Bitcoin Forum

https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

So there you go, there's a lot of things going on behind the scene and it looks like they will revamped their security measures. So as early as next week maybe we can see deposit and withdrawals resume and back to normal operations again.

I am expecting that this time Binance can be stricter in many areas of the exchange. Hopefully, they can be able to fix the vulnerable areas so as to make sure that the unfortunate hack will not happen again. Binance is a strong platform and the whole cryptocurrency community as well as users are standing firm and  supporting it now. I am expecting that other exchanges small and big are now also looking at ways they can strengthen their own defenses as hackers are working 24/7 to steal millions and millions of coins and tokens.

i dont like cz but cz and binance stayed strong and give trust to market.its almost zero effected to market if it was a real hack :) the worst thing was talking about rollback.in the future if there is a hack on any market, rollback will be an option now.

Well, it is to be expected in Binance that they will take fast action and update regarding to what happened to the recent security breach. I hope this time they will have a tighter security system since most traders are keen in using their platform due to the massive volume and it's convenience. They should really have a good check and take necessary measures to ensure users security.

CZ is supposed to say all those things in order to calm down the public. ;D
Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.

I disagree. These hacks happen all the time. Lesser known exchanges which get affected by these hacks usually tend to disappear completely since no one would bother with them anymore while the popular ones like Binance will retain their user base and become even more popular since they are able to give back the stolen funds through SAFU fund etc.

I don't think they are just doing this to calm the public. Didn't they said they'd refund the loss?

But then maaybe they should prolong the suspension of the deposit and withdrawal because when they did that, the prices of BTC and altcoins started shooting up. I bet when they finally reopen everything the prices will all drop and back to $3k. Well this is just my observation. What I can assure is that trading volume rise and prices will keep swinging sideways for a long time in the current price range.

Unfortunately they should do it in either case. If its true, or if its false, it does great damage control and it is working. They could be lying, but by calming the people, they can sort the problem without going bankrupt. Or they could be saying the truth, in which case its already solved.

But others have already offered enough money to cover the loses, which might or might not be part of the damage mitigation.

In these cases only time can tell.

No way the bitcoin price dropped back to $3k once binance reopen everything. In my opinion it would be same, maybe just drop a little bit.

Yes they said they'd refund the loss using SAFU safety fund to cover the loss.

With this hack incident, i'm sure binance will upgrade their security more.

Next week?

I need my funds this week because I need to pay something.

I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.

We have to give the second chance for Binance, they are doing everything to make the transactions safe again and we need to have more patience. Everything will be fine, the refund can still happen and Binance will handle this one properly. Thanks for the update OP, this can help the investors to calm down and trust binance. This hack is very crucial for binance, but I know they will be more secured in time.

smaller exchanges disappear because their business was small so they didn't have that much money to back things up and didn't have that many operations running. on the other hand a big exchange like Binance has multiple operations running so even if majority of their users leave they will continue earning money! for example they have already created a token out of thin air and have sold it to the public making millions out of it. that is not something a small exchange does or even can do!

I agree its because they have all money needed if incase hacks like this happens. So mostly, people using their exchange won't feel these problems. And as seen the exchange is most likely faster solving the problem and reacting. This just made people's trust to the exchange stronger.

I think the Roll back of transactions on blockchain network in order to neglect the loss, was sure not possible and it was just a slip of tongue from CZ. If bitcoin network can be rolled back ,then this is system is not good and can be manipulated. People would have lost faith in bitcoin if ever a roll back happens on transactions. CZ should only recover funds from the Safu trust and should not give statements which bring bad reputation to bitcoin itself.

I suspected they'll do this, If not It might have triggered a huge withdrawal requests from their users and if indeed the hackers were still in possession of those API keys and 2FAs, It would be difficult for Binance to make proper investigations or stop the hackers from continuing their exploits.

Not in your wallet, not in your control. Did you learn your lesson yet?

Even if you wanted to play trading, you shouln't have put funds in there that you "need" tomorrow. The saying "don't invest what you can't afford to lose" exists for a reason. Be thankful your funds are (apparently) not gone. You should always expect that tomorrow, Binance could be no more. This is more or less how Mt.Gox vanished, and back then, that was the exchange, everyone put their trust with, not in any of the other suspicious little ones... Only Mt.Gox had a "proven" reputation, being the "number 1" probably made people feel better...

Oh, who is number 1 today? Hmm I wonder...

There is also spreading, not just coins, but trading platforms, and investments. Don't put all your eggs in the same basket...

Whats next, demanding a bank your money after a bank run, while knowing well in advance the bank plays with your money and even pays you interest for letting them to? The reason bankruns exist in the first place is called fractional reserve banking (https://en.wikipedia.org/wiki/Fractional_reserve_banking). Serious exchanges should never do do that, that is why you pay them instead of the other way around.

If Binance survives, it might have gained some reputation credibility. Did you know what happened when Nicehash were "hacked"? People weren't paid back in full... two thirds or so, and only over a long period of time (presumably time it took them to recover).

Yes it can be worse, much much worse. Not in your wallet, not in your control.

next week it is , I guess there is no other way to be getting your funds anyways
hope is not just a simple delay tactics to not cause panic and everything is under control
otherwise the bull run we experience could be well hampered by Binance's failure to keep their word
yet another reason to never store coins on any exchange , even the ones too big to fall

Well the did has already been and binance need to provide some security measures to prevent future hack and also protect your found in they, it sims they have not gain full protection of the affected wallets the hacker stole from. I like the measures they are applying in this situation but the prolonged paused on withdrawal and deposits will effect many of us trading on binance but we just have to wait and show our support.

I do like something a lot though. They are trying to innovate in the phishing protection department, that is something really hard to do, since it's user/employee error. Most companies would state that there's nothing to do about it but they are trying.

If they get to some positives results about it they should publish it for sure because that is certainly a very big problem the internet is facing right now.

No matter what they do there will always be some hackers that are one step ahead.  The scariest thing about this whole situation is CZ was talking about rolling back bitcoin.  I know ethereum was able to do it but bitcoin would completely lose credibility if the miners were able to pull that off.

This is how you see through if somebody is true to their business and dead serious to it. It would be nice if Binance will add another wall of defense on your wallet. Just follow what they want you to do because it's for your own safety. There would be no second hack this time guys ;).

re-org/ rolling back was a completely bizarre idea stated by CZ, But the word had been said and can't be undone. I'm sure most of the community will have a different opinion about him since he stated that awful things. Even though, the idea isn't being done. It is a disgrace to even think about it.

It is sure any hacked exchanges as a whole will completely be revamped their security system, and double, triple checking about it. The problem is nature centralized exchange technologies aren't sustainable for cryptocurrencies ecosystem. Personally, we need to urge the decentralized exchange developments.

No, they are doing this to save their reputation and the survival of their business. If a financial institution drop the ball like that, they have to do some serious "recovery" and "preventative" actions to please the existing and future customers or their business.

Would you continue using an exchange if they lost millions of dollars of their customers money... and then not react with "big" changes to close all the holes in their security? They should also beef up the security checking of their own employees to see if they have criminal records or if they are in financial difficulty.  ;)  <How can they manage other people's finances, if they cannot even manage their own?>

That's actually true, less and less people are going to trust them with their cryptos now but i believe that what most people want to know is if they are still going to get their cryptos because at this juncture, that's all that matters to them.

I am sure they will do that after they got hacked. They will serious to protect their member and make sure that it won't happen again in the future. They will use everything to make sure the website is secure, and if necessary, I think they will make another protection from the hacker. I am curious with what binance wants to do related to protect the members, and I hope that they can give the news about what they do to secure their website.

Don’t worry mate CZ not like you either lol

But we must go on since the binance team is not stopping and as what CZ said they are fighting and working round the clock so this is enough reason to trust and support them still

Go binance,you are still the most and best exchanger of this time and forward

Actually if the users will not have missing funds, they will not care much. It's like they are insured. And I think that this is what CZ tries to achieve. Because any other option means disappointed/leaving customers.
Bitcoin history is full of hacks, still people keep huge amounts of money on exchanges. Some are trading, OK. Some may be lending (does Binance have lending actually?). The others ... well, the others I just don't understand...

Well i can sympathize as this is a tremendously difficult problem because, it involves humans who can be deceived.

Take for example Electrum, it recently has been a non stop spree of people losing money and its not even their fault in the first place, but people foolishly downloading fake wallets because they are too lazy to verify a signature (https://bitcointalk.org/index.php?topic=5090350.0).

From an engineering point of view, its programing to fight bad human habits. Not saying its impossible, but its a big challenge.

How do i make you, the foolish typical windows user, from stop you from clicking on any random popup telling you to upgrade, when people using that OS have been conditioned like Pavlov dogs to such behavior of receiving popups they have to click away to get "work done".

And this is only the tip of the iceberg. It seems that this "hack" combined both technical and social aspects, and given the "prize", I wouldn't be surprised the perpetrators committed lots of effort, resources and patience to pull it out.

Let's see what does binance do this time. because we have seen some exchanges got hacked again and again for like 7 times. those where dark times and those things also result in the Suicide of the CEO and now the Binance hack. This is one serious issue with the security and people just don't want to lose any more money now.

They still don`t have a queue on massive withdraws.

It is 1 line of code.

CZ and Binance team done an excellent work in making the hacking situation having almost zero affect on the market price because the price of the crypto are usually affected when such attack happen big crypto exchange but I heard Justin Sun (CEO of TRON) was the one the created the strategy and assistant to Binance.