Bitcoin Forum

What are your thoughts on this https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance??
For me there is something fishy about binance hacking.. and regarding justine sun post on twitter about depositing 7k BTC?hmmm
 

I don't know about Justine's tweet, but according to the article it looks like a genuine hack to me.  Luckily, only the hot wallet was impacted. Still, they say some 2% of total holdings were stolen. This goes to show that no exchange is safe enough, no matter how big and influential. The worrying thing is that some two-factor authentication codes and API keys were also stolen. As always, people should keep your bitcoins in wallets they control, not on any exchange. They should put there just the amount you want to trade.

actually this news is very disappointing, how could a large exchange that has so many users have a gap to be cracked, it should be before binance published for the binary public that it must go through various security tests, so that things like this don't happen. it will affect the mentality of investors, and this is not good for crypto.

Justine Sun is just an attention whore and i would not expect anything less than trying to take advantage from the situation by getting some free publicity, then he will probably back out from the deal at the last moment  :)

https://twitter.com/justinsuntron/status/1125932499761225728

What makes you think that the hack is something fishy? Justin Sun is just getting attention and riding this incident for publicity stunt. I don't think that he's part of anything due to this hack. I'm not a fan of him and not either an investor of Tron and BTT but I can't see what you are trying to connect.

CZ replied and said that he doesn't need help from him.

It could be from a rogue ieo which wasn't vetted properly so they added some malicious code to the exchange. Hard to say except binance is not safu, switch to kucoin

Hearing the news today that the binance was hacked certainly makes us shocked. well, giant companies like binance are even exposed to this. but from the articles I read, I think binance can still control this. but, after all, 7000 bitcoin is too much, even equivalent to 40 $ million. I hope this does not affect the price of bitcoin in the future.

Everyone is talking about it. Please, be calm. Binance will take care of this issue. As they alread made the past. I am sure everyone gets it funds safely a while later.

honestly I don't know whether binance is really broken or is it just a hacker who stores the booty results in binance and then takes it back. I'm not sure if binance can be that easy to break

the 7000BTC were stolen from a hot wallet. the user deposits are all safe and were not affected by the hacker attack.
what surprised me and what is also good that the BNB token has not lost much in its value  ;)

I thought that Justin never seen the binance financial report about how much money that got by binance last year https://www.theblockcrypto.com/2019/02/06/analysis-binance-brought-in-446-million-in-profits-in-2018-despite-the-bear-market/
Justin think if he can buy anything with his money that he's gotten it from tron and bittorrent. How a little guy that being a rich person caused by the pre mined funds act like he was the same as billionaire.

Yes, I also expected BNB to drop like a stone. The resilience is an encouraging sign. Same with the wider market - incidents like this usually cause big price drops across the board, but it's not really the case this time, which does lend weight to the argument that the bear market is well and truly over, and the price rises of the last couple of months aren't just a bump in a downwards road.

First off, Justin Sun is what we call Shill God, I mean he has been shilling TRX and BNB. Second, there has been speculation that the hacked could be an inside job, but we don't know for sure. Third, doesn't make sense for Justin to deposit 7000 BTC because the funds are covered by Binance by SAFU. Fourth, I believed that it's very sketchy but we don't have any proof of it, it's just speculation on our part.

We can still say that BNB still have some security that hackers didn't get a lot. This happening will be a reminder to BNB that even how secured they are they still need to improve especially price of BNB this past weeks we're in great value

Everything about this smells fishy and i am out of all markets for the moment. Also notice the Insider trading i.e big Red wicks days before. They knew this was coming or simply stole it themselfs. Its one big Clique at this point.

7000 BTC is nothing for Binance. I don't care. I don't even understand why people care about it. It's just about FUD, this is how some people are going to make money.

i knew this would happen,but that's ok.. as long as the users funds are safe,, and the BNB value is not affected on this recent hacking issue..  ;D

Yup, all those security steps in place just to log in to the damn site and they still get millions of dollars stolen from them in a hack.  Unbelievable.  And I don't know whether to be suspicious about this or not, but when it comes to crypto exchanges claiming to get hacked, I'm not about to take anything they say at face value.

If Binance really did get hacked, that sucks but it's on them for having lousy security.  I'm being a bit self-centered here, but I'm more concerned about my account's funds being frozen.  I'd really like to know when I'm going to be able to withdraw the crypto I have with Binance.  I made a deposit right before the hack announcement, and while I was able to make the trade I wanted to do, I can't withdraw any coins.  As soon as I'm able to, you better believe I'm withdrawing everything I've got on Binance.

I am skeptical that they only got BTC stolen if the hackers did have the trading keys, passwords, 2FA of certain persons. Why did they only took BTC and in only one transaction? That's not very logical. But let them the benefit of the doubt.

This is not FUD, it is a real news story and it is impossible to cover it up, the amount of money stolen was small but that is not the issue here, the issue is that the most popular exchange got hacked and they not only lost money but hackers also got API keys and the two factor authentication codes, that later is the most worrisome as many people are probably using the same codes in several websites, so now traders will need to update their security details in all the platforms they use and that is a huge waste of time but it has to be done.

All of this should reinforce the conviction of the community to push for decentralized exchanges.

Exchange Hackings, Security and Freedom: Why Would Traditional Exchanges Embrace a Decentralized Exchange?



https://www.ccn.com/exchange-hackings-security-and-freedom-why-would-traditional-exchanges-embrace-a-decentralized-exchange



https://i.imgur.com/h1CmARH.jpg (https://)

Finally a posting about a DEX that's a true decentralized exchange. Too often we see hybrid exchanges claiming to be a DEX and misleading users. It's nice to see that this also doesn't use proxy tokens and you're trading the actual assets which means you're in control of your funds throughout the whole trade.

A move towards DEX has to be the next step for the crypto space.

Agreed, and it appears that the first decentralized SPV lite multiwallet will be released by a 3rd party to use with Block DX so that the full chains aren't needed to trade. That's going to be huge! I'm going to pick up some BLOCK to run a Service Node since all fees are distributed to nodes.

Decentralised exchanges are definitely the way to go and Blocknet is great project that deserves more attention.

This will be a game changer for sure. :)

The fact that a few years ago there was a lot of people have been saying if that will become a game changer but this time it doesn't get even a lot of users. How it can be a new trend if the investors don't wanna move to the dex. A few times the hacked cases happened with dex and there is no one of that dex gets hacked on its how wallet. Most of them are getting hacked on its DNS or gets a similar phishing site.
Crypto users are still not yet ready for that.

As it previously said, I don't believe game changer DEX-s will be a reason to move the funds from centralised places to decentralised places. For the first versions of the next DEX, it will become untrustworthy by the investors.

I heard that very sad news for binance, anyway hope this scenario can't affect to bitcoin pump up price increases in the market cap.
Timing attack when bitcoin goes uprise hackers steal the huge from the one most biggest exhange in the crypto currency.

The users' funds in binance are safe according to CZ so there's no worry about that. But what is worrying is the hacker's method of hacking one of the safest cryptocurrency exchange by passing through users according to the report. I hope Binance will address this security flaws successfully in the future.

I agree that DEX will make everything more secure, because all of us control ourselves, even if there is a hack because self-negligence is not an exchange party's fault

I am a very big fan and believer of Binance, but I still doubt the genuinety of this hacking, Binance is too good to allow such a thing to happen, I know they are not God and also not above mistakes, but they have too many experts security wise to have not seen this lapses in the system that made the hacker gain access into the hot coins.

 I really hope that this was not an internal hacking and serious investigation really needs to be done. It will be difficult for an external hacker to really crack down a whole system of Binance, and if it is really an external hacker, Binance really need to watch their back.

that's proof that Binance Exchange does have loyalty and responsibility to its members.
7000BTC is not a small amount, but it is proven that losing that much assets does not affect anything to Binance Exchange and its reputation.

Nothing is safe in cyberspace, hackers are always looking for vulnerabilities from website security systems.
The most important is Binance's responsibility that makes users exchange safe. This is the right step to keep traders using Binance, as did Justin Sun giving support through his tweet.
And after Binance was hacked, the price of bitcoin skyrocketed. I think this is quite strange, does anyone feel the same with me?

Binance were hacked but no users funds will be lost,this news almost available on each sections. ::)


Will post here if anything informative about this issue here.

if i'm not wrong this 7000BTC is only 2% from all Bitcoin at binance, wich mean this will not affected the stability on binance
but this issue was the second issue on binance, and binance should learn from this, and give more security system on their platform

yes justin sun just want publicity since the deposit is not available then how to add 7k btc? this guy is really good actor ;D

Nah it's not fishy, it's a true hacked for me. Who is that justine guy, i never heard of him, maybe just an attention seeker. Actually the price of binance coin is decreased a few days ago when the news about binance hacked pop out.

Fortunate BNB is recovering right no and the price start going up again.

surprisingly, large exchanges at the binance level can be hacked. At first I thought there was a system upgrade when there was a notification of API Key changes, apparently after that there was news that Binance was hacked.

it just doesn't matter, I just found out that the volume of bitcoin in Binance is that much, up to BTC7000 is only 2% of the total. this is great. I believe binance is a truly bona fide exchanger

Why they want to ruin their reputation for 7000BTC,they might earned lot more than hacked amount in few months because they are the best crypto exchange available at the moment and also they said refund will be given for all the user funds so there is nothing fishy about the binance hack.

Aint they all fishy?
Coinrail, that Korean exchange and more. They are all fishy.

Inside job or whatever it is, whatever is loss should go back. If not, then it is okay for me specially when it is bitcoin that is hacked. The hacker wont sell all of a sudden. He will wait for that problem to cool down and then maybe sell at some point of time.
What good does it make? When more bitcoin is loss the value of it goes stronger.

Again, for the fools that will read this.
It is not bitcoin which is the scammer. The exchange loss the coin and it is for them to start digging about it. Do not make bitcoin as an exchange. It is a currency.

Binance issues are not a big affect in crypto market so people are stopping the hacking issues. But current situation market is move to backward fastly so some people are panic in this situation. I think again we are all waiting for 7k USD because some fluctuation is confusing the investors, Now we should not worried about the binance hacking issue.

It will really unfair to think they would have done such a great fraud, what would they really stand to benefit from that. People really need to think straight before making some assumptions that are not real; their profit base alone is far more than what was stolen since they have biggest volume, which even made them to reduce the cost of trading and transacting on their platform.

We know they are great exchange and have promised security for their users, but those hackers too are smart, which that is what some of them even studied, so now that the mistake has been done, instead of attributing it to them, we can just make suggestions to them to if we have any better idea on how they can protect their system.

I have heard about some conspiracy theories that saying that Binance lost 7k Bitcoins because they tested SegWit upgrade  :D Who knows where is the truth.

There is a need to get rid of this hacking incident. Binance has been in the care for so long. CZ needs to explain in detail. Those who have money inside are still in trouble.

found this on telegram :
The Pump on BITCOIN you See is Purely Manipulative We Feel

Bcoz

1. You Know Bitfinex FUD going on That There are Possibilities Bitfinex Might Lock Up Tether (USDT)
So What will Happen is Users on BitFinex Won't Be Able to Use Their Tether Balance.... Which is a Big FUD, BITCOIN Pumping.

2. This Brings me to The 2nd Point Which is Binance 7000 BTC Hack So That Binance Could Stop Withdrawals and Deposits. and That's Another Reason Behind, Bcoz ALTS are Dying So Whales/ People Have Only One Option Left for Trade Which is Trade on BTC/USDT Pairs, BITCOIN Pumping

3. Also at The Same Time Rumors Say That BINANCE Might be Developing Their Own STABLE Coin Which Could Only Be Done by Moving from USDT to The Newly Binance STABLE Coin. So Whales Will Buy BTC Rather than Holding USDT. Right...? and BITCOIN Pumping

Just We Would Say IF Bitfinex Starts USDT Withdrawal and Also Binance Withdrawal will Be Enabled by Next Week BITCOIN will Start The Correction and Possibly Could Dump 500 - 1000 Dollars, And Expecting to Hold Above 6K Dollars

In most cases someone inside the organization is part of the hack, while it is possible to hack an exchange without internal help things get a lot easier if they can get someone inside their target, and when you take into account that many security experts in the past were hackers then it is not difficult to imagine that was the case, but even if we are right I doubt that binance will ever accept that since that will damage its reputation even more.

i never thought binance would be hacked. 7000 bitcoins are really a lot of money lost again. but still, binance seems to cope with this hack. fortunately, this hack does not strangle the new bitcoin bull run.

Right? Even big exchange like Binance can be hacked, so small exchange is in a risk too. Remember to be safe about your coins and don't stored your coins in exchange.

Btw let's move on guys, no one talk about this hacked incident anymore and forgot about it because bull run is on the run right now.

indeed the binary exchange news was hacked like losing because of an increase in the price of bitcoin that occurred. but binance has overcome the problem, and now I don't think the impact is so great. now the developer will renew the security system to protect the security of the peddlers.