Bitcoin Forum

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

From the same link you posted above:

From the same link you posted above:

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

Binance Security Breach Update
https://binance.zendesk.com/system/photos/3602/2990/1072/binance-RGB.png Binance
May 07, 2019 23:34

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24. Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

The hackers were able to withdraw 7000 BTC in this one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

The above transaction is the only affected transaction. It impacted our BTC hot wallet only (which contained about 2% of our total BTC holdings). All of our other wallets are secure and  unharmed.

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.

Binance will use the #SAFU fund (https://www.binance.vision/glossary/secure-asset-fund-for-users) to cover this incident in full. No user funds will be affected.

We must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.

Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.

We will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.

In this difficult time, we strive to maintain transparency and would be appreciative of your support.

PS, I (CZ) will continue the previously scheduled Twitter AMA (https://twitter.com/binance/status/1125391763248517121) in a couple of hours.

- CZ

Secure Asset Fund for Users (SAFU)

SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.

“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."

They have a ton of BNB as well that can be sold off to cover any losses.

Wouldn't that lower its price? ie. a dump?

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks.

Its quite surprising to see Binance been hacked with all their security measures and protocols.

I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.


This just proves that nothing is safe as long as it is online. Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

Maybe Binance hack was an exit scam.

I would agree if the lost/hacked funds were above 50% of their total funds including hot and cold wallets, but it's merely 2% of their btc holding, regardless its bnb tokens and other coins as per mentioned on the article (https://binance.zendesk.com/hc/en-us/articles/360028031711).

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Holy fuck $40 million dollars that is actually insane... At least they have the money to cover it apparently? I have like 10 cents BTC in there, but I was going to try and put more in lol good thing I waited.

I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.


This just proves that nothing is safe as long as it is online (http://just proves that nothing is safe as long as it is online). Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Maybe Binance hack was an exit scam.

Don't worry too much because CZ has insurance policy for all investors and you can rest assured when withdrawing money at this exchange.

I think after this FUD news, Binance became even more popular because many projects will spend their money to support this exchange. This is what impressed me most because CZ is gaining the trust of many people and surely Binance will continue to be ranked No. 1 this year.

Oh! They lost the money in terms of other coins not the bitcoin, but already they promised they are going to give those fund to the people who lost. That's why i like mostly Binance exchange they will care more about their customers.

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses :'(.
Hopes it recover ASAP 

It is not a FUD, it is a hack.  We cannot remove the possibility of self orchestrated hack to showcase their SAFU.  Thus, increasing people's trust and believe that their fund is secured through SAFU.  Which we can call a marketing strategy plus free advertisement about their SAFU.

There will be an announcement soon from the binance side because they are the most traded exchange so even if they are locked for a day they will face huge losses.

https://i.imgur.com/L0eelT6.jpg
Looks like last year's "Funds are SAFU" meme will be revived because of this.
User's funds aren't affected, stop the FUD specially if you didn't have an account in Binance  :P

I hope this can be overcome. well, binance is one of the best exchangers. I think they can overcome this. It is only natural that at the moment they are locking the activity inside, to repair leaks. but, it was very good when they said that there would be no funds from members who were reduced.

yeah i trust them, already using binance over a year and it's the best exchange i have ever used.
Based on their announcement (https://binance.zendesk.com/hc/en-us/articles/360028031711) it should take up to ONE WEEK.
Still pretty long time to go

Interesting tweet from Justin Sun:
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
https://twitter.com/justinsuntron/status/1125932499761225728 (https://twitter.com/justinsuntron/status/1125932499761225728)

This is interesting moment in crypto, social networks are on fire, all in all CZ has a pretty good public appearance. He have a lot of support from other big players, exchanges, etc.. Interesting moment, that`s all, there`s no need for any panic, they have much more bitcoins in their wallets, and this is the amount they will earn in next couple weeks, months. It`s nice how CZ is handling with this situation, he is posting updates every couple hours.

This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

I think the most panic was caused when he mentioned that he will "rollback" the blockchain. Basically a friend told me this and I assumed he must of heard incorrectly, but he said actually that the owner of Binanace will rollback the blockchain to get the funds back, I started laughing. After some reading I realized that it was actually true.

Looks like hacking a crypto exchange has become so easy nowadays that no security system can guarantee that funds will be #safu.
I feel uncomfortable with that.

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea






"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

I think that hackers are going to exchange this cryptocurrency amount to fiat instead of hodling.

The people who love to leave funds on exchanges unnecessarily for some reason are very lucky that Binance is going to cover the losses.

Jeebus. CZ actually thought of trying to convince miners to do a re-org.

https://i.imgur.com/7bcuzrS.png

Tweet link: https://twitter.com/cz_binance/status/1125996194734399488

After speaking with various parties, including @JeremyRubin (https://twitter.com/JeremyRubin), @_prestwich (https://twitter.com/_prestwich), @bcmakes (https://twitter.com/bcmakes), @hasufl (https://twitter.com/hasufl), @JihanWu (https://twitter.com/JihanWu) and others, we decided NOT to pursue the re-org approach. Considerations being:

Pros:

• 1 we could "revenge" the hackers by "moving" the fees to miners;
• 2 deter future hacking attempts in the process.
• 3 explore the possibility of how bitcoin network would deal with situations like these.

Cons:

• 1 we may damage credibility of BTC,
  
• 2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge.
• 3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
• 4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds. We should own up it. We will learn and improve. As always, thank you for your support!

• Melik Manukyan

🌮You didn't decide not to, you realized you cannot.

• CZ Binance

‏true that too, that's what Jihan advised/educated me on too.  I trust his advice.

• Simon Dixon

Why would you even consider it? If Binance can re-org Bitcoin we might as well all get out of crypto as JP Morgan and the Fed could too.

• Cicero

‏people still don't understand the value of immutability, the whole point is people shouldn't cover others stupidity

• Spartanec

It's scary that you considered  rollback option on #BTC chain.

• CZ Binance

‏would be very hard to pull off anyway, not for $40m.  Most miners will not "centralize" together just for that.  But it was suggested by some great minds, we learned, considered, and decided not to pursue further.

This is really sad when people already being convince to join crypto but it's still hackable

So what's the point of SHA 256 things when hacking incident keep happen in the future ?
With those amount, I'm sure there will be downtrend very soon

People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

This is really sad when people already being convince to join crypto but it's still hackable

So what's the point of SHA 256 things when hacking incident keep happen in the future ?

From the same link you posted above:

Its quite surprising to see Binance been hacked with all their security measures and protocols.

Your point being? An exchange got hacked, not bitcoin.

The concern here is not about the funds stolen but about the security breach that allowed the hackers to steal bticoins from the Binance exchange.
The amount 7k BTC now but it can be a greater amount in the future. Although Binance claims that the funds were stolen from the hot wallet which consisted of only 2% of their balance.
What happened to all those security firms Binance partnered with over the last few months ? I am sure they must be having a hard time now that the Binance is hacked.
Although Binance is concerned about the stolen funds and will use SAFU to recover the funds, we as it's users should be aware that any exchange can be hacked and shall keep only a limited amount on the exchange.

There was no “hack invasion”. The article says that the hacker got a big number of API and credentials from users by using phishing attacks, virus and other methods. Thus, the big problem wasn’t on the exchange, but on the users. The part which was Binance’s fault is that they couldn’t block the massive withdrawal of 7k BTC before it happened.

Exactly, but this is what Binance is saying, this is their official statement. I don't have any reasons to distrust them, but such it's very fragile situation. I agree with the fact that they should block this withdrawal or be prepared for it.

There was no “hack invasion”. The article says that the hacker got a big number of API and credentials from users by using phishing attacks, virus and other methods. Thus, the big problem wasn’t on the exchange, but on the users. The part which was Binance’s fault is that they couldn’t block the massive withdrawal of 7k BTC before it happened.

Is there something I don't get here? If the stolen bitcoin was from vulnerable user's accounts as they have claimed, why was the withdrawal one massive transaction instead of multiple transactions of varying sizes from multiple wallets/accounts? Am I missing something here?

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea






"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

Without reading this forum message. I never would known of the hackings. Then logged into my Binance account, my funds are all sitting still there!  :)

This is really sad when people already being convince to join crypto but it's still hackable

Hacks are not limited to crypto-currency exchanges. Every day, the bank accounts and credit cards of millions of people get hacked. Obviously these incidents don't get much media limelight, as they are considered as nothing out of the ordinary. Money is not safe if it is stored in third party storage, such as banks (in case of fiat) or crypto-exchanges (in case of BTC).

From the same link you posted above:

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea






"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

I've been thinking that, too. Many traders of binance will eventually withdrawing and/or pulling out their fund after this hacking issues. The trust and reputation of a big and established exchange like binance are already ruined. Let's just face that. Even if they will gonna repay the hacked amount or repay the btc amount, the issue here is that it wasn't secure at all and that we shouldn't let our btc fund left in any exchange.

This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

From the same link you posted above:

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.

Binance has been considered one of the safest exchange out there. If hackers can penetrate with all the security measures then it proves that much more needs to be done to secure investors funds.

People somehow thought Binance was a fort knox that would never get hacked, well, they were wrong. ::)

Hacks are not limited to crypto-currency exchanges. Every day, the bank accounts and credit cards of millions of people get hacked. Obviously these incidents don't get much media limelight, as they are considered as nothing out of the ordinary. Money is not safe if it is stored in third party storage, such as banks (in case of fiat) or crypto-exchanges (in case of BTC).

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

I also just heard this news from this forum, if I didn't read this maybe I wouldn't know about this news, my question is whether this will affect the price of bitcoin in the next few days?

Of course this will affect the price of Bitcoin. Binance is the most popular and trusted exchange today and the amount of loss is huge. besides that binance has a large community so this will trigger a negative trend. Some anticipations have been made quickly, namely to stop deposit and withdrawal services and then provide insurance services with SAFU. I don't think this will have a longer effect.

Binance has been considered one of the safest exchange out there. If hackers can penetrate with all the security measures then it proves that much more needs to be done to secure investors funds.

After this attack, Binance definitely needs to add other security features to make everyone's withdrawal safe. This will happen the week after Binance has official announcements on this issue. In the meantime, consider investing in altcoin which is present in this exchange because the loss of 2% of the BTC has caused this market to have a huge decline. Anyway Binance still guarantees assets for customers so I won't worry much about this

Binance has always the upper hand when it comes to securing digital assets so I don't what will happens after this. We can really see the irony of what he said and what happened. This really proves that it is mandatory for everyone to have their hardware ledger cold wallets because hacking is really unstoppable no matter how great the exchange is.

The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.

Huge decline on Altcoin market? I don't think it has something to do with the hack.

The decline was cause by smart investors moving their funds to bitcoin. Haven't you check the dominance of bitcoin as of lately? Close to 60% now, which means that the they are all moving to bitcoin ecosystem.

As for the addition of security features, I saw CZ tweets that his people hasn't had that much sleep in the last couple of days, so I'm sure they are working hard on the security as of this moment.

SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.

It’s a self-insurance fund. If they lose up to X BTC, they will cover the loss.

Also, it’s a meme. CZ (Binance’s CEO) said “funds are safu” last year and became a meme.

Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.

Binance got hacked and about 7000 Bitcoins have been stolen that is a very big amount and a shocking news but now the exchange will must be improving their security even stronger than before. As we know that the hackers were very sharp in hacking the world’s leading exchange and this could be happened with other exchanges too. So all of them should really 2x their security due to these hackers the system faces with lose.

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea




"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

It's really sad that binance also didn't survive from hakers. When many exchange going through this trouble only binance was more secure exchange. but it's hacked also. now personal wallet is the best option now days i think. binance is one of top crypto currency exchange in crypto world. many people trade in binance. so they have to more alert about being hacked. 

The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.

A bad news for crypto world, yes, but I would say not unexpected. Exchanges are very often the target of hackers and I think it's about time to start care a little bit more on security. That doesn't guarantee they will not be hacked because 100% security doesn't exist but at the moment they don't pay enough attention to that.
Still it looks that this time Binance hacking didn't influence Bitcoin price in bad way.

That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.

But still 7k BTC is a huge loss. Big exchange such as Binance shouldn't let that happen, I mean they have to increase their security because in 2018 there was also the same accident with hacked stuff. If they don't do anything, then worse case would be happen in the future.

That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.

Once an exchange gets hacked, it is almost impossible to regain the trust and reputation. Look at what happened to Cryptopia. They are doing their best and they have promised the users that their losses will be reimbursed in the near future. But even after all this, the trade volume is down and it suggests that a number of users have stopped using the platform for trading.

It is said that attack happened from phishing and viruses to obtain a large number of 2FA codes and API keys

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea






"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

the altcoin dumps is mainly because of bitcoin price rise, I agree there  but also there are many cases of some of the big coins that the dumps are because they were recently pumped (a small pump but still a pump) and they needed to be dumped and the bitcoin price rise was like the ignition that kick started that dump.

as for Binance's tweets, it is mostly to keep their users calm and prevent a small part of the panic withdrawal and sell attempts that has been going on ever since the hack news came out. otherwise the hack happened and they lost $40 million, it is too late to have sleepless nights to increase security.

It's sad for Binance. It's sad for newcryptocornes... Looking to learn and to trust. Binace had been making a good reputable work to push whole community forward. However. The whole community should learn about this transaction.... I'm quite glad this happened (not because someone is loosing BTC) but because this is how we see how truly BTC is. BTC can not distinguish if is some bad, "hacked" transaction. It just does what it has to do, It is the purest of the system. In any mistake there is always something to learn

Best wishes for binance, and binance traders, newcorners aswell

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea






"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD"

— CZ. Jan 15, 2019

Losing 7,074 bitcoin is very sad for Binance,  we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.

Losing 7,074 bitcoin is very sad for Binance,  we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.

That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.

This is terrible news especially because its coming from such a reputable exchange. Its fair to say that exchanges will always be targeted and that losses will occur. As such, exchanges should offer insurance and it looks like Binance are well versed to cover this which is good to see. Ultimately most fintech companies (not just Cryptocurrency/Blockchain related) are targets to hacking/theft every day.

if it is, now is the right time to insure assets thats we have to be safe, or at least there is someone who gives us compensation when our assets are lost due to hacking or whatever, a few days ago I found one of the projects engaged in crypto insurance,
please check: https://www.inzura.world
from what I saw, this project covered several known exchanges like Binance, HitBtc, Coins and many others,
personaly i think there is not truly safe now, so we must be careful...

I haven't heard about this so called insurers. For me it's the responsibility of the exchanges to have at least a plan to cover in cases of funds being lost to hacks or inside job. Binance already proved that exchanges can do it with their SAFU, so I hope other exchanges will follow as well.

Their SAFU?  its a Binance only thing and self regulation and self insurance is the most stupidest thing to do. Look at what  Tether did.

As far as I know this fact is true. I saw the news on many websites and on Twitter it was viral. Some information is available in accordance with your link. Some of my friends account have been hacked, so I'm more concerned about the fact that it has been hacked. If Binance did not hack then my friends' dollars would not be lost. I know they had trading, so their good amount of money was in Binance but sadly, they lost all their dollars.

Of course, the burglary situation is extremely unpleasant, but I don’t like how many white spots remain on this story. For example, why have 80 stolen bitcoins returned to a hot money wallet?

No ambiguity in your comments, all the companies including small scale are the targets of hackers and it is also possible to see another hacking activity in upcoming days. As if it can happen with Binance then any other exchange can also get hacked as hackers are showing super strengths. But the thing is Binance will recover this loss and all measures must be taking for the users not to leave the platform due to this.

Binance been hacked and TRX`s CEO offered to cover it but binance declined it, which means binance can stand on it`s own.

Tweets around social media say that The "Hack" was a hoax. It never happened. The reality is that it was an inside job: only admins or staff have to permission to move funds! It was a move to funnel coins (BTC) from staffer's account to another.

No doubt on one side with the growth and enhancement of technologies and arrival of new innovations especially the currency modernism hackers are also catching fire on the other side. Hackers do not follow the rules whether it is a leading exchange or not, they did not even forgive Binance. But we should think how secure these exchanges are because the ratio of hacking is very small to its security.

From the same link you posted above:

what about a single disk failure that brought Binance offline today?

what about a single disk failure that brought Binance offline today?

Can you provide a link for us to read more information about that issue?

2 posts before yours...

https://twitter.com/binance/status/1137110915713622016

More:
https://twitter.com/heyibinance/status/1137110849015885824
https://www.binance.com/en/support/articles/360029309971-Binance-System-Maintenance-Complete

I don't think we really know the full story and we may never really know.  But the issue is about respecting your customer base. 

We are not stupid.  Crypto traders and miners are some of the smartest people in the world. 

Unless the disc failure was caused by an intruder or deactivated by an Intrusion Detection System (IDS) there was no reason for the site to be shut down like that. 

Any thoughts on their announcement? Does it seem fishy to you? Some people seem pretty skeptical that a "disk failure" would bring them down for hours like that. I'm not too knowledgeable on the technical aspects, though. Cross-posting from another thread:

The disk (or server associated with it) was probably an essential part of their system. Looks like the website was up, but trades weren't going through. It looks plausible for me, so I'm not going to grab my tin foil hat for that. What else could have happened? Some people are saying some "hacker" did that, but why? And if funds are #safu, why does it matter?

https://www.binance.com/en/support/articles/360029309971-Binance-System-Maintenance-Complete

I have had funds parked at Binance for a few years now and none of my funds were ever stolen or hacked. However, today I withdrew all of my funds out of Binance. It was all sent to my cold storage wallet. I am taking a break from having my funds unprotected.

Is Binance is heating up?

You just never know. After Bitstamp and Bitfinex got hacked years ago, they never had a large scale compromise again. I'm hoping that applies to Binance as well. At the same time, they must have a huge target on their back given the number and size of their markets, and the fact that they are crypto-only.

I've lowered my exposure since the hack. I'm looking forward to seeing margin trading rolled out on Binance so I can keep even less funds there.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

Already a very long period, the trading platform has been valued due to its security, but today binance is again under question and I am not sure about the safety of my funds on this trading platform.

  I do not want to think about it, but in such situations I want to lengthen only the administration, which is either involved in all this and has produced its activities to the fact that there was a data leak.

I have kept a few coins on the binance trading , and have not logged in for a long time. binance is a big exchange but still hacked, which shows that everything is not safe for investors

paranoia from last month's hack i presume. everybody's still on their toes. i guess some people are speculating that an "intruder" in their system was detected which prompted the site being taken offline. people are probably worried that if the site is compromised again so soon, the insurance fund binance set up will have been depleted, leading to account haircuts.

i won't lie, my heart jumped a bit when i saw threads about this. it wouldn't kill me to lose what's in my binance account, but it would certainly sting.

Why the heck admin want to steal their own customer's money? Doesn't make any sense

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

The customer of binance just lucky because binance have "SAFU". You got a wrong point, the hacker will always attack the third parties like exchange service / hot wallet the best option to keep your asset on your personal wallet because the hacker cant makes the attack attemp at the blockchain.

"No system it's safe"
That's why the service will always get maintenance if the security already perfect no need to maintenance again the system.

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

are you new to crypto?

Are you new to business?

The customer of binance just lucky because binance have "SAFU".

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

If Binance gets hacked again, how much will their Secure Asset Fund for Users (SAFU) cover? Will it cover everything stolen just like last time? I'd like more information about Binance in the event of another hack.

To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.

sometimes as much as any company still has a gap for hackers to enter, I talk to many IT expert friends that large companies still have weaknesses and that must be made changes to the system in the company.

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

If Binance gets hacked again, how much will their Secure Asset Fund for Users (SAFU) cover? Will it cover everything stolen just like last time? I'd like more information about Binance in the event of another hack.

$41M is peanuts for Binance - they can make it back in 47 days

If Binance gets hacked again, how much will their Secure Asset Fund for Users (SAFU) cover? Will it cover everything stolen just like last time? I'd like more information about Binance in the event of another hack.

I stopped trading a several days ago after moving all my funds out of Binance into cold storage.

Their protocols and security systems are great. and CZ said the reason why their security system was broken, was because at press conferences, they talked about their security system and that created an opportunity for hackers to invade easier access to the system. This is really an unexpected incident, but fortunately the price of BNB dropped only 5% at the time and it rose back to $ 33.

I agree with this. Also I think that there was nothing fishy about the recent hack. It was probably not an inside job like some people suggested. It was just hackers.

At first, I also thought it was an inside job, because I believe it will be impossible for a great compare like Binance with strong security to be hacked, but after looking at it deeply from different angle too, I see that it is purely an external hackers. They have really tightened their security protocols now, and has assured every of its believers of such issue not occurring again.

Binance even became stronger and more reliable after the attack was down, as they had worked down vigorously for the future prior to the time they got struck. I never attempted to withdraw my funds though which I believe that many people didn’t too which is why we didn’t see any negative movement in the price of BNB then.

On the one hand, this is a good example of how you need to take care of your funds and not store everything in one place and naturally leads to the creation of more reliable decentralized exchangers

With that bad experience, I am confident that binance will take full responsibility of what erring all about. As showed trustworthy for their customers, binance will handle all misalignment with respect to security of the funds that's probably victim of possible attacks. I know they won't let this happen again, and I believed that they'll make more barriers in order to make their exchange site more safer than before.