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Title: Binance just lost 7000 BTC in a security breach Post by: TryNinja on May 08, 2019, 12:06:17 AM Quote 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 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 in a couple of hours. - CZ Source: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update Title: Re: Binance just lost 7000 BTC in a security breach Post by: bitmover on May 08, 2019, 12:27:55 AM Omg. This is crazy
7000 BTC is like 40 million dollars!!! Thankfully the ecosystem is now more prepared for moments like this, we are not in Mt.Gox times anymore. I hope binance really pays it users and recover itself. This is a good warning for everyone. Keep your private keys! Title: Re: Binance just lost 7000 BTC in a security breach Post by: BitMaxz on May 08, 2019, 12:34:11 AM That's bad news with good news but 7000 such a huge amount of BTC and according to Binance, it's only 2% of their holdings. Which is too big to be true.
Anyway, the good news is that they have funds to give a full refund to affected users so no worries. I'm lucky that I already withdraw some of my coins out from binance last week :) Title: Re: Binance just lost 7000 BTC in a security breach Post by: PrimeNumber7 on May 08, 2019, 12:57:47 AM Thankfully the ecosystem is now more prepared for moments like this, we are not in Mt.Gox times anymore. Binance contributes 10% of trading revenue towards an insurance fund (the "#SAFU fund") that is used to cover exchange hacks and large scale account compromises. Title: Re: Binance just lost 7000 BTC in a security breach Post by: jossiel on May 08, 2019, 01:02:39 AM This is recent, news are all over it. 7000 BTC that's a lot of money.
I'm lucky that I already withdraw some of my coins out from binance last week :) I hope that others didn't let their funds sleep on Binance or any exchange, just like what we've been pointing out and suggesting to the most people here that don't use exchange as a cold storage.And use this incident as a lesson so that most of them will start moving their funds to a safer place such as a hardware wallet. Quote Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected. Source: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-UpdateTitle: Re: Binance just lost 7000 BTC in a security breach Post by: OgNasty on May 08, 2019, 01:11:32 AM This is recent, news are all over it. 7000 BTC that's a lot of money. That's chump change to them... Title: Re: Binance just lost 7000 BTC in a security breach Post by: bL4nkcode on May 08, 2019, 01:36:14 AM And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.
https://twitter.com/justinsuntron/status/1125932499761225728 That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings. And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.Title: Re: Binance just lost 7000 BTC in a security breach Post by: EastSound on May 08, 2019, 02:08:36 AM And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird. Justin has a history of being a liar, wouldnt trust his words.It might be a marketing trick for both binance and Tron. Title: Re: Binance just lost 7000 BTC in a security breach Post by: BitAssetUS on May 08, 2019, 02:29:16 AM I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there. just wait and see then.
Title: Re: Binance just lost 7000 BTC in a security breach Post by: TimeTeller on May 08, 2019, 02:39:01 AM I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there. just wait and see then. I doubt they will let their clients down. I am confident that they will not let your coins be gone. They will cover those losses and be back in business in few days. But I wonder how come someone got in with their tight security per se. It means, their security measures is not robust enough to reject possible attacks on their system? Better store your coins in your own wallet. Even this top exchange is victimized by these hackers. Title: Re: Binance just lost 7000 BTC in a security breach Post by: sheenshane on May 08, 2019, 04:27:48 AM Really sad to them that is a huge amount of bitcoin had been losing. I can't imagine even Binance exchange was hacked.
It might be a marketing trick for both binance and Tron. Yeah, it looks like possible but we can conclude.Quote We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke. https://twitter.com/cz_binance/status/1125956811574484993We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time. Good thing they will cover the lost fund. But as of now users can't able to withdraw until next week. Title: Re: Binance just lost 7000 BTC in a security breach Post by: Baofeng on May 08, 2019, 04:34:07 AM And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird. https://twitter.com/justinsuntron/status/1125932499761225728 That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings. And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.And there goes Justin the Shill God, Lol. The hacked funds are covered already according to CZ by their SAFU so why the heck Justin needs to bail them out? I also have the same thoughts that Binance will be at least not within the reach of the hackers because of their tight security. Anyways, it just proved that no one is safe here and I just do hope that the price won't go on another downward spiral because of this news. Title: Re: Binance just lost 7000 BTC in a security breach Post by: traderethereum on May 08, 2019, 06:14:00 AM No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance.
After he bought, I think it could lift the price to the higher price, and I think it's already happening because btc now increases again and the other coin is following to increase. But that is a huge lose from binance, and I hope that does not happen again in the future. Title: Re: Binance just lost 7000 BTC in a security breach Post by: hugeblack on May 08, 2019, 07:55:15 AM Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking.
Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling. Title: Re: Binance just lost 7000 BTC in a security breach Post by: TryNinja on May 08, 2019, 08:35:02 AM Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking. Maybe it was the fact that CZ is covering all the loses. (Also, 7k BTC looks like a huge amount but it’s only 2% of Binance’s holdings)Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling. I remember checking the price right on iOS’s stock app and seeing ~$5700 when the news came out (it was nearing the $6000 at that moment). My first thought was: “oh shit... here we go again”; But that was all, and the price recovered to ~$5850 right after it. Title: Re: Binance just lost 7000 BTC in a security breach Post by: joniboini on May 08, 2019, 10:20:49 AM No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance. How does buying TRX and BTT equals supporting Binance in time of crisis? That looks like Justin is pumping his own project tbh. There's no need to help Binance, they are rich (or at least they told us like that). But I still don't get why CZ consider block re-org to fix his problems. Sounds like he's trying to control what miners do. Fortunately that didn't happen and there's no more drama. Title: Re: Binance just lost 7000 BTC in a security breach Post by: Sonic103 on May 08, 2019, 10:38:04 AM we can remember the AMA which talked about the problems of BNB
https://callisto.network/blog/post/ask-me-anything-with-dexaran-24-03-2019/ And Russian language https://hashrate-and-shares.ru/ask-me-anything-with-dexaran-24-03-19 Title: Re: Binance just lost 7000 BTC in a security breach Post by: Mugtaiya on May 08, 2019, 10:12:30 PM Atleast they are not saying their customer funds were part of the hack like all the other exchanges have claimed happened. Then stopping people from withdrawing their funds with freezing every coin transaction ala cryptopia.
Title: Re: Binance just lost 7000 BTC in a security breach Post by: bobby1776 on May 09, 2019, 05:49:06 AM I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (
Title: Re: Binance just lost 7000 BTC in a security breach Post by: PrimeNumber7 on May 09, 2019, 03:15:25 PM And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird. The 2% of BTC holdings is the btc they are holding on behalf of customers. As a percentage of their own money (shareholder equity), the number is much higher. https://twitter.com/justinsuntron/status/1125932499761225728 That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings. And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.Title: Re: Binance just lost 7000 BTC in a security breach Post by: jossiel on May 09, 2019, 11:09:50 PM This is recent, news are all over it. 7000 BTC that's a lot of money. That's chump change to them... I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days ( Don't you worry, you'll be able to withdraw that as soon as possible when they allow the withdrawals again. Just be updated with the progress that they are doing for this incident.Atleast they are not saying their customer funds were part of the hack like all the other exchanges have claimed happened. Then stopping people from withdrawing their funds with freezing every coin transaction ala cryptopia. They don't want to let their customers worry but if you understand what's that #funds SAFU means, there are accounts that are actually affected.Title: Re: Binance just lost 7000 BTC in a security breach Post by: sandra_x on May 09, 2019, 11:20:47 PM It seem no one is really safe when it comes to protection against hackers. One would have expected that an exchange with the size and reputation of binance should have spotted this on time.Security breach such as this is a point opponent's of bitcoin ETFs approvals will always quote.we need better protection. Also,no one should leave coins in custody of exchanges.
Title: Re: Binance just lost 7000 BTC in a security breach Post by: Kemarit on May 10, 2019, 03:11:19 AM I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days ( I guess you haven't read what CZ, the CEO of Binance said. All those funds that are lost in the hack will be covered by them. So don't need to worry, what you need is patience and be updated on the news. You can either follow CZ's official twitter account here: (https://twitter.com/binance?lang=en) or (https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update). Title: Re: Binance just lost 7000 BTC in a security breach Post by: Baofeng on May 11, 2019, 10:19:17 AM I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days ( CZ confirmed that as early as next week, withdrawals and deposit will resume so you don't have not worry so much. https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update Quote Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it. |