what do you make out of Binance hack - page 2.

jhongzjhong

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Quote from: edisystem on May 24, 2019, 03:33:10 AM

Quote from: JohnsonX on May 23, 2019, 08:46:16 AM

have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,? Huh

Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711

Security on exchanges is obviously very important, i'm sure the security team of binance trying their best to make all your coins safe in binance.

They are now trying to forget this ridiculous nightmare by them. It is almost ruining their reputations but now Binance was back and it works fine now so I think they are now building up their security system not to bypass by a scammer. Thousands or even millions of traders using Binance and maybe us here majority is Binance users I think they are doing their best to keep us safe even the hacking incidents already happened but doesn't give bad effect to the market.

edisystem

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Quote from: JohnsonX on May 23, 2019, 08:46:16 AM

have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,? Huh

Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711

Security on exchanges is obviously very important, i'm sure the security team of binance trying their best to make all your coins safe in binance.

Ayiranorea

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Though it was the biggest cryptocurrency exchange available, the hack didn't made any negative impact on the market. If it was some other exchange surely some negative news could have got circulated around shattering the market. With its perfect plan of funding users everything went smooth and Binance has made themselves strong and more secure.

olamidey

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The Binance hack came to many as a big surprise. Wouldn't have believed something of that sort happening to Binance. Yes it has happened but thankfully, they have a system in place that guarantees client's funds. This is one of the disadvantage of keeping funds on exchange. If not for the 10% of fees kept aside, another exchange may have bit the dust.

Couldn't believe for a moment that the roll back option of bitcoin chain was ever thought of. That could have had grave implications on Cryptocurrency.

Genemind

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It has ruined the reputation of Binance but the exchange still regained the trust of most users.
This has been sad news but the market is too resistant to get shaken by such controversy. It was an advantage for some users who have learned their lessons as well.

indoagung88

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It is replaced 100%, but it definitely has a negative impact on Binance exchange users. For me, whatever the reason for hackers is very worrying and makes many people afraid of losing assets. I hope this does not happen in other exchanges. And the most important thing is that we must remain vigilant with all the hackers' accounts Don't let it happen again.

JohnsonX

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have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,? Huh

IPVPIRL

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I think you all should consider what would happen if the hack was 10x of what happened. You all suck up CZ and Binance and have huge amounts parked there thinking they got you covered? It was a 40million hack and what happened was CZ panicking and asking Jihan Wu if rolling back the chain is an option. Can you imagine what would have happened if the hack was 70,000BTC (400m$) instead of 7,000BTC? Do you seriously think you funds are safu there and that they acted professionally? Then they took it to twitter and unleashed a thousand bot accounts with copy-paste tweets. This was hillarious. I instantly withdraw BTC and ETH the moment they let me, which was 2 weeks later. If you trust any exchange it's basically your head you are playing.

Bulgarianhawk

newbie

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A few things became clear after the hack:

1) Centralized exchange is always a centralized exchange; it can manipulate not only with prices but also with permissions.
2) hacks are not always hack - sometimes just planned action for the benefit of somebody
3) binance managed the hack well and nobody blame it because of this hack
4) binance is still number 1 exchange for the majority

dothebeats

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Quite a bit late to the craze of the hack, but props to Binance for the oversight and anticipation of the said event knowing that the scene is plagued with hackers and nefarious people. If most exchanges do this as well, then perhaps we can prevent Gox 2.0 from happening and users being robbed off of their money that exchanges should be safeguarding in the first place. Hacks are becoming more and more common now that almost each month we hear an exchange getting hacked.

Beerwizzard

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Just IMHO but it feels like exchanges should be legally forced to keep some money in reserves and repay their users in case of any security issues. At least no one would ever try to steal money from his own exchange. Exchanges are earning a huge money every day, I'm totally sure that they have enough funds even to repay their users from their own pocket.

Baofeng

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Quote from: Golftech on May 23, 2019, 08:07:55 AM

Quote from: muslol67 on May 23, 2019, 07:24:28 AM

Quote from: tiedcoin on May 23, 2019, 06:23:46 AM

With the news Binance is covering 100% of exchange user losses from their SAFU fund, for Bitcoin, it was back to business as usual.

This was a very important issue. I think the market would have been badly affected if it reflected the damage to the incident.

Before mostly when incident like hacking exchange will immediately affects the whole industry, panic will start to happen and the value of most coins will fall, but with this setup which binance use the insurance money to cover loses, it's just another news that passed but nothing really affects the industry, and looking now with how the business runs and how the token gained more supports.

But there was an incident of a hack in 2016 as far as I remember. It was a Bitfinex hack, the market was tested that time, and even though the price fall after the hack, if immediately bounce back and eventually ended in the bubble in 2017. But indeed, with SAFU in place, Binance was able to somewhat stop the bleeding, and there was no significant dent on the price after the incident.

Golftech

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Quote from: muslol67 on May 23, 2019, 07:24:28 AM

Quote from: tiedcoin on May 23, 2019, 06:23:46 AM

With the news Binance is covering 100% of exchange user losses from their SAFU fund, for Bitcoin, it was back to business as usual.

This was a very important issue. I think the market would have been badly affected if it reflected the damage to the incident.

Before mostly when incident like hacking exchange will immediately affects the whole industry, panic will start to happen and the value of most coins will fall, but with this setup which binance use the insurance money to cover loses, it's just another news that passed but nothing really affects the industry, and looking now with how the business runs and how the token gained more supports.

Jating

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The issue has long been forgotten. After the hack has been confirmed by CZ, the price didn't move that much, on the contrary the event has a good effect because the price continued to surge and even hit as high as $8200-$8400.

So I guess it's already business as usual, they've allowed withdrawals and deposits already and have implemented several security measures so that it won't happen again.

CryptopreneurBrainboss

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what I make out of Binance hack is, don't trust any centralized exchange with your fund as they all can be hacked. Sure they could secure every users fund but what about the future. For now the scammers stole just 7,000BTC that's not much for an exchange like binance. how secure will users fund be incase of future hack and the amount stolen is much more?. You can use centralized exchange for trading but don't store your fund on those exchange.

squatz1

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Quote from: Ailmand on May 23, 2019, 07:03:38 AM

Quote from: tiedcoin on May 23, 2019, 06:23:46 AM

On Tuesday May 7th, 2019, Binance suffered the 6th worst cryptocurrency hack in history with around $40 million in Bitcoin stolen from the exchange.

In a statement, Binance CEO Changpeng Zhao calmed the market. The hack only affected Binance’s BTC hot wallet, and no other wallets were impacted. Around 2% of Binance’s total BTC holdings were stolen.

Acting quickly and stopping all withdrawals, Binance issued a statement:

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

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?

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.

This is because Binance had a safeguard if they were ever to get hacked, they knew that something might happen in the future and they put a portion of their trading fees towards a self-insurance policy. (Read here - https://www.binance.vision/glossary/secure-asset-fund-for-users)

The sad fact is that something like this has to happen to ensure that innovation and security are put forward. An innovation with security wouldn't happen on Binance if not for a hack, sad, but it's the truth.

sheenshane

legendary

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Have you already said that it is only 2% bitcoin has been lost and I think that amount was covered by the Binance through the SAFU and that was a too small amount for them. And have you noticed that there's haven't effect on the market price movement? They are back operating now and all went fine and back to the normal operation of their exchange. A lesson to learn by them and now probably they upgraded the security system to avoid possible hack again.

okala

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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.

xvids

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Quote from: tiedcoin on May 23, 2019, 06:23:46 AM

On Tuesday May 7th, 2019, Binance suffered the 6th worst cryptocurrency hack in history with around $40 million in Bitcoin stolen from the exchange.

In a statement, Binance CEO Changpeng Zhao calmed the market. The hack only affected Binance’s BTC hot wallet, and no other wallets were impacted. Around 2% of Binance’s total BTC holdings were stolen.

Acting quickly and stopping all withdrawals, Binance issued a statement:

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

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?

It is a devastating blow on Binance it is a huge lost and lesson for them.
But look what it made them do and how the community act.
The event just showed that Binance is indeed a great exchange platform and the community is very fond of it that they insist to donate in Binance to help it recover.

aioc

hero member

Activity: 2926

Merit: 567

Quote from: tiedcoin on May 23, 2019, 06:23:46 AM

On Tuesday May 7th, 2019, Binance suffered the 6th worst cryptocurrency hack in history with around $40 million in Bitcoin stolen from the exchange.

In a statement, Binance CEO Changpeng Zhao calmed the market. The hack only affected Binance’s BTC hot wallet, and no other wallets were impacted. Around 2% of Binance’s total BTC holdings were stolen.

Acting quickly and stopping all withdrawals, Binance issued a statement:

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

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 Binance acted in the right manner by addressing the issue in a very timely manner and assuring everyone that everything is taken care of, so we are back in business and Binance traders are trading with a peaceful mind, but there were reports that this hacking incident is just a drama, we never know.

Topic: what do you make out of Binance hack - page 2. (Read 562 times)