Some people were implying an inside job.
This crossed my mind too.
Topic: what do you make out of Binance hack (Read 562 times)
This crossed my mind too.
In July 2018, Binance setup a secure asset fund (SAFU) for users, allocating 10% of their received trading fees into the fund designed to act as an emergency insurance policy to protect users against losses in the event of a malicious attack.
With the news Binance is covering 100% of exchange user losses from their SAFU fund, for Bitcoin, it was back to business as usual.
https://www.altcoinsidekick.com/blog/wonderwall?
I think this is very well work from CEO of Binance for crypto market. Actually Binance is the biggest one exchanger of crypto market. So it was very shocking news for every investors and traders as well as. But good news is market did not fall such as big stolen so that anything can happen in crypto market and we all have to prepared every time about this.
in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies.
That maybe the other reason on why there are hacking incidents on cryptocurrencies but what about on other business or on other payment methods ?
There were also hacking and scamming or any other cyber crimes that are present and the motive of the criminals on why they do it is because of the money .
still no matter how many hacking incidents occur in cryptos , people are still courageous to invest and to continue what they already started .
I am aware that cyber crime is as old as the internet. Hackers exploit vunerabilities and take advantage of ignorant and naive people especially in a new space like cryptocurrencies where so many don't know how to protect themselves from scams and phishing attemps but either these exchanges are completely incompetent or these hacks are made from the inside. Corruption is everywhere and only time will tell if bad actors are working to discourage the masses from investing or if we just simply need to improve the security in this industry.
in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies.
That maybe the other reason on why there are hacking incidents on cryptocurrencies but what about on other business or on other payment methods ?
There were also hacking and scamming or any other cyber crimes that are present and the motive of the criminals on why they do it is because of the money .
still no matter how many hacking incidents occur in cryptos , people are still courageous to invest and to continue what they already started .
Some people were implying an inside job. I guess we will never know unless solid proof come to surface but in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies. The threat is real for the old financial system.
The hackers display the level of the weakness of the security setting of the exchange and this to me serve as a wake up call to binance and every other exchanges to upgrade they security system to a more sufficient level to combat hack and malware.
Definitely "a wake up call", they actually revealed their inability to protect costumers properties within their confer. With this happened, Binance will take extra steps in the protection of digital currency in their confer. Others will take a correction from what hard happened to Binance and hope they will all step up in their security stuff within their reach.
As we all know, when this things like this happen, there's a massive dump after and I was expecting the same but only wish that it is not that worse. But I was completely wrong, and it's like the market just ignored it or did not care at all and btc just continue what it wants to do which is rise like a phoenix. But I'm still disappointed on what happened with Binance because they have the image of the most trusted crypto exchange of all exchanges.
Binance CEO was able to manage the incident smoothly without damaging their reputation much and having the SAFU fund helped him to recover from the loss. Therefore, we should give them the credits to opening up the precautionary SAFU fund.
According to their findings, the hackers were able to bypass the pre-withdrawal risk management checks which not good. We can see that there were number of withdrawals that exceeded 100 BTC daily withdrawal limit in that BTC block. If they had a perfect pre-withdrawal risk management checking system, the damage would be less as the hackers cannot steal more than 100 BTC from an account.
What they should do is review all of their risk management systems, find whether there are vulnerabilities or loopholes and take action to strengthen them. I hope that they did it when they went for the maintenance mode. They should also review their systems regularly as a proactive action.
According to their findings, the hackers were able to bypass the pre-withdrawal risk management checks which not good. We can see that there were number of withdrawals that exceeded 100 BTC daily withdrawal limit in that BTC block. If they had a perfect pre-withdrawal risk management checking system, the damage would be less as the hackers cannot steal more than 100 BTC from an account.
What they should do is review all of their risk management systems, find whether there are vulnerabilities or loopholes and take action to strengthen them. I hope that they did it when they went for the maintenance mode. They should also review their systems regularly as a proactive action.
The hack on Binance cryptocurrency exchange is a terrific incident a huge number of bitcoins were stolen from this exchange and even though their CEO has promised to reimburse users of their funds i think it's high time cryptocurrency exchanges update their security mechanisms from time to time.
The Binance hack was a wake up call. I still like Binance. It is a fun, fast, and easy platform for online trading. I admire the ways Binance dealt with the media, it's clients and users, and particularly important was how they dealt with those refunds.
Well we will continue trading and buy and send coins to Binance and withdraw, i'm glad that they give funds back to users who get hacked, and i think they will take all measures that this never happen again.
It just proves that there no exchanges that are 100% safe from hacking. However the CEO of Binance are professional in handling the hacked when he announce that the funds are safu and immediately conduct an AMA. I really don't think that the incident loss confidence to Binance instead they trust it more.
Well the binance hack did not even shake the over-all market unlike the recent attacks on other exchange. Instead it pushed Binance to upgrade their whole platform and tighten their security to make sure that all their users will be safer this time around.
If they should have tightened their security long back there would not be an incident like this and for them to take the user funds seriously they need to have a huge set back in the form of a hack, something is not right in this situation and why would people trust this exchange when they were not taking care of security earlier, the problem is that there is not much options for users to trade who have the same volume as Binance. 
I myself still don't believe the news about Binance's class exchange being hacked ... my question is that the security system they have is very high according to them. But fortunately the assets being burglarized are only a small part of all assets that are in exchange. For the incident I became afraid to trade in the exchange.
The only thing that I could make out of the Binance hack is that these big and respected exchange sites are vulnerable in any forms of threats like hacking. It could affect people's trust on the exchange site but I don't think it could affect the market situation.
Binance hack is a big lesson to all as that will brought about the security fight and more measures in place to prevent the future occurrence and the lost funds are no where to affect the any user , so every users just need more of security conscious.
Its really sad to see Binance get hacked but money is the ultimate motivator in the world and some people will do anything to get more of it. Luckily Binance has enough saved funds to cover any customer losses so they are good on that part. The scariest thing is that CZ wanted to do a bitcoin chain rollback to recover the stolen coins.
After the Binance hack, I continue using Binance for crypto-currency trading.
The hack that happend to Binance was a mere pebble in their road, Binance probably makes like million if not billions a year and the money that was stolen during the hack only represent a very small portion, they stated that they are going to replace it and the security flaw was fixed, so nothing is going to out of the usual and no one is going to have his balance changed, if anything this shows how trustworthy they are and how big they are, and in terms of their binance coin it actually went up since that.
It is sad that Binance has been hacked for the sixth time, but I'm also happy that the hack didn't affect customer's funds. The SAFU they created really helped. But I think the team needs to strengthen their security systems to prevent any hacks in the future.
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