Bitcoin Forum

It was a shock to me wake up to read the news of a HACK into BINANCE which resulted into casting away of a huge sum of bitcoin amounting to 7,000 bitcoin. That is a whopping $45,000,000.
With how much we trust BINANCE in term of cyber security and some other measures put in place, how could that happen without their techs knowing?

My main question now is what exchange do we now trust in term of security when it comes to being safe with our tokens?

https://stocksgazette.com/2018/07/03/binance-potentially-hacked-for-45-million-announces-unplanned-maintenance/

Don't jump to conclusions yet, the article heading says "Binance Potentially Hacked". Potentially - right? So, we don't know anything. It could well be abuse of the account API keys or issue with some third-party bot trading software. Lets wait and see!

It wasn't hacked. Some users had their API keys phished, which is entirely their fault and nothing to do with Binance. As usual, Binance's response was swift and professional, and your funds are not at risk.

The answer to your question is very simple, trust no exchange with your tokens, always keep your tokens in a wallet you alone have the private keys to, hackers are getting smarter on daily basis, send tokens to an exchange when you want to sell and withdraw immediately. Stay safe

This is sad but we token holders are vulnerable to hacking. Better avoid fishy sites that requesting you offers that can lead throwing your information. Investors now are losing of trust because of this security issue and somehow hackers are getting better and better every single day.

Please, let's wait for the answer from binance. We should not spread the negative, I think that all the problems will be solved.

What should I do if coin don't have wallet yet? Do not buy such? Or what? Such cases as today's Binance need for manipulations and fud creation. I make some trade on the Binance but with API hack or phishing I don't know it become very unsafe and sad

This is the best exchange, in my opinion. But maybe it was specially done, and there was not any hacker attack.

Another "great" news that make people think that crypto is full of fraud, scam, and hackers, when this "hack" may be the fault of users themselves :-\ Mass media do whatever they want to destabilize the situation on the market >:(

I don't think Binance has been hacked, they also don't have any announcement of hacking on their exchange. However, in my own opinion, every exchange has potentially to be getting hacked no matter what, we need to always be aware and take the risks. Always remember, "don't put all of your eggs in one basket".

As far as I know, the Syscoin blockchain was hacked, so Binance had nothing to do with it, if it really was.

Binance should cooperate with Hydrogen project. They can really help the website's security and also the user's security! If you guys are curious about the Hydrogen platform, then this is their website, https://www.hydrogenplatform.com/ check it out!

Binance was not hacked but every centralized exchanges can be hacked, besides that most things are hackable you can just decrease the possibility of that by taking some measures but not say it is fully safe.

I think in every online business there is always a likelihood of system vulnerability, that was the case of Binance which had an API keys attack on Syscoin (SYS. Most times it can a little carelessness on the part of the developers, however there quick intervention is part of the business. This should not create panic on the crypto ecosystem.  Presently there is system maintenance going on now.

I agree with you but I still do not think binance is hacked, because they are very good security for token and are also reliable but to avoid your account being hacked, I think you should try to keep your private key very safe and avoid clicking on all phising sites sent to you because hackers are very intelligent and they use this medium to get information from people.

With the rise in popularity of crypto currency, concern of the cyber security of crypto currency has increased. The reports of hacking of exchange sites and users facing phishing site has increased significantly. It is wise for users to hold their tokens in wallet rather than in an exchange site, also t9 be careful before going to any links, as they can be phishing sites.

Everybody knows there're no completely secure ways of the cryptocurrency storage. Those burglars in American action films, who are managed to rob the most secure bank are true to life cause it's possible to hack anything! At the time, even Pentagon servers were hacked! So you'd better hold your coins, divided into small parts, on various resources.

I think that the hack of the exchange is just a technical issue. All that is necessary for hackers is to be technically equipped better than the defense systems of the exchange.

There was an technical issue with syscoin API has been exploited by the scammer. In fact that the scammer able to sell syscoin at the high price and cash out their bitcoin  and that makes this case become so strange for me. How did binance approve their withdrawal?

Every exchange can be hacked. it is not an unbelievable thing. Binance hacked several times in previous years. Not only binance, many Good Exchange faced several hacking attacks. Exchanges bring many security and hackers are getting smart. The hack is now a common word in the cryptocurrency platform.

As I've heard not only that, the hackers also doing 51% attack to SYS so that the transaction can't be rolled back which also means that the hackers seem to have a really huge resource to do so.
Although it's kind of natural to say that no system is safe, the exchange better to tighten their security.

Totally agree. Binance is not hacked and it is far from hacking for it is one of the top exchange out there in the market. API keys being phished is not a new thing and it might create a buzz by the amount taken but it is not the same as hacking the exchange.

All centralised exchanges can be hacked. No exception! Holding and trading tokens in exchanges is the least secure option amongst the others.
It is good practice for exchanges to reward a bounty in hacking competitions. That is a good investment in security. But never enough.

Actually binance was not hacked, some of the binance traders got hacked because of their negligance but still security of binance can be questioned because they couldn't monitor the suspicious withdrawal request and massive un-natural pump on syscoin.

Users lost their bitcoin not the binance but we have to keep in mind that none of the exchange or web wallets are secure to store our coins.

In the crypto world everything is operated by the internet. So it is not a matter of surprise if anything is hacked, and it goes along with the Binance also.

Indeed , I saw an article that last week on the exchange Binance were recorded and tracked abnormal transactions - trading of Syscoin to bitcoin at the rate of 1 Syscoin=96 bitcoin although the usual price of the token is 0.00004 BTC, after that the exchange stopped its work and blocked all operations until the circumstances were clarified. Due to unusual trading on some APIs, Binance will remove all existing API keys as a security precaution. All API users will need to recreate their API keys. Binance has a high rating and a good reputation, I hope that was a misunderstanding.

Based on this we should not believe these types of news because of there is no proper of official information’s is given based on this we need to listen or accept that news which is informative and trust worthy. So that we can know valid knowledge about this topic. :) :)

I think yes every centralized exchange or some part or function of it can get hacked, recently we heard about coin rail hack and the hacker was able to take away pundix (npxs) token in millions and after this incident we have seen that the price of this token has been crashing, i assume the hacker is selling this token now on different exchanges causing this dump, we may see more dumps in coming days untill he sells all the tokens.

Why it's unbelievable! ! ,any Exchange can be hacked what ever the do for their cybersecurity,  don't keep your funds on exchanges for longtime,  I prefer to pay transfer fees rather than keep my money on exchanges ;)

A small altcoin Syscoin was subjected to an unusual attack that allowed attackers to change the amount of tokens issued. In March of this year, the exchange has already been subjected to a major attack, then also used the stolen security keys. The cybercriminals got access to the victims ' accounts and sold their tokens to themselves for a ridiculous price.

Well, BINANCE wasn’t really hacked. The actual thing that happened was some of the users had their API key phished. For this reason the problem happened. I believe the other users funds are not in risk. Lets see what happen in the coming days.

I don't think it was hacked. I think this is some kind of FUD. We should wait to hear the true story. But as far i know it is quite impossible to hack.

Binance has strong defense but nothing is impossible in this world so i think some funds is stolen but again recovered, trust Binanace as it is world top exchange.

Based on what's described in comments isn't it the users that were hacked rather than Binance. Only thing Binance can do is monitor their exchange and look for trade anomalies, then halt trading to minimise future losses. Pretty tough to defend against a user that gets phished. The hackers are technically accessing the system as a legit user so all is normal until they do their thing.

This is actually a sad news. This is so serious. To avoid such from it having much impact on someone another time, I feel ons should not just rely on only one exchange but many.
Thanks

None. But when we talk about our own tokens safety, we definitely could do better ourself, Instead of sending the token to centralized exchanges that hold the private keys of your tokens. Applying the basic security for our own personal computer could definitely better than keeping it on the exchanges.

I believe since more and more exchanges getting hacked, it will be a surely mental boost for decentralized exchanges developers. Since the community really needed a cure for it.

Exactly. I find it funny that some people actually thought that Binance got hacked without doing proper research in the first place. As soon as I heard the news, I decided to check the news and understood clearly that Binance is still completely secure as expected. People need to stop freaking out and spreading useless FUD since this affects them too in a bad way. Do your research op before opening these kind of threads.

I think you should believe it :). Binance is the best crypto exchange but it's not mean that this exchange is not hackable :). Number of hacker is increasing day by day and I think hacker nowaday is much better than before so nothing is impossible for hacker although it's the best crypto exchange :). As I know Binance has been hacked more than 1 time :)

No hacking. Be calm. There are a few idiots. Dont panic. I think , binance will figure in short time.

Binance not a victim of hackers, cant you read? Users, traders using 3rd party software are victims. Hackers user those victims API key to set buy order to push up the price and cash out to their balance.

It was the problem of Binance's API and SYS blockchain system. In fact that Binance wasn't hacked, don't spread fake news.

Instead of jumping into conclusions, we need to check for the authenticity of the news itself. We need to see the source which can vouch whether the news is true or not. We can look on the internet to see if the news are legit or not, and then draw conclusions.

As I also heard something about this but still its not confirmed actually it is hacked or not. But I think all of us should be aware when we exchange because we cant trust properly on our tokens.

binannce then bancor still many more other cases, this is very worrying.
I began to hesitate to keep the assets in the exchanger, I think this is not a lie and worthy of attention.

This not unbelievable, Binance can hack anytime. And binance had attacked by hackers before. So, it can happen again. I think hacker can hack any exchange in no time. Last month Bithumb exchange was hacked and stolen 32 Million USD. This month bancor got hacked and stolen 23 Million USD. So, it is not an unbelievable thing. Binance can really hack .

This is a very secure exchange, although hackers are finding more and more new methods of hacking, so there is nothing to be sure.

Will its not possible modern hacker now is unstoppable. Even the a government security system they can crack it. Thats why no doubt that they can crack a simple security system.

First of all, how true is this news? Is it 100 percent verified? then if it is, it is a sad news to hear, and really heartbreaking and terrifying because if an exchange like Binance was truly hacked, then it seems like our funds or trading with these exchanges are not safe anymore cos Binance is one of the most secured and highly recommended exchanges out there.

Well, you can't tell what would happen in future, as hackers are also very smart they are inventing new techniques to hack, but at present, it wouldn't be so easy to hack Binance, as it is one of the most secure exchanges out there.

They were attacked, but they were not directly stolen. Instead, hackers profit from other markets by pulling up one coin. This is a very clever way to do not need to raise coins on the exchange, but in other markets you can use a normal account to get huge profits.

Popular exchanges sites never admit to having bug in their systems. Because this will affect them greatly. So whether they are hacked or not, we never know. Just remember, no system is absolutely safe, the important thing here is how they solve the problem.

Yeah, nothing is 100% secure. But I believe that Binance is one of the best platform and I've never had problems with this platform. I have been storing more than $ 2,000 on it during 3 months.

Everyone is vulnerable to hacking, no excemption!

One thing is certain about Binance right now, the CEO himself allocate 10% of its income generation in trading fees goes to vault storage to compensate the unusual losing of funds, hacking, bug and the likes. This is why I love to trade in Binance. Their support is quiet fast compare to any other exchanges. That is why Bianance grows exponentially.

No any exchange is safe man. That's why I don't put all my money into one exchange. You have many choices now, go and trade on Bittrex, Kucoin, HitBTC, Huobi, Tidex... Many places for you to choose. Don't trust any exchange because if they close, all your money also gone!
Trade wisely and good luck!

Actually all coins in the market can be hacked because their system are internent based,
therefore one of their possible threats are online hacking, virus, bugs and any technological technicality.

There’s a possibility or chance that it happen that the company of binance really be hacked,
yeah this unbelievable but nowadays this is a normal difficult issue in this kind of business.

Lol it's the binance's fault and that's why binance was taking action to announced about the maintenance on their system to prevent the API to be used by the hackers. Binance has been taking its responsibility to the all of victims and it looks like a binance's fault.

I guess it was not hacked. But I can say, for your safety you can use a wallet and keep your token in it

In as much as any wallet or even exchange can be hacked in crypto but if the system has good dev and management team, they will work towards making it stable and safe for use again but presently, I do not think binance system is hacked. Let's be patient and not jump into conclusion or be scared. To be on a safer side, I will suggest you to move some of your funds to another exchange that is safe and reliable.

fake news to get people to sell out coins. DOnt fall for this! Binance is one of the most secure and well maintained exchanges in the world. If that gets hacked then its like the reserve bank getting robbed. AKA this cannot happen!! Im still happily keeping funds in there for a rainy day.

Literally any website can be hacked. Binance is still the one I trust the most, they're making enough profit to cover most hacks themselves.

Binance has been my number one Crypto Exchange website. It is much reliable where security is concerned and flexible with good user interface. It could just be a rumor that it was hacked.

I am not really sure if this is considered as hacking, the thing is that Binance API that used for bot trading and portfolio apps have been abused several times. Even though they always fixed the crack in their API system, but seems like the bad people keep find a new crack when the old one is fixed. So maybe binance should never use API at all.

First of all, I would like to point out to you that binance was not hacked, people have always tried to take advantage of the trading bots and binance fixes it all the time.
Secondly anything can be hacked. It does not matter how sophisticated and how big something seems to be, if it is operated online then there is always the risk of it getting hacked.