Some people were implying an inside job.
This crossed my mind too.
Topic: what do you make out of Binance hack (Read 581 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.
have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,? 
Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711Security 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.
have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,?
Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711Security 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.
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.
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.
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.
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.
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.
have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,?
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.
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.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?
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.
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?
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.
I think the hack can be referred to as a blessing on the other way because looking at the coin which is suppose to be the first hit, one can hardly say it had a problem, it keeps soaring higher and following bitcoin price movement.
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.
Binance hacked was quite in a news for a time but CZ@Binance has wrapped it smartly and in a short duration. Binance hack was the lesson for exchanges with weak security covers as hackers are becoming smarter and poised with technology hands so exchanges need to be one step ahead of them in every aspect.
Are you by any chance using Internet explorer caveman?
Anyway, I found you and user beaxchange have the same interest in one topic while he discusses reorg there and you discuss this.
Hey, you two just register one minute apart too, coincide? I think not
Anyway, I found you and user beaxchange have the same interest in one topic while he discusses reorg there and you discuss this.
Hey, you two just register one minute apart too, coincide? I think not
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?
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.
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?
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?
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