Bitcoin Forum

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

Update:
Some investigation about recent hack Binance from @ProofofResearch:
https://twitter.com/ProofofResearch/status/1126043610787532801
Interesting information for consideration.

Scandalous tweet CZ about ROLLBACK bitcoin network:
https://twitter.com/cz_binance/status/1125996194734399488

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

This would certainly affect the market. Binance is not just an exchange but a symbol of advancement in cryptocurrency exchange. If it's security can be breached, there's no one safe in the cryptosphere. It would certainly affect Binance in the future because it's not just the ID and passwords but also the respective 2FA code stolen.

This will not have any direct bearing on Bitcoin and altcoins. But this can undermine the trust and confidence for Binance which is supposedly a hack-free operation being the most famous and the most used cryptocurrency exchange platform on the market today. This is just a big testament to the reality that not a single player in this market can be safe from sophisticated and nearly genius hacking intelligence of some people who are using what they got to create mayhem online. Good thing that Binance is able to detect the hacking and the damage is contained...for sure this can not paralyzed Binance.

Only hot wallet was compromised, which makes about 2% of all funds. So users funds are safe.

And we though this exchange is stronger than ever, it only means nothing is safe when its online. But the amount is just too few though, 7000 BTC might affect a slight dive but there seem not much.  Though the BNB is being dumped, it would be a good chance to BNB for guaranteed profit.

The effect on altcoins will be mild and temporary. I think the market has priced in the hack already and Binance insures its customers with a separate fund. Hacks are a norm in the industry given the digital nature of it. Think about robberies and traditional banking. They have not dissuaded people from using the neighborhood bank.

I think the crypto market has been a little affected by this news. But not everyone is awake to see this news. We should see what the traders are really going to do. I don't know how they can be certain that there was only 7000 lost BTC? How can they be sure that the BTC were withdraw by hackers? Does some people found an anomaly and announce it to Binance? For me, it is a mystery that in one night you immediately can assess the loss. The hackers did use only one computer to access all hacked accounts? Or maybe the hack did occurs since a certain time ago.

It is high time the exchanges started monitoring the activities of their own staff. Some of these reported hackings of the exchanges might be an inside work. In addition, I don't think the binance hacking will have a negative impact on the altcoins.

The price seems not to be affected, whether bitcoin and altcoin because CZ said that they are to covered everything that their customer has lost.

The only effect is that deposits/withdrawals are temporarily halted at this time and we don't know when it will be open to public again.

So no need to panic here and let's continue the growth that we have been witnessing in the last two months or so.

If someone has funds on Binance, then just be patience as I'm sure they will release an official statement when do to go live again.

I think so, too. An exchange like Binance with massive volume and a massive infrastructure to handle this volume invests a lot of money in securing their infrastructure, too. You wont be able to hack them without in depth knowledge of their network infrastructure and eg. passwords to access certain servers.

Bad news, because this BTC will be sold soon on the market and it will affect on BTC price huge. But I am sure that Binance is still #1 and now a good chance to buy BNB for the low price.

Ok one thing i dont get from this is :

They are saying that "hackers" got API keys - account logins together with 2FA codes through phishing, malware etc.. OK

Than they are saying that hackers withdraw 7K btc in one transaction from their BTC HOT WALLET ONLY ! What ?!

If hackers got ahold of api keys and account logins there would be numerous transactions where they would have to login or use the API keys to make a shitload of withdrawals etc...
Also users would have complained by now for the missing funds and unuthorized withdrawals etc

If they had access to the hot wallet than the whole hot wallet would have been emptied not only 7K ..

+ a sudden BNB pump in the last month ?

The whole explination is sketchy

This is very bad news for the entire crypto market. Let's hope that the Director of the exchange will return the funds to its traders and how to explain the situation. Otherwise, it will have a negative impact on the price of cryptocurrency and trust .

Already they explained that no user funds will be affected and also the lost amount is not much big for them so it is not going to affect the market much but I saw that there is a slight dump on the bitcoin prices lately which might occured due to this.

If you are holding your money into any of your exchanges then please move it to a wallet to avoid any losses in future.

$7000 BTC were stole and that's a lot of funds. Binance took a right way to use SAFU fund to recover all of loss. This decision is what made the hack didn't give a big impact to the price. They are also supported by Coinbase and QuarkChain in this problem. Nothing to worry!

A quite huge number of bitcoins. But what I noticed, it didn't trigger the price of Bitcoin when the Hack happened, it didn't dump too hard.
If you convert that amount of Bitcoin, it is around $40m. But the market cap didn't even trigger, it should be a FUD, but the market holds.
This is the transaction of transfer, it is just one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

7000 BTC or about $45M in bitcoin is a very large number, i dont know why hacker can stole this from binance and transferred in one transaction. I think Altcoin and Bitcoin will be dumping in a week because of this Bad News. But CZ says, all fund are recovery by SAFU fund

It might possible when this huge amount has been withdrawn and converted to fiat it has a big impact on the bitcoin price movement in the market. Well, Binance will recover this tragedy of hacking they are still numbered 1 exchange in cryptocurrency. I think those who have an account on Binace now had grabbed the opportunity to buy more BNB coin because it is now dumped.

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Nothing to worry to the Binance traders.

Binance said that they are going to repay the lost funds and they responded immediately. I think they did exactly what needs to be done in a timely response. I also found it interesting that one of their compliance firms CipherTrace responded in how the hack may have happened due to a two-factor authentication rather than a three.

 Read it here: https://decryptmedia.com/6930/binance-hack-security-breach

Sure, there is really nothing to worry about about funding, but what about the security? I think that's more frightening

What do you mean by affecting the altcoin market?  Bitcoin was what the hacker took so you should be talking about general market not just altcoin most especially the Bitcoin market that the hacker may tamper with trying to sell low or something

I never thought I'd see a day that binance exchange will get hacked but I guess am so wrong ,nothing is impossible to hack it seems ,anyway today I read on news that tron CEO is willing to return 7000 btc to binance to replace the stolen btc even if this doesn't happen 7000btc is not enough to shake whole binance

What is worse than Binance getting hacked are these noob statements about rolling back the chain. This shows how uneducated and ruthless these people are.

I think that for the entire crypto market 7000 bitcoins is very small and this amount does not in fact affect the price of bitcoin.The day before yesterday, the capitalization of the crypto market fell by 3 billion and yesterday the market was green.So the price is not affected but the image of the exchange this event will clearly affect.

As always... Not your keys, not your coins.

The thing which bothers me the most is that CZ is stupid enough to discuss a rollback on the btc network. And he needed to go to Jihan and took his advice to change his mind.

That's pretty fucked up already. Worse than the hack itself imo.

It was about time Binance to be hacked... perhaps now people will finally consider the DEXes  more seriously.... because next time the SAFU fund will not be enough. :)

damn, even exchange like Binance got hacked?
but if exchange compensate with their funds it's not affected much on the market

If we will generalized this matter, I will agree with you the whole crypto industry will not be affected that much as the numbers of those hacks btc won't hurt the entire trading volumes of bitcoin, what matters most is the popularity and trust for binance will be at stake, they've been stable and bringing most investors and traders to support the exchange, but with this incident, it will have bad effects for sure, trust will be test for binance team ensuring that everything need to be settled accordingly.

Seriously what’s happening it will definitely effect the market for sure . Binance not only the exchange it’s much reputed thing in crypto world I am completely clueless it’s time to take profit.

This will always happen and can occur with any exchange, very large data makes anyone want to steal in binance, and I hope they do the level of security and backups at least hourly.

They said that it just around 2% of their funds so don't worry that this gonna affect altcoin market, and of course, the hackers won't sell it early and wanted to hold like us.

I can't say I'm surprised, as it has long been known that exchanges are not suitable for storing cryptocurrencies. But Binance this case undermines the credibility of the exchange. I think that this event will not affect the cost of altcoins, the main thing that this was not followed by the collapse of the Bitcoin exchange rate.

Binance already make annountcement will recover the loss and not affecting investor funds. I think its good for binance to recover the funds because its can restore investor trust on binance as biggest exchanger. I think it could affect to altcoin price if CZ not mitigating this hacking

Bad news, but I hope it doesn't affect the market too much. The main thing is not to panic  ;D , and then such news can carry a lot of problems.

The saddest news that i read this morning is the binance hack, and upon seeing the CMC market, everything is going down in terms of its prices, and almost all alts is RED, and i think its a bad indication especially on the part of the traders and this will create fears for them to trust exchange market.

with binance hacked the top 10 cryptocurrencies based on CMC got all red, with the highest down around 6.11% which is BNB
and with this problem, i believe that BNB will down around 15$

You can see it now, the price altcoins has been decreasing also unless I saw Tron have an increasing price around 2%. It doesn't matter what coin has been stolen and what exchange being hacked then it will make the price cryptocurrency goes down for the most part. Most of users will do something depend on an information which concerns to cryptocurrency as a whole. That's thing will change the sentiment market and will make some users decide to sell or buy their assets. I'm deploring with this current case, where cryptocurrency users having a confidence to change market situation and this information came suddenly then will make their psychology back down again. If this case never happened maybe the price bitcoin will touch $6000 even higher than that.

The binance hack would affect certain markets.  The BNB, BTC, Tron and BTT market.  coming from Justin Sun, he is offering a $40 million BTC value to be deposit in Binance exchange to assist the latter in its current situation.


More info here : https://www.ccn.com/tron-justin-sun-btc-hacked-binancen

It seems these  4 market will be pump if CZ agree to Justin Sun's proposal.

Of course binance had a different sections for all of their money. I'm sure it will not affect the value of bitcoin because it is mined already and it is circulating the one that will get affected on this is the binance exchange itself because they have the reputation and popularity of title centralize trading platform. I just hope they will get red of hackers in the future.

Surprised and I immediately open my account in binance and checked the balance, but i am happy because everything is safe and nothing was lost, I hope they immediately make the best security system so that it doesn't happen again.

Sad, why can hacking still occur? And managed to steal over 7000BTC. This kind of thing will make traders and investors will be afraid too. What's wrong and what will be the next action? ??? Make worry for many people if this keeps happening.

I don't think it is going to affect altcoins in any way because binance is a big exchange and the money stolen should be nothing to them, they will have to bare the lost and employ more developers that would be able to take the security of the platform serious, though I don't know what part of their platform was hacked, either it was individual accounts or the Blockchain were the coins are kept and I don't think binance would reveal what part of their platform was hacked.

Is there an exchange specifically for just altcoin without Bitcoin on it? We are talking about 7000 Bitcoin you should be referring to every exchange or do I say the Bitcoin price

 :'( Although I had some personal investment but the dollar is still showing. I do not know if I can withdraw my investment, but I think there was a Big Exchange  , so if the investors do not return the investment, then there will be some impact on the market.

I am sure that they will activate withdraw&deposit soon. Don't worry for your investment. You can take control again soon. ;)

What it can affect is the particularly its competitor exchange that is also live in the market, in which, there is a possibility that their traders will going to use the other platforms right now, figuring out that Binance do also have its flaws in the market. In which people feel unsecured right now. Knowing that, they didn't really have their private keys and still trading.

The cash that was stolen is just $40m and this is negligible to the altcoin market. Besides, the CEO of Tron has pledge to deposit 7,000BTC on binaance in support of CZ to purchase BNB, TRON and BitTorrent. So others stake holders will likely same line. No issues, the hackers are the losers.

Not only altcoin market but cryptocurrency market as a whole. Once they have announced that they have been hacked, the bitcoin price momentum have been stopped and dump a little bit. Imagine top one exchange that are very secured have been hacked, of course it will caused a lot of FUD in the market overall.

I don't think the hack will have any effect on altcoin market but it might affect the exchange as people will be scare to transact with it a but come to think of it, I believe binance is bigger than this and can get over it without it affecting them

I think that this will affect Bitcoin price in next days, but maybe not that hard at this moment. Cryptocurrency market shows strenght by not having too much dip which actually surprise me a little bit. Have in mind that Bitcoin have huge resistance over head.
"Your keys, your Bitcoin, not your keys, not your Bitcoin." - Andreas Antonopoulos

Alts were dumped and I think this decrease to be continued, now I increase my short positions. Also you should take into account Craig can dump btc today, so it is also main factor for dump

Not much effect on the rices for this news other than a slight dump on the bitcoin and all other cryptos prices.

No funds actually lost from users perspective since they already mentioned that everyone will receive their funds.

Binance was hacked but there is no impact on the price of the coin they have SAFU funds to replace the funds that was stolen, that is was in their hot wallet that was got stolen and not on their exchange so there is nothing to worry but deposit and widrawal is lock at the moment.

The market is still affected, with 7,000 BTCs. This is a lot, but hacking. Can not be sold, this BTC address is estimated to be of concern to many people, expecting the exchange to upgrade security.

I don't think so, we all know that binance is a reputable exchange, this event may cause damage to them but it is not too big, it even helps them to identify errors in their security, which can help them upgrade the system to a level new high, but this event does not affect them does not mean that it will not affect altcoin as you think. Bitcoin always has a special connection with altcoin, and with such a large amount of bitcoin, hackers can create a lot of problems on altcoin, a big dump is really something that can happen

To my surprise, we survived very calmly. It is not absolutely clear what happened there, but Binance and CZ quickly work, well done.

What a great let down for us that binance got hacked. At least they will pay from their own pockets.

By the way, market seems not to care the hack. I was expecting a dump but didn't happen.

After this news on the main social media pages, I withdrew all my holdings immediately. I don't believe the power of the centralised marketplace or exchange anymore. It can happen again.

It may affect BNB negatively, but hasn't done yet. Not sure if they have halted trading whilst they sort out the mess - if so, then BNB may drop once it restarts.
For wider crypto and alts, I would expect that the bad news would have caused a major price drop across all coins. The fact that it hasn't augurs well for continuation of the bullish sentiment that we've had for a couple of months now. If prices can survive a major exchange hack relatively unscathed, then I would expect BTC to push onwards to $6k once things settle down again, and alts to follow with more upwards price movement.

7,000 bitcoin stolen ? Wow, it is a big amount of money.
I think the market will get impact of this incident.Hopefully not significant.

Binance has always avoided this type of news, so it was bound to happen eventually. These hacks happen with regularity and should be priced in by investors. I think if Binance had been unable to make investors whole the market would have plunged. That Binance will cover investor losses speaks to its legitimacy.

It seems markets didn't affect which is a surprise. A good one actually. But i wouldn't trade before binance let withdrawals again.

In my opinion, this is bad news if Binance is hacked. because Binance is one of the biggest markets. with events like this, a large possibility will have a negative impact on the altcoin market. Hopefully, Binance can find a solution after the problem has befallen them.

Hmm, maybe Bitcoin SV CEO Mr Fake Satoshi has a fingerprint on this hacking news? I don't think it just happened with coincidence. Running a big exchange requires to manage a huge team but this team failed to keep everythin under control.

I think it has little impact in altcoin market.  CZ is smart enough to setup SAFU that will cover the fund of exchange depositor if hack like this happen.  It is clear that all the fund is safe and sooner or later, Binance operation will resume.  As of the Hacked BTC, I think it wont be move soon probably hacker will wait until the issue cools down and dump it to the market.  So we  won't be seeing any effect of the hacked BTC being sold.

The effects, if any, will be short term and quickly forgotten. We have seen lots of big hacks in the past and they only knocked down prices in the short term and after a week or so everything was back to normal. The only people who will suffer long term are those that had their money taken. If they continue to invest they will likely not keep their investment on a exchange. But the rest will learn nothing from it and will continue to keep their money on exchanges where they can be hacked and stolen.

hacking against the exchange will have a varied effect. if the target of hacking from a large exchange such as binance, of course this will have the effect of fearing the users. They feel that investing in the crypto market is not safe. But, this effect will be forgotten as Iconoclast says.

Apparently, CZ's safu will have enough funds to cover for all the lost bitcoin. Affected users can resume their activities normally. TBH, the sharp decline of BNB when that happened was kinda expected. However the way CZ handled the situation was nothing but excellent hence we see that the market isn't affected much.

Exchange sites getting hacked does not effect the altcoin market in many ways. I think it would only affect the exchange site itself probably the customers will have trust issues with the site especially when the exchange sites does not compensate with the people's loss. Exchange sites getting hacked is one of the things that we should become wary of to be honest.

It seem no one is really safe from hackers as long as they are hosted online, The hack is unlikely to affect the market, although it is huge but it is unlikely to adversely affect binance operation or the market in general

It is troubling, Binance is known for being secure and reliable.
I guess in the end, if a hacker is gonna hack, they will find a way.
Kind of like in airport security.
Even with all these security measures, if someone wants to hijack a plane, they will find a way around it.

Interestingly, the market hasn't really been affected that much.
Yes, it is down, but btc hasn't changed too much.
BNB got hit hard, but it has been pumping a lot so correction is natural.

The good side is, binance is still a shining example on how to deal with stuff like this.
They are transparent, traders will be reimbursed, and they responded quickly.

After having this information, we all see the price of all coins almost unchanged. Only the price of BNB is the highest reduction of 8%. However it is gradually recovering. That proves that investors are very confident in Binance. Enter Binance's team and short-term resilience.
And I'm also an investor on BNB so I believe it will return right this week

Or maybe there was no hacker? All this performance is played out in front of us.
A CZ is a good good director, pulling the strings.
Who knows the whole thing.

well the prices of altcoins are in stable and also bitcoin, it doesn't affect the market and as you can see bitcoin is slowly increasing, seems bitcoin trying to reach $6000.

I don't think that will only affect the Altcoin market but the entire market at large. Maybe but that's not certain

Just interesting reading about this hack: https://twitter.com/ProofofResearch/status/1126043610787532801
Not everything is so clean in the kingdom of the CZ.

Thats a sad news but i think Binance can still handle the present situation, My IT Engineer friend was told me that no such thing as safe in the Internet everything has subjected to any vulnerabilities thats why its better check the security from time to time. and Binance this time was the new victim.

Actually it does not. A scenario that is less expected on my part. Since, when there is an exchange that is hacked, the price of different coins especially bitcoin is going down. Unlike this one, 7000 BTC was stolen but the price did not go down IDK why.

I don't think it will have much effect, because the coin hacked is not altcoin, the effect would have been severe if it was Ethereum that was hacked.

Because it's not enough to move or to create any huge impact around this market, it's just doing nothing inside, binance already doing it's very best to make sure that their business will not be ruined by this hacked news but just to continue working with the security of their platform.

I think, what binance is doing now is right. they will return the lost funds, I like that. but if it's about the impact caused by the 7000 btc missing, I don't think it will affect the market. You know the daily volume of BTC is bigger than that so don't worry.

This whole fiasco shines a light on how centralized and how terrible the governance is in the BTC community.  The possibility of a "re-org" and rolling back a transaction is in itself disastrous to BTC long-term.  The fact that Lubin would even entertain a discussion of this being a possibility severely cuts at the trust of immutability. 

When (not if) BTC falls from its top position using the flawed market cap #'s will it still be called the "altcoin market"? 

As per the statement from Binance CEO, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings. And there was no impact to users wallets. So dont think users have lost anything.
The thing we have to see here in this case is that hackers also got google authentication codes to withdraw this massive mount of  $40 million. How its possible? Binance is always emphasizing on its security and presenting it to users to increase the confidence.
As a workaround and further investigation, now Binance has stopped deposits and withdrawls but we need to be very careful storing our assets with single exchange.

In any case, the hacks of major exchanges show us that the system is not flawless. And ultimately, hackers attack exchanges. Binans can afford that. But what about the other exchanges?

I don't think it will effect much on others alt coins. But seems Binance (BNB) coin dump hard after hacked exchange. As usual altcoins already dumped due to bitcoin up trend, so I have not noticed any big effects on others coins. This is(hacked amount) big for binance, but its not very big amount for total crypto markets. However, this is negative impact for binance, not for overall crypto markets. So we should not think too much about it.  

The market still going on and I think that does not give a big effect to the other market especially for the altcoin market.
Besides that, I think traders are not panic too because they are sure that binance can handle the problem and all the traders need to do is stay focus on their trade to make more profit.
We only hope that in the future, binance can secure their website so that the problem will not happen again in the future.

The inevitable has now happened now i guess no cryptocurrency exchange is secured enough. CZ has been boasting that "Funds are SAFU"  ;D. Not to say that i am happy about this incident but in this industry don't really make news about yourself because as the attention is being drawn to you so are the dangers of hacking also getting closed to your doorsteps.

The market has already started declining due to this issue and altcoins are bleeding real bad!

Any hacking has a negative effect. The fact is that people do not like to learn that the most protected exchanges are falling under the attack of hackers. Undoubtedly, this will slow down the growth of Bitcoin for some time.

 I think the effect will not be very significant, the price will not collapse.
BNB token was able to withstand the negative pressure, and Bitcoin is also not very bad at this moment

The impact on altcoins will be gentle and transitory. I think the market has estimated in the hack as of now and Binance safeguards its clients with a different reserve. Hacks are a standard in the business given its advanced idea. Consider burglaries and customary banking. They have not deterred individuals from utilizing the area bank.

I do not believe that such a cool stock exchange is so easy to hack. Perhaps a ban on withdrawal and deposit of funds is connected with something else that we are not told about yet.
However, I began to worry about my funds on this exchange.

If most of the pairs in the market is with BNB, I'm sure that it had took an effect in the market. But by looking at the market again, looks like there's not much effect because BNB still stands by $20 and the whole market cap is still standing to $187B.

Hopefully that doesn't affect the altcoint. This is the latest case of theft in the case of reporting that occurs in the worldwide cryptocurrency exchange.
Worse yet, Binance himself admitted the hackers were able to get important user information, such as API keys, two-factor authentication codes, and other potential information, needed to enter the Binance account.

No , Because binance covered all the loses from SAFU. Unlike the other exchange that got hacked and they don't do anything at all like bancoor, cryptopia, coinrail, bitgrail.Atleast binance stand still.

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

That's alot of money and I believe binance will eventually come out with a different security measure for its user to prevent such cases. Yes it doesn't tension the alt investors cause their assets simply too sensitive. Look at binance itself it doesn't suffer too much drop but rather an 1 hour recovery. Investor would look at a bigger picture though

I think it won't affect much. The news is hacked but the BTC still touches the $ 6000 mark. Or this is just a trick for binance to be trusted to invest in, which affects crypto

I heard that btc's have been recovered  ? That maybe the reason on why btc still continue's to increase . i also heard that binance users didnt lost their funds in which  i think this still gives them a confidence to trust and continue using binance  . that is another reason on why the btc and the crypto market still continue to increase . however i think the hacking incident will leave a trauma to some users and they will start to think that its not safe to store their funds on an online exchange  .


If that is true then that is a good idea to attract more crypro investors to hope in and join the ride  .  this can lead to more price hike in the upcoming days , weeks .

Look like cryptocurrency market don't affected at all and market is stable right now, BTC price is continues rising. I think main reason is binance announcement that SAFU fund for recovering the loss of $40 million for users, most important is binance is top cryptocurrency exchange and investors have confidence in it.

i think investors and trader already insusceptible at all for exchanges hacking .they didn't panic anymore with bad condition in market.the thing that make  market continue rising was binance's ceo statement that said all customer fund are safe.

Hacked the largest cryptocurrency exchange. I think that the necessary security measures will be improved and the platform management will make the right decision. Indeed, such a large negative news did not affect the course of Bitcoin. It seems that investors understand that this situation has happened earlier on other platforms, and that these are the risks that they take when they invest their money.

@ivan1975 there’s no effect on the alt coin market post the hack news as Binance user funds are already secured in SAFU, so all users shall recover their funds in coming days. The only downfall is that deposits and withdrawals have been suspended on binance, leaving users with no access to their funds. It’ll be interesting to see how Binance proceeds from here, and how it’ll try and win back it’s users trust.

It has no direct correlation to the price of altcoins, rather, how people treat the news will either affect altcoins positively or negatively. It has proven that people are triggered to massive sell off in the dawn of such news and that affects the market.

I am afraid if it is really happened with Binance, as much as I know about these exchanges Binance holds the first priority of users. But we also know that hackers are everywhere and not only Binance but all the other exchanges should really work on it much more than the previous. It is something loss of believe of users and when it happens then it will affect both the users and the exchange itself because no one will take interest registering on these exchanges.

What about this: https://twitter.com/ProofofResearch
Looks like Binance is playing some game? Do they want to accumulate a few coins on an artificial dump?

It is really a very sad news and I was devastated after I saw this, now these  FUD carriers that has long been awaiting Binance downfall will have the audacity to open their mouth now and say something terrible, I honestly don’t know how Binance could give chance to such disappointing event.

I just hope that people will not respond negatively to this news, most especially those that has trusted them so much to the extent of saving their investment on their wallet. Well, I believe that they have got it under control and people should not panic and rush into removing all their coins or changing it back to Fiat.

7000 BTC is not really much for them,  so I believe they can pay back investors the money that was stolen. Binance is a big exchange so they can do that. But I’m really surprised that they will let their exchange get hacked,  does that mean that they haven’t been keeping up with securities to prevent hackers or was the hacker more smart ? This is why I believe that Coinbase is the heat when it comes to security They are always working on keeping their exchange secured unlike most other exchanges that are being weak in that aspect.

As a result, the market almost did not respond. Unless the internal token of the bnb exchange fell. But the fall is so small that it is not even visible on the chart.

for what reason people have to massively sell their BTC? Binance said that they would cover all losses from their funds and users would not get any hurt. i don't think that something bad will happens with price because of this hack attack

I think the industry is growing beyond all these hacks of a thing. People are seeing it as normal thing now, so it doesn't have much effect in the market like the way it surely be before. For Binance to be hacked, it means no exchange is safe and secure.

Not that much because they already announced that they will cover the funds that have lost. Maybe the price of BNB dumped a bit but don't you know that this is a good time to buy BNB :D.

If you see the market, it didn't go down that much and in fact Bitcoin reached the 6000 price just today or yesterday so we can say that this news doesn't affect the market that much.

Honestly, I do not think this event affects the market. Otherwise, the price of BTC reached $6100. On the other hand, we saw that people did not easily abandon binance. If there was another exchange, everywhere was shaked, but it was like we supported binance.

Binance is a good exchange and lot of crypto investors trust this exchange and they will pay back to their clients and it don't make much effect on altcoin market.

They should, they are the number one exchange in the industry, and second, they do not want to cause confusion to traders and the whole community that their token is not safe in their exchange, I'm glad that they address it this fast, but we still need to worry about the continuous hacking incident.

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

Anything over the internet is not very much safe except one personally put extra security measures in place. You may think the money is small, it is not small to the Binance, because they will have to compensate the owner/owners of the stolen fund, imagine such amount of money leaving Binance pocket, how much did they even raise for their ICO that they will lose such big amount of money.

I really feel for Binance, because I never expected this to happen to them, they must have been a very high target for a very long time and I am also sure that it might be an inside thing. They need to do their investigations internally first.

You should no thinking like that. If binance got hacked, what we should worry is the security on exchangers. Binance must be always improve the security and i think if binance could breached, this should impact to others exchangers or crypto security.

Here comes the role of decentralized exchanges  :)

Sounds like you are assuming that the hack is some sort of propaganda?  It was just recently that Binance launched their decentralized exchange and in a timely manner, the hack happened on their centralized exchange.  I smell something fishy abouth this lol.  Anyway, that's just me. enough for this conspiracy theory lol.  


And it looks like that the news have no effect in Bitcoin market.  I don't see any fall of Bitcoin price after Binance announced that they were hacked.  It seems the bull is really here now.

Its a bad news for crypto world. I mean the only effect it will create is to make the investors loose trust in cryptocurrency. Binance was one of the giants of crypto world and if they can get hacked then anything can get hacked. So it shows that there are alot of things that needs to be done in the crypto world to make it safer.

Hope this not has a big impact on the market because the market is improving, until now I have not been able to withdraw and the status is still suspended, I hope they immediately resolve this matter so that it makes me no longer worried.

Fortunately, after Binance hacking, the market quickly returned to growth and the price of Bitcoin overcame the price of $6000 and if the price now holds for some time, then there is every chance to see the price continue to rise. Binance management was able to mitigate the effects of hacking the stock as much as possible by its decision to compensate the exchange users for losses, which is why this exchange is the best among the exchanges.

I used to really admire CZ, but he recently became so painfully arrogant, that it boggles my mind. This recent hack could be a solid reality check for him tho, we shall see. But yes, its great to see that, at least for now, the market didn't react irrationally and there was no major dump following the hack and the Bitfinex tether fiasco. The market sentiment is definitely much better than couple of months ago.

I don't think it will affect the market because CZ along with other well wishers in the blockchain industry such as Tron and Quakchain CEO, has handled the ugly situation well and with the insurance cover from "safu funds", I can say that everyone will be fine

This right here is the reason for hot and cold wallets.. so in other words, I'd actually say that their security mostly worked.

Honestly, I thought it will have a big impact on the price I was a bit worried because we already had the momentum and was hoping for another all-time high this year, but it did not the price is still stable it did not make a dip and still goes from $6000 to $6100.

Im my opinion, i think the stolen value of binance like about 7000 bitcoin has a thing to do with the market, yes i think it can affect the market circulation of prices. And a big margin loss i think. But maybe not all altcoins are affected.

7k only 2% of bitcoin that stored in Binance. With that big amount of bitcoin that stored there, they might be have strong security to keep it safe. But i think they can compensate their users, already prove if they really professional to handle user's money.

Its so alarming really and I think it is really bad since it will really have a huge impact to other exchanges too. Since we all know how popular Binance is aside from its the top crypto exchange in the market and its been hacked so how much more this other exchanges.

Just stop worrying, nothing bad happen in the market, instead, enjoy what is happening now because bitcoin is mooning at the moment.
Let Binance take care of their problem, and with this big amount of lose, they will learn and improve their security.

Partially because Binance claim to be responsible losses for their customers, so the Binance team reacted with hack very good. Bitcoin upward movements to above $6000 dramatically affected price of altcoins. They all have fallen down in BTC pairs whilst their price in USDT pairs have remained stable. I have a feeling like bitcoin will stop its rises sooner or later around $6200, then when bitcoin corrected from $6200 range, altcoins might see another massacre wave in coming weeks. It sounds like too pessimistic scenario, but who knows. In my opinion, prices of altcoins are cheap, so if they fall deeper a bit, we should not worry or panic, because they will sure rally.

A year or two ago, the theft of 7,000 bitcoins from the most reputable exchange would certainly have caused a general decline in the cryptocurrency market. However, this time the market not only did not fall. Bitcoin continues to grow in price autumn at a fast pace. During the day, it increased in price by almost three hundred dollars and now, according to CoinMarketCap, its price is 6296 dollars. This is a very big growth, and immediately after overcoming such an important barrier of $ 6,000.

Yeah i saw that news yesterday and yes it's affect the crypto market yesterday but thank god it's only a day and if you look at the coinmarketcap right now, bitcoin price is not go down anymore but go up, well the different is most altcoin price is going down at the same time. So i guess it's still a good news.

The more interesting question might be who could have been affected, not by the hack itself but by Binance’s reaction. The company apparently considered doing a rollback on the bitcoin network, to undo the offending transaction. They ultimately decided against it, but even the specter has implications.

On the face of it, maybe not so bad. Forty million is a plenty big number, but it’s only a small percentage of Binance funds, and users will apparently get their money back. At the very least, all Binance users need to update their API keys and two-factor authentication immediately.

Binance stated there is no affect on user funds as its safe, and the overall attack was around 2% of their BTC funds

The exchange will must be doing it because this can result in loss of trust if they do not repay the clients or users with their coins being stolen. The hackers were very sharp and they have stolen around 7000 Bitcoins from the world’s top exchanges. This is something that can result in loss of trust but I hope Binance will stabilize the situations up to great extent being a leading exchange they have to regain its reputation by 2x their security.

I really like the way cz_Binance handled the hack issues,  it doesn't really affect the price of bnb coin also it does not really affect the whole cryptocurrency market,  lots of thought were that it's gonna affect the whole market

Naah, no effect at all on the altcoin markets. First of all, the extended bear market has already done its damage creating 90% declines in almost all coins. Most has left the markets. Secondly, these thieves has only helped reduce the circulating BTC supply because all their TX will be monitored and they won't be able to sell.

Exactly. The market stays unaffected and I think that Binance has actually proved why it is a best exchange out there. They are covering the loss of the users which is I think great and impressive. This will make them more users in days to come. But of course the concern for security persists and they would be looking to shield the system more to make it inelastic and impartial to any kind of attack like the one that happened.

binance is a very good exchange and has a perfect level of security, hacking that happens now is 100% not from hackers but there are people in this incident, I also hear if all their funds are safe and they will immediately return some lost funds and of course this alone will not affect the price

Just an update for the incident happen from Binance.

https://i.imgur.com/SDuzeD1.png
Readmore: https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

Please take time to read, as CZ (founder of Binance) made an apologize for what he said on the livestream of AMA after the incident, about the rollback of the bitcoin network.

Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm

Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine

The hackers should be caught and face punishment and the authorities should not do any delay in this regard. Cryptocurrency is being affected by hackers and scammers. And it is the duty of all of us to make the market clean and discourage fraudsters and hackers. This is not the only case of hacking. Many such incidents have occurred in the past and ways must be sought to curb it.

I think its hard to identify whos the owner of bitcoin wallet because its anonymous. I am agree that with more hacking activity, investor must be aware about security system on exchanger or wallet because its about security of funds or assets. But i am believe exchangers team always improve their security to prevent hacking activity again in the future

Some exchanges support Binance and crypto market by claiming to frozen all bitcoin deposits from hacked addresses. Furthermore, downward movements of market (altcoins) don't come from Binance Hack, they mainly come from the end of the wave of Bitcoin. After long journey from below $5000 to above $6000, bitcoin has to be considerably corrected. We will soon see such deeply correction in coming days, and when it occur altcoins as well as general crypto market will be affected.

Indeed, CZ recover all investor funds and i think its good for binance reputation. I am agree as long the coin not dumped in exchanger, everything is fine and not affected to altcoin price. Bitcoin price recently reach $6300 after hacking and i think this hacking not affecting on the price

I do not know why people think that binance hack will have effect on altcoins. Binance is not the only exchange where altcoins are traded and as such, the hack should not be a case.

It had to happen. I always say to everyone "no king rules forever." I think this should affect the entire market, but most of all for the exchange itself.

Whenever an exchange gets hacked, it is going to impact the alts more than BTC.

The reason is that altcoin holders tend to hold their coins in exchange wallets, while the Bitcoin holders seldom do so (since online wallets are not available for all the coins). And we need to remember that Binance is an exchange which is primarily considered as a market for the altcoins and tokens.

The coin that is going to be the most affected will be Binance Coin. But the other alts such as TRX, EOS, WAVES and XRP will also be affected, although at a smaller scale.

That was big surprise for me when i heard the binance hacking. The binance has billion of dollar daily volume and as far as i know it is the biggest cryptocurrency exchange. If some scammers could brake their website i would make great unhappines and i believe the Binance lost some trusts with this unpleasant situation. And also i am aware that the BNB coin is loosiing value in last 1 week..

It didn't have much effect as seen on the market. Bitcoin continued to increase. Such events are commonplace for a technology that uses the Internet infrastructure. In order to prevent them, it is necessary to work harder in the long term.

investors don't care anymore about binance hacking.they prefer focus on fidelity news that will provide their services in couple weeks.after several time exchanges hacked investors get alot important lesson, they not panic at all now.

Lol! Are those Binance bandwagons still believing that a list of an altcoin there will surely give them a pump? An old joke from long ago but it is the altcoin itself and not the Binance's blessing. Would those still using it after that 7000 Bitcoins stolen, wouldn't they? Ask for yourself again. Binance is just a highly protected exchange that is why it is popular but that thing they praise for had been ended few days ago. So what now dawgs?!

This surely affect both the market and the community and for sure that volume of bitcoins on Binance will surely decrease and its reputation on the community will also do decrease. An opinion from a former bandwagon. Okex is much better exchange tho.

You are right, it will absolutely have no effect on the market but will only make people loose complete trust in the system of Binance, as big as they are, I believe they will be using highly professional security engineers to guard against any form of hacking, just like bank does, how the hackers now managed to enter into them is what is really a debatable one.

Anyway, that one is past already, we are already going about our normal businesses, it has even helped majority of us who is found of storing our coin on exchanges to quickly transfer it to a more secured wallet, and I mean wallets where we can have our private keys.

It can’t have a significant effect because just 7000 btc was moved and it’s too low to shake the total cap of the crypto market

It will also give nerves to investor about where is safe to trade

Binance was one of the safest and best exchanges. If it was able to get hacked this means that there are other less good exchanges that might get hacked as well. This is not good news for crypto but the prices of coins has gone up a lot since the hack.

Judging by the fact that Bitcoin has grown to $ 6400 in the market, this is not reflected in any way. I thought the pace would slow down. And we will see bitcoin around $ 6000. But it is clear that the bull will not stop the theft of 7,000 bitcoins. Good sign for investors.

But I still see the problem. Do not leave the day on the exchange.

The fact that they have hacked Binance will not have any impact on the market, that works just as much as you have money in a bank and close it, there are many more banks that can offer you the same service that you were previously.

If they hacked Binance it is because they were doing something wrong, and they can not offer security to an Exchange that is allowed to hack, they failed in security, which in my opinion is unforgivable.

Therefore I do not think it has an impact on the market, in fact, if those stolen Bitcoins are massively sold, it will easily be bought by an operator that wants to buy at that price level and the accumulation stage is shortened, so the impact that can have is almost null, in fact, bitcoin is increasing in price.

In Bitcoin's speculative market, the biggest impact is the operations that are generated by the movements of the market, that's where the reasons for impact must be studied.

In my opinion i think will not affect so much the altcoin market and also bitcoin not look affected, and even if someone sell the stolen coins i think will try sell little by little and can't affect so much the price.

it seems that the hack did not affect bitcoin, on the contrary it has made it rise with force but the altcoins did suffer enough (they fell too much) especially BNB

The side effects already started to show up. Latest hacking news was a bad experience considering the bullish aura on the crypto market. Binance already refunded the losses to the investors who lost the funds on the last event and this is part of the exchange SAFU program. The reverse effect pushed price higher that will be next support for the anopther wave of the bull trend.

Hacking Binance once again proves that there is not a single protected system. Therefore it is better not to keep all your money on the same exchange. It is better to be safe and keep money in your personal wallet or on several exchanges.

It seems that this hack will only benefit the exchange. Only 2% of the total capital of the exchange was stolen, and the subsequent actions of the founder show that such hacks are not dangerous for him.

wow, how could this happen?, binance is top exchange. In my view, binance will recover investor who lost money, and I think to recover 7000BTC is easy by binance, so it will not effect much to market.

I guess that it will not give a big effect to binance since you say it is only 2% of the total capital.
But that hacking news was made many people worried because I am sure they have bigger balance in binance, but fortunately, binance give a clarification that they will replace the balance if the bad things come to their members.
I am sure binance will do their best to protect their site so this will not happen in the future.

Given that finance did not give back and took a blow with an outstretched chest, while still thanking hackers for identifying vulnerabilities, I think that everything will be fine with the market even after the next hack exchange.

no problem with binance customer fund.they have huge reserved fund from their years operation in market.as biggest exchanges , binance could generate millions profits from their trading fee.and investors and cryptocommunity not worry with this case.

Yes, but that's not the point. The very fact that Binance has been hacked, it's the only thing that does matter. People can lose credibility and begin withdraw funds which they do not trade but store there.

I think the hacking of the exchange did not affect the market as a whole, only the only BNB coin sank, but later showed a rapid growth, apparently the exchange completely closed the issue with hacking.

if we want to store our asset, dont save it on exchanges wallet.using hardware wallet could be good solution for us to make our assets safe.actually binance security very good, but maybe hackers see bug in its exchanges, and they could attack it and stole much bitcoin.

And this is great, let people first of all think about where their money is kept and what risks they are exposed to if it is a centralized exchange.

I don't think so because people still trust binance and I am sure that many traders still trading in binance.
They don't make any massive withdraw from binance because they see what binance did for the member who is losing their balance because of the hacked.
If the exchange can take responsibilities, then people would still believe in them because the exchange is not run away from the problem, but they are trying to fix the problem for their members.


That is the point.
Traders were only trading the coins.
But if they are saving their coins at the exchange, then that is their mistake if somehow they are losing their coins.
It's better to save the coins in the hardware than in the exchanges.


We learn from the other people's mistake so we can prevent the loss of the coins from the exchange.
But if we still save the coins in the exchange, then we make our own mistake ;D

you're wrong. after the hacking of the exchange, deposits and withdraw on this exchange were closed. and I believe that this gave a significant opportunity to raise the price. after the withdrawal was opened you see what happened to the price

Of course, any such event will have a negative impact on the market,as many immediately lost confidence in the exchange,once hacked so big,note how many exchanges have already been hacked,the same cryptopia,all gone to the bottom,and how many more of these will be!Therefore, all these events have a very negative impact

maybe there are some people who are nervous about the assets they have in binary exchanges, and that is very reasonable because they don't want their assets to just disappear. but what I heard was that all assets were safe and nothing was lost from the hacking incident.

Binance was do hacked, but they have easily recovered the losses from their SAFU fund, so this occasion did no affect the cryptocurrency market.

But interesting thing is after Binance hacked BTC will going to huge moon definitely also you can observed that. Binance already announced they have strong back up which is "Secure Asset Fund For Users" shortly named #SAFU Fund. That means i think everyone fund is safe, no one never harmed for this hacked.   

Thats right! No effect at all except for BNB because the good thing is that BTC pumped hard and I believe thats one of the reason why altcoins dumped. Yes, they have SAFU but it was a surprise that the most reputable exchange got hacked but we will not removed the fact that the more you are better than the others it will make you a target for hackers.

the binance hacked has nothing to do with the market.. it didn't affect as well the price of binance coin..

It is so sad news that hackers are finding their way easier to hack exchanges. So it is high time taking measures to stop or prevent such hacking. One of the interesting fact is that many exchanges have been hacked so far and many incidents of scams have taken place. But there is no data whether hackers or scammers have been arrested. Police or concerned authorities must make public arrest of hackers or scammers to discourage such incidents in the days to come.

After the hacking incident the market didn't crash it didn't affect, but BNB went down after that happened I think. Well we should not put all our money in one exchange even it's big exchange with high security the hackers can hack it.