Bitcoin Forum

At 17:15:24 on May 7, 2019 (blockchain time), Binance discovered a massive security attack. Hackers have captured a number of API keys, 2FA security codes and some other information. Criminals have used a variety of attack techniques, from phishing to viruses and other attack tools. There may be some accounts that have been hacked and have not been found yet.
Hackers took away 7,000 BTC in a transaction below: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c3

Binance claims to use the SAFU fund to make up for all lost assets. Therefore, users' assets are completely unaffected. It is important that the deposit / withdrawal will be TEMPORARY in this week. During this time, trading activities were still normal. Hackers may still be controlling some accounts and can use them to influence prices. Binance will closely monitor this situation.

But the floor believes that with the suspension of withdrawal, there will not be much motivation for hackers to manipulate the market.

=> Everyone should be wary of your wallet and trade on Binance

Do you think the solution of Binance will help increase the price of BNB?

I think perhaps the exchange will compensate investors  :D
However thanks for your information and warnings for investors. Very good information

Worst part of the Binance hack was the Binance CEO planning on attacking the Bitcoin blockchain to reverse the transaction.

This is likely the most scandalous tweet in crypto:

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

This raises so many questions. He talked about it like he could easily do it. I have no reason to doubt him now, but I used to think Bitcoin was safe from this kind of attack.

These guys can inject whatever they want into the Blockchain?

For the short term, I don't think the price will be affected in any way. It does seem though like this hack is a win for them and also will work out in their favor the long term, as it only shows how professional they are and how they care about their users.

Regardless though, people should not be reckless about storing their funds in there just because Binance announced that the user's assets are unaffected, one should always stay in full control of his private keys, think of this hack as a way of learning a lesson.

How it will increase the price of binance it will decrease the price even it may go worst . I had faith on this exchange now it is also lost . I think now kucoin and I box will be the best crypto exchanges. Concentrate on those tokens.

Your mean Kucoin and BIBOX exchange will be the best place? Oh. great . Do you have any research on this to confirm?

This is what must be considered by the existing crypto Exchange. Hackers can come at any time. In this matter, of course, Binance can handle it. By temporarily suspending Deposti and Withdrawal and also they have done security updates: Key Reset API.

The security update article can be seen here: https://binance.zendesk.com/hc/en-us/articles/360027851252

A few months back, it was the turn of Cryptopia, and now Binance has been targeted by the hackers. This is why it is always said that we should never keep our coins in any of the exchange wallets. In case of Cryptopia, it ended well with the exchange reimbursing close to 90% of the coins. Let's wait and see what happens to the coins of the Binance users.

Sincerely there is no safe crypto wallet because all wallets are prone to hack. Some people will say hardware wallet is more securing than any other wallet but in my opinion, hardware Wallet is not 100% safe. Therefore, any wallet can be hacked.

It is strong fact that, binance is a dominant exchange and new exchange initiatives are really attracting attention. especially the prixbit exchange I'm following closely, will really take place in the first 25 markets I think. For those interested, I would recommend not to overtake the $ 400,000 trade competition.

Actually I really doubt the information about the hacked binance exchanges which are now being discussed very warmly by everyone.
binance is a giant market with an extraordinary level of security and it is almost impossible for hackers to do that.
according to binary information, it lost 7000 BTC but I honestly doubt that.

That really is an alarming situation that an institution like binance was hacked again while to be honest i was thinking that market has matured now and especially security wise, looks like we should move towards decentralized exchanges where our funds and private keys are in our control.

I know one thing! Never! just never hold anything on exchange account, dont metter good or bad exchange, hackers hunting on accounts

Just checked and my Tether wasn´t affected  ;D Nobody wants Tether  ;D
Only Justin Sun wants to spam Binance with 40 million USDT  ;D.

I have a lot of questions for CZ, but I doubt that I will ever get answers. If everything happened as he wrote, Binance done make everything right.

Saving your cryptocurrencies on any exchange platform is not a good idea no matter the popularity and famous the cryptocurrency exchange could be. It's best to save your funds on a wallet you have the private keys to and not an exchange wallet.

Please imagine, binance exchanges can be hacked. Then what about each user's personal wallet? This needs to be watched carefully! Because hacker accounts can attack anyone and at any time. Harms many people and worries the asset owners. This is really troubling. 7000BTC not a small amount.

Are accounts being locked?

Base one what I have read on telegram, there were only few accounts that were affected and binance already announce that they are going to refund those who were affected. Though they there were coins taken by the hacker its just few though 7000BTC seem not affecting the market.

They needed to do that in order to make sure that the security will not be ruined again, this breach should be handled accordingly those hackers might be there rounding around and waiting for another victims, looking forward to make new updates about the investigation about this matter.

This is a warning for investors not to hold their digital assets in some exchanges. As the saying goes not your keys not your coins. Better store your coins in some industry standard offline wallets like ledger or trezor. Some Binance users got victim by fishing attack that's why their exchange wallet got compromised. Binance was also at fault by allowing withdrawals even do there are some red flags.

I don't think this attack will have any direct negative effect on binance coin because the $7000  that was stolen in not in binance coin but in bitcoin and since the exchange have a reserves that found such accidents it will not have much Borden on the exchange.

This is the scary part of binance CEO. To think he actually brought this up on social media. How do people now trust bitcoin when someone somewhere can hold a backdoor meeting with miners to manipulate and reverse transactions

lol even the big boy exch's just as fucked and sketchy...what a shocker.  ::)

i know it's quiet now but 1ex.trade owners are crazy about security and soon it'll show ;)  8)

I also agree with you that the hacked 7000+ BTC certainly will not affect the crypto market for sure. As binance said, Binance will use #SAFU funds to cover this incident in full. There are no user funds that will be affected. And with this incident, of course binance will improve with even better security.

Sad to see exchanges getting hacked. No matter how much they claim that their security is top notch there is always a way to hack into their system. The hackers are always one step  ahead of them. This is another reason why people shouldn't be storing their coins in an exchange for a long term. Though its good to see user funds are secured and they are taking responsibility.
And I don't think the price of binance is going to rise cause of this.

I never imagined that binance of all exchanges could be hacked. Anyways the did has been done and I believe every corrective actions must have been taken and also heads up for other exchanges who are not as strong as binance in terms of security.

This shows that no exchange wallet is safe from hack no matter how big or popular. Everyone just needs to be careful not to store huge funds in exchange wallets. If I may ask, is it even possible to get the bitcoin blockchain reverse the transactions? The hacker probably would've converted to cash.

CZ has been able to handle this fairly, most importantly is that users funds are insured against such happenings so there is no loss of funds. Every stolen money will be refunded by Binance. No need for panick.

Just be careful on your account handling while trading and other stuff but Binance will surely take care of you when it comes to the amount you have lost I will just suggest you hold on anything complex activities like withdrawal of large asset to avoid delays and suspicion

You shared some very interesting information. I feel like this is what could have happened but lying that it was a hack is so much worse than than admitting to a mistake.

If the money is really stuck and not hacked it should increase the value of the remaining coins. I saw people asking why the price was unaffected so maybe you have the answer to that. One thing is sure to me. The liar CZ lost a lot of credibility today.

Nothing to worry about that. Beside the hack was a real incident or just a game that played by any party at least Binance team has taken a right decision and ready to recover the loss with SAFU (Secured Asset Fund for Users) which resulted this news to has no impact on Bitcoin price.

Binance says that all the losses will be refunded so there is no reason to worry. also their security system will be updated.

I also know the lost funds will be recovered soon by the Binance CEO but we are talking about something else. It is dangerous to leave the big amounts of BTC on centralised exchanges and this hacking news proved it.

I have read your theory and it is very possible. If it is true, it is a shame that a CEO needs to lie to his investors and users to protect his employees. I suppose that if an employee did it, he surely has already been fired (or he is under CZ protection?). If not, it will cost him his whole life and maybe more to try to reimburse the company. It is sad, but it can happen. That would explain why other coins/tokens were not affected by the "hack".

I also wrote this article to inform people of this and be careful with my assets. However, maybe Houbi or Okex or any other exchange will be the next target for hackers.

If we have the best property we should store it in a cold wallet

More than 24 hours ago and the price has not changed much. However to protect your property first by keeping it in your cold wallet

It is not the first time for Binance being hacked and it is not a big  deal for them to refund their customers who`s assets has been stolen. It will not affect long term  price of BNB , but this incident raise many questions.
Our funds are not secure on exchanges and we should not hold our assets there.

Even if they got hack they found a soultion well they have safu that will use to replace the funds and according to cz the wallet that got hack is the hot wallet and not totally the exchange so better calm and your funds was safe in the binance there is nothing to worry about they undergo maintenance for one week.

its okay binance said your asset is safe, as long binance can backup their costumer asset we still can trust binance but for the future we should sphread our asset on other wallet too such as cold or another exchange

It's only 2% of their hot wallet, so everyone should calm down. CZ will covered everything and he is very transparent as to what is going on behind. There was a proposal to do some re-org, but he back up in the last minute.

And if you look at what is happening, the price of bitcoin wasn't affected that much and also the rest of crypto so this bad news has no effect. Of course those who have lost funds in Binance are very wary, but CZ already said that it will be covered by safu.

I heard binance will be responsible for this case and will return the lost funds. and this is a good thing because binance shows a good commitment to solve this problem.

and I will still use binance, even though now the security is questioned.

I have checked my wallet and it's fine just like my friends. 2% of hot wallet(7000 BTC) is low for binance but if hackers can hack any amount if they breach the security of the system. One day they might even target for 20% of funds. Which is definately a huge amount and hard to recover.

They are covering everything that was lost. I do believe they lost more than they are letting on though.

What they declared for now is final, we cannot contest it because it's an internal problem.
The amount involve is huge but since we are a billion dollar industry, we can let go of that and Binance have it covered.

This hack incident doesn't seem to cause panic, and that's the good news here.

I think we need to be very careful about this, if the biggest exchange in the world can't have a security of their exchange, then you will discover that we have a very big problem and this problem need to be solved as soon as possible, though experts in the Crypto space have always been telling us that we should not keep our coin on exchanges because of the tendency they have of being hacked, we still do this all of the time and we have been getting the reward for our stubbornness.

Some has written an article alleging a possible conspiracy theorem, which I read with some curiosity, he asked some questions how such a huge 7,000BTC could be withdrawn without a special authorization by Binance, and why the KYC of the affected accounts were not disclosed(maybe security reason), and why will a hacker just choose to withdraw $40m when he could have taken more, even that such fund to the segwit wallet is not spendable. I love binance and I trade there, and I always believe them.  You can find the link here https://cryptopotato.com/did-binance-really-get-hacked-these-conspiracies-might-prove-otherwise/

Centralized exchange cannot be trusted completely, you should be careful and keep your asset safe. With the amount of exchange has been scammed by hacker I tried to move my assets on the exchange centralized slowly, yeah it will take a long time maybe for me to not use centralized exchange because I still use it as trading sometimes. However, I have a strategy that in the future that I'll safe my assets on hardware wallet because that is only one way I can  pull to one side from hacker. If I use hardware wallet I have full authority to make my assets safe or not safe so, if someday I loss it I'll blame my self.

I believe that Binance will come back stronger than before. It is the leading exchange in crypto space and I think it will improve its security system and shielding power. It is good that the users will not be affected and this is something that I doubt another exchange would have said because it is a big aamount of money stolen. Anyways, it should be obvious that if an exchange like Binance could be hacked, keep no doubt, others could also be targeted.

I think it will greatly affect the price of BNB when the withdrawal on binance resumes because people might worry about keeping their funds on exchanges so they will convert into bitcoin or other cryptos then will transfer it into their wallets.

If you have an account on Binance, you should do the following steps.
Reset 2FA by disable then turn it on again.
Change your Binance account password.
Make sure your email password is different to Binance account as well having 2FA too.

As long as they are online all wallets have a chance to get hacked, so if you are going to choose an online wallet the safest I know would be blockchain.com because I haven't heard them lose any money from any hacking at all but maybe they did that I didn't hear about or maybe they will one day in the future.

Basically, use an offline wallet that would have no connection to any central location if you want super safe wallet. There are trezor and ledger nano s and so forth that basically makes sure you are securing yourself without no central data location. Otherwise all of them are still dangerous and including the biggest places there is no place that would be safe for you.

Had expected this news to greatly impact on the price of btc but it never did. I remembered how such a similar news made the price of btc to drop hugely in 2017. Currently I think the btc market is very matured that not an attack on a single exchange can cause a huge market charge. Sorry to all those that might have been affected, I think Binance will pay back

If I am not mistaken, this is the first hack of this exchange. What is very bad for the whole market, and binance you may wish to recover from the blow as soon as possible and become better.

That will be great news for the members because they don't have to worry about their balance. And if the members got a loss in their balance, I think binance will solve the problem and will return the lost funds. So far, binance give a good attitude to protect their members and they operate until now and not making the hacking news makes traders worried.

Bad news always leave bad effect so due to hack in Binance it will effect popularity as Binance is the most trustworthy and top rating exchange. This type of news will badly effect the crypto market all good exchange must make their exchanges full proof to avoid hacking.

It's good think for me that I've already withdrawn my balance on binance just before it was being hacked but the long term effect is that, I cannot longer bring back the trust that I have on binance before and now, maybe I could try to access and trade on other platform this time. What important for me this time is the profit that I can get from the uprising bitcoin.

If you guys worrying then leave on that exchange stop holding wherein find a safe place where you can put your money. If you own BNB token then  covert it immediately because soon it will decrease price because moslty ppl nowadays spreading awareness about the issue which surely can caused panic selling.

there is no safer wallet than hardware wallet.. users funds are safe and it was not lock..but for this binance attack i'm in doubt    :-X :-X

I heard about it in Crypto News that hacking binance and steal big binance exchanger so some are afraid to trade in binance but you should not be nervous because the team binance is already fixing their exchanger can not really avoid it because many hackers the smart and able to access websites with security exchangers that are strictly secure but eventually hackers get in and about stolen money there is a guy who donates 7000btc so it's just as great to marecover the losses.

I also heard information about their responsibilities and compensation, they will almost guarantee all the assets of the investor and accept the damage, this is really a very unexpected way of handling and with this method, I believe very few people will be wary of binance, people will have more faith in this exchange. After this event ends and the holes in their system are thoroughly removed, their reputation will rise higher and the value of bnb will probably increase when newbie begins to move to this exchange

So keep your money in your wallet. And do not forget your coins. But in other things for traders is a big problem. Due to the fact that the exchange charge a fee, they can not constantly enter and withdraw their money. Too much loss in long-term work. It is better to ignore small exchanges, there is a very weak protection.

I really trust binance will stand to this trial that have befallen them.
I believe there won't be any glitch trading on this exchange despite the hack.

The thing is the explination they provided for the hack does not add up with the actual withdraw they posted which came directly from the hot wallet.
Also if 7000 BTC were missing/withdrawn from Traders/Users accounts through their API`s wouldnt you think that some of them would open reddit posts or complain somewhere that their funds are missing ?
On the other hand if they got access to their hot wallet wouldnt they withdraw bigger amounts ? why only 7K btc ?

+ the last month BNB pump just adds up to the susspision that all of this is more likly staged than true..

I think that this event is generally expected and it seems to me that people understand this and in general there is no such serious reaction that would have shown a big decline today. I think this is somehow understandable.

There already was a big enough glitch. CZ admitted that they were unaware of the exploit and were caught by surprise. What makes you think there will never be any surprises? What makes you think their margin of error is endless? If they lose enough money they will file for bankruptcy and you won't be able to withdraw your money.

Some people really need to lose money to learn something but it's too late by then.

For the last time people don't ever leave your funds on any exchange and i am very impressed with how CZ has really handled this situation. He has been really truthful about the whole situation and i heard he has promised to refund all the 7000BTC that were stolen. That's really impressive!

yeah, i also really like the attitude of those who are fully responsible.
that's why their customers still choose binance as a good exchange.

we cannot guarantee the security of an exchange in full. no matter how strong their security is, surely some irresponsible people will look for gaps to infiltrate it. so we must always be vigilant and indeed we should not save our money for too long in any exchange.

With the way he spoke about it fairly, I feel this was some kind of FUD even though the market didn't respond to it in a magnanimous way.

I don't use binance too much and also if I use the market just to trade and also participate in events held there and never make the market a wallet, if I want to secure better assets, use a personal wallet and store it there, but for binance I recognize CZ very responsible and will compensate for the case

 This hacking event on Binance is a wake up call how important security in crypto is. It was a sophisticated attack  and Binance is investigating what exactly happened and how many accounts become vulnerable. I think this was an insider job or done by insider information, but let`s wait they investigate how it could happen.

Binans skillfully solves any problems that arise, it's cool. I think the BNB price could go up. I have always liked Binance solutions in all matters.

Even if they was hacked they give back coins to users from their fee they get and this can only be a good thing, the only i thinked maybe can be wrong to roll back bitcoin transactions.

It wont gain trust only relief. Its scary when someone else control your funds and this happens. This wil not be a easy fix and could take a while to recover from

They have it solve because they have the SAFU funds.
Funds were created from their income to cover future loses like hacking, and good thing they covered it all despite the amount hacked.


Not sure with BNB, now it's Bitcoin and some alts that is rising but BNB is down.
https://coinmarketcap.com/currencies/binance-coin/

Maybe its an strategy of Binance to introduce their very own feature which is the SAFU(Secure Asset Fund for Users) that if ever hacking was happened users need not worry for their btc wallet balances, some big crytpo companies are in rescue but Binance said no need for help because funds are SAFU.

It is of course a matter of concern and security for the exchange and yeah for people who are passionate about cryptocurrency but it is not a failure of the market and the market stays unaffected completely. The prices are still soaring up and there is still great demand for good coins. Binance will have to improve its security system and I am sure they can do so for the exchange and the management have been great so far.

Yes it's an alarm for us who stored your coins on the exchange. Imagine this, big and popular exchange like Binance got hacked, now imagine if you stored your coins on lower exchange, how dangerous is it. So people, stop stored your coins in exchange, especially in a big amount. It's better to hold it on your own wallet.

Binance is a very capable exchange let's not forget that nothing is impossible to hacks ,just imagine if this happened to weak exchanges its goodbye ,but binance is still the best to me ,all they need now is to upgrade there security for any future possible hacks ,let's all support the exchange

Any centralized exchange could be subjected to security breach to some extent. So it doesn't matter if the security is the best in the world since it would get hacked eventually. In retrospect, this hack would definitely increase the strength of security of binance so I think this doesn't necessarily mean we have to stay away from it.

I believe Binance has the capacity to return back the fund that was stolen from their exchange. Most of the big exchanges that we know of have been insured. So if any find is stolen, thy can easily be covered by insurance. That notwithstanding, it should be a lesson to those who keep their funds on exchange.

Traders and investors funds will be recovered using SAFU fund, so our fund will be safe.
BNB token price maybe drop a little now, but later it will rising again because the dev keep burning the token.
What we must wary is, never use exchange wallet to holding coins or tokens in large amount, so we won't have big loss when the exchange get hacked.

Online exchange market are prone to hack since there are many intelligent hacjers that knows how to enter such exchange. Binance showing good reputations these days after the hacking incident. I hope they could recover all what have lost in their exchange.

Binance has a very simple strategy. They first gained a very large popularization. Released IEO, forced everyone to keep on your account a large amount of money and then staged an attack hackers. Maybe Binance Is not to blame. But the facts make us think otherwise.

this situation means that everything could be hacked, nothing is safe, I thought that binance cant be hacked in any way, that they have total security

Are you indirectly pointing at Binance being the hacker of Binance under the mask? I think that might not be the case. We have seen and come across companies been hacked for millions of dollar every year. Since inception, crypto has been affected adversely by hackers and scammers. Binance is already enjoying monopoly and has made big money; I do not see the logic behind hacking its own accounts.

Indeed, its means we should secure our own coin and store it tin our own wallet. Not your coin if you dont have private key is good word from crypto community. Binance and others exchangers must be improve their security but its much safe if we store on our own wallet

I think it's safe to trade in binance because they already have it but I'm thinking of how much they have lost in binance exchanger because they have so much btc they stole and are still trying to figure out who's stolen but not have been removed from their minds, especially investors and holders who have their wallet so the founder or team of binance resolves it because of the size of a hacker stolen because the exchanger's security is so secure of a hacker, so their security is further tightened on their website.

I think it is very possible to get an exchange hacked only when the hackers do a lot of home work. By this, I mean that like CZ Binance tweeted, the hackers have been very patient in getting the API and 2FA keys on the users with maximum Bitcoin in their wallets. But if you look at the fat that the website of Pentagon in the US cannot be hacked which means that the security level of the exchange with more than 90% users could really be upgraded.

The current BNB price is hard to believe, it has reached $ 30 after just over a week of getting a 7000 BTC hacker problem, causing the price of BNB to fall to 18.3 in just a few hours after CEO CZ confirmed the incident.

Generally when an exchange gets hacked it losses some of its credibility and customers tend to withdraw their funds for safety reasons and this can have a negative impact on the startups reputation and can lead to a decrease in market value of its native token but in this instance it didn't most likely due to giveaways and VIP rewards which enticed customers to continue using the platform and the moderate appreciation may indicate the overall market is performing better than expected

So it automatically implies that BNB will always have a way of sustaining their project which guarantees that it will stay in the market for a long time. I had faith more in Binance after I saw the way they were able to curtail the situation.

There are so many exchanges that weren’t hit this much but they are nowhere to be found again now i.e cryptopia. So I think Binance coin is one that we will still be talking about come 20 years’ time, by then, I expect most of these smaller coins to have died off the market then  while people will focus more on projects like BTC, ETH and BNB.

yes we know that large exchanges such as binance have been guaranteed to return the hacked user money at that time, I hope binance developers can also update their exchanges so that the incident doesn't happen again, the rest we as users must always be vigilant in storing the assets we have.