current price range.
Unfortunately they should do it in either case. If its true, or if its false, it does great damage control and it is working. They could be lying, but by calming the people, they can sort the problem without going bankrupt. Or they could be saying the truth, in which case its already solved.
But others have already offered enough money to cover the loses, which might or might not be part of the damage mitigation.
In these cases only time can tell.
I don't think they are just doing this to calm the public. Didn't they said they'd refund the loss?
But then maaybe they should prolong the suspension of the deposit and withdrawal because when they did that, the prices of BTC and altcoins started shooting up. I bet when they finally reopen everything the prices will all drop and back to $3k. Well this is just my observation. What I can assure is that trading volume rise and prices will keep swinging sideways for a long time in the current price range.
CZ is supposed to say all those things in order to calm down the public. 
Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.
I disagree. These hacks happen all the time. Lesser known exchanges which get affected by these hacks usually tend to disappear completely since no one would bother with them anymore while the popular ones like Binance will retain their user base and become even more popular since they are able to give back the stolen funds through SAFU fund etc. Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.
CZ is supposed to say all those things in order to calm down the public.
Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.
Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.
Well, it is to be expected in Binance that they will take fast action and update regarding to what happened to the recent security breach. I hope this time they will have a tighter security system since most traders are keen in using their platform due to the massive volume and it's convenience. They should really have a good check and take necessary measures to ensure users security.
i dont like cz but cz and binance stayed strong and give trust to market.its almost zero effected to market if it was a real hack 
the worst thing was talking about rollback.in the future if there is a hack on any market, rollback will be an option now.
the worst thing was talking about rollback.in the future if there is a hack on any market, rollback will be an option now. 
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So there you go, there's a lot of things going on behind the scene and it looks like they will revamp their security measures. So as early as next week maybe we can see deposit and withdrawals resume and back to normal operations again.
I am expecting that this time Binance can be stricter in many areas of the exchange. Hopefully, they can be able to fix the vulnerable areas so as to make sure that the unfortunate hack will not happen again. Binance is a strong platform and the whole cryptocurrency community as well as users are standing firm and supporting it now. I am expecting that other exchanges small and big are now also looking at ways they can strengthen their own defenses as hackers are working 24/7 to steal millions and millions of coins and tokens.
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Rest assured, our team is making progress. We are taking this opportunity to significantly revamp some of our security measures, procedures, and practices. With the goal of resuming deposits and withdrawals as soon as possible, some of the changes will be done within the window of this week, and many further changes will be added afterwards.
We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.
We will be adding hardware device support, such as YubiKey and other devices, very soon. We will run an event and give away 1,000 YubiKeys as soon as that feature is implemented.
Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it.
Once again, we thank you for your unwavering support during these tough times! We will fight on.
- CZ
We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.
We will be adding hardware device support, such as YubiKey and other devices, very soon. We will run an event and give away 1,000 YubiKeys as soon as that feature is implemented.
Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it.
Once again, we thank you for your unwavering support during these tough times! We will fight on.
- CZ
https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update
So there you go, there's a lot of things going on behind the scene and it looks like they will revamped their security measures. So as early as next week maybe we can see deposit and withdrawals resume and back to normal operations again.
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