Bitcoin Forum

The binance team have done it again, they have recovered 80% of the lost fund from Curve Finance, the hacker thought no one was watching but he is wrong, every new crypto exchange needs to learn from binance exchange.

https://coinmarketcap.com/alexandria/article/binance-recovers-more-than-80-of-funds-stolen-in-curve-finance-attack

I guess centralize exchange does have a good side, if the hacker had liquidate this funds on a decentralized exchange perhaps it would not have been easy to recover the funds. I wonder what the hacker was thinking doing a direct sale on binance! i soon the authority will uncover the identity soon.

Uhm, another Defi platform got hacked? I barely know because of this thread. ;D

Few direct tweets from CZ:

https://nitter.net/cz_binance/status/1557117356652085250
https://nitter.net/cz_binance/status/1557117359168659463

Isn't there was also another cryptocurrency platform/project that got the same DNS hijacking by GoDaddy? I can't recall.

https://nitter.net/cz_binance/status/1557956979275988992

And that is the one where it got mentioned in the article. It is fubar that the attacker keeps repeating the same mistake again and again, well it is surely a good thing, though.

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It might not come easy, it is probable that the attacker is using stolen personal identifications.

Of course they will do that because they are the one who benefit the most on booming cryptocurrency market. This move by CZ is also a good publicity for Binance at the same time because it will boost there reputation which leads to user increase confidence on using there exchange.

I knew CZ is doing this for a long time since the Luna crash occur that start this crypto dump. CZ main goal is too boost crypto market by protecting its user on fraud.

That's a newbie hacker and a stupid one as well, how can he sell a stolen fund on binance exchange itself? Out of hundreds of exchanges available you dont want to go near Binance at all, use DEX idiot.  ;D ;D ;D

yeah, it's something to be expected from Binance. I mean they kinda become a leader in this space, when CZ says, something people try to listen to him.
The one still here when the bear market hits and the one who got maybe "clean" on the last fiasco about 3ac and celsius thingy.

At first the hacker was smart enough to steal the funds, but eventually became stupid. Maybe he was drunk so he wasted his hacks. If the hacker's account has been verified, he should be arrested in the near future.

With new like these, those hackers will learn not to trust any CEX. I'm not sympathetic to those hackers but with what CEX are doing today, they could actually just accuse someone are then hold the funds with them until they find something to link the funds to.

80% is huge. Authorities can never get it without CEX help. Good job for Binance. Little have been said about recovering the funds and who are behind it of course so Binance kept their names private, they only will make it public if necessary.

That was definitely a good action by Binance and i hope that the people that were affected by the hack will get their funds back as soon as possible. I don't agree with your headline of this thread though as i think that Binance main motive or goal is not to help every crypto user and investor as good as possible. Their main goal is to make as much money as possible and so far they were extremely successful doing that.
I always find it a little bit worrying when a company becomes to big and powerful within a certain industry. Just take coinmarketcap for example. It was an independent site to track crypto prices until like a year ago or so. Then binance bought it. Now of course it is a tool of Binance to promote their projects and so on.

everyone also admits that, Binance is the best cryptocurrency and the best exchange,
but we must know that Binance is a competitor to Ethereum, and indeed from 2020-2022 Binance is the favorite of the crypto community,
because of cheap gas fees! and the ecosystem continues to grow until now, and one of them is Pancakeswap

Binance is ranked number 1 among centralized exchanges.  And they have numerous traders on their platform.  They have achieved all this thanks to their state-of-the-art facilities and security.Many also use Binance as a trusted wallet and hold largest amount of crypto on there. So I also think that other exchanges have a lot to learn from Binance Exchange.

Centralized exchanges can prevent money laundering by scammers and terrorists. They can control and monitor all criminal activities if criminals use their exchange. This is one of the good points of centralized exchange.

KYC sometimes they can circumvent the law by buying other KYC accounts but they cannot transfer money out of the exchange.

I agree with you, so they can easily manipulate the data as they see fit. if it continues like this they have the power to turn right into wrong and wrong into right.
It looks like it is now providing convenience for crypto users but we don't know what will happen in the future.

It's easy to track transactions on the Blockchain, but Binance did an achievement where they managed to track a transaction that I believe was scripted by the Thief. I'm sure the Binance Team did advanced tracking of this case, we should be proud to have Binance as the #1 trading platform, they are doing everything for the ecosystem in crypto as a whole.

I mean that's just a common practice from a centralized exchanges and it's easy to trace the funds come from if they're not using any mixer, the news is too exaggerating like Binance is the one who save the hack and recover it with their technical knowledge. They're only need to trace the transaction with similar amount and trace the address, if it's came from the hacker, they can simply freeze the funds and ask the Curve Finance CEO to reverse the transaction.

If I'm not mistaken, I saw a tweet that marked CZ from the victim's statement who actually lost his funds in his Binance account when making a deposit with an address that automatically changed to the thief's address. Unfortunately I can no longer find the tweet.
The conclusion is that every time we make a deposit or withdrawal, we need to pay attention to the address many times and as much as possible ensure the appropriate initial, middle and end digits. Usually I paste it first to compare whether it's the same or not at least 2 to 3 checks.

Yup, this is how they cover their tracks, and i have to say i have been stupid enough to give my kyc for some shady projects and i think it's just a matter of time until they are used in some sort of scam. Luckily for me so has so many else so they have ton if IDs to use before mine.

The Binance team has an excellent team that allows to prevent such theft. But if something like this happens, then she makes every effort to block the stolen funds. And it was unclear what the hacker was counting on when he sent the stolen funds to the Binance exchange?

there is no doubt about Binance, one of the best exchanges in my opinion is Binance, back in 2018 or 2019,
Binance was hit by a hack attack, and they really provide comfort and security for every user's funds, and they really do that ,
nothing to lose and everything is safe, that's why Binance is number 1.

That is a good one from Binance. If other exchanges can exhibit such expertise, then it will go a long way to curb crypto thefts/hackers. This is a plus for Binance exchange. It just shows that they care for the people even to extend their helping hand to Curve Finance. Other exchanges should learn from Binance to have a collective fight against crypto/cyber crimes to rid the society of criminals. Kudos to Binance.

I still see the sad news within that another platform got hacked. It's better if most of these people's money won't be back there again after being retrieved.

Don't deposit it anymore and it's better to be held if you're just holding it and waiting for those rewards. Well, Binance did it again and they're good into this.

Let's see the good thing on this that they're able to recover the money of those affected people and they must learn that they shouldn't redeposit it there again.

If you are sending your identification to an unregulated and unknown project, then it is safe to say that they pooled users' data and might probably sell it over the black market, or even to anyone who wants to buy it. There is no certainty on what position the data would be used, it could be random or finding based on some criteria.


That is unrelated, this is way more on a back-end job from Binance rather than the user.

Although CZ's ultimate goal is to bring more fame to Binance but that is commendable and they deserve that praise and trust, they did a great job of police duty. In my opinion they deserve it.

I hope other exchanges will do the same as binance, this action will help the market filter out scammers who don't want to work hard to make money but just want to attack other people's assets to use.

Many of the issues are mentioned around this exchange. I think Binance shows them as a big influence on the market and the strong ecosystem they have. Some of the projects I've looked at before in the gamefi, metaverse, nft, etc. have all been built up effectively and useless. We've seen various arguments, but it's good to know this information and those involved may feel somewhat more reassured.

Since centralized exchanges act as a sort of bank, it shouldn't be too difficult for them to track and prevent money laundering in a manner similar to this. This is considered an advantage from centralized exchanges.

Commendable and commendable action for binance, they are trying as best they can to provide a safe experience for their users, as well as contribute to the prevention of fraud and money laundering in the cryptocurrency industry.

Binance is no longer just an exchange, Binance has grown into a body that helps keep order in the crypto space.
Look like only Binance is safe here, Binance sets the highest standards for CEX.
And competitors must work harder to achieve the same reliability and attention that Binance does to users.

Thanks Binance, Thanks CZ for getting most of the money back
Binance has done its best to keep us safu 8)

This is the correct interpretation about what happened, private companies care about their own benefits and interests and nothing more, any move that may seem to be beneficial to someone else is a carefully planned tactic designed to increase its popularity, after all they are not a charity and they want to obtain more profits and the way to do this is by creating a good image for themselves, I'm not saying that what they did was not good but we must understand what is behind their intentions before we think that they really care about others and their problems.

Yes, they are fast when it comes to solving problems! And that is what makes them so great, people feel safe there... It's one of the reasons why I think that the BNB coin is great for investing, simply whatever the guys from the Binance team decide to do they do it perfectly! Problems, issues & bugs, are being solved quickly... transactions are always cheap and fast.

Binance is the best, but I also like to use some smaller ones and support them! Crypto space is bigger every year and I believe there's enough free space for all of them!

Without talking about whether it is a centralized or decentralized exchange, but must admit that binance has worked very well, giving users great experiences. I personally use 3 centralized exchanges but still no exchange gives me the same sense of security as binance gives me.
Really thanks Binance and CZ.

Well he is so brilliant that he was able to stole that $500,000++ from Curve. Nevertheless as all eyes are watching with his address and he thinks that he is invincible and depositing it to Binance without mixing it, then that is his donwfall.

So almost all the money has been gotten back already and maybe the rest will definitely be retrieved as there is no way that the hackers can't move it without anyone noticing about the remaining stolen funds. And it will be complete if he will be caught and send to jail.

The best way to secure DApps against hacks would be to deploy them on the internet computer. ICP uses biometrics to secure user accounts and if a DeFi DApp was hacked for example, it's plausible that the hacker could be found based off of his face id or fingerprints.

I don't think they are idiot because if they do then they can't be able to pull off a hack. Binance team was only smarter than them, that is why get caught. The funds recovered was only 80 percent and I don't know if that's because the 20 percent are already spent by the hackers or binance fails to locate it but overall, that was still a nice amount and those who lost their funds should be compensated now, maybe not in full so that it's possible for all to receive something.

This is still better than not get anything at all. We can't expect that new exchanges will do the same move because they are only new anyway and even the old and famous exchanges rarely can do this.

Much as I like Binance and CZ, I think he or they are selective in their favors. I remember the EvoDefi bridge rugpull. The Evo team were moving funds to Binance days before bridging operations were halted. Now during the outcry and subsequent silence of the devs, investors were crying to Binance to freeze Evo wallets funds, but they ignored them. Still rankles in my mind months after

I've started trusting Binance exchange since their last hack on the exchange and they reimbursed everyone that was affected, there is never going to be many like CZ so be careful what you wished for, do not try looking for another CZ in every new projects that come your way.

Hackers have been trying to hack Binance for the longest time but it's just so impressive that Binance has been always ready for this kind of hacking. An exchange should always be wiser and smarter than hackers so they could always protect their users from thieves. As for me, Binance is still the top exchange that could provide us security and safety.

Hackers are without a doubt a threat and the bigger the target the more hackers that want to break their security, however while hackers are technical gifted users many hacks come from social engineering, this tells me that Binance puts a lot of attention on this and on selecting people which can be trusted as a way to avoid an internal job, they seem to understand very clearly that retaining the trust of their customers is key and without it their business could collapse overnight.

There is no doubt that such an exchange is very sensitive to its reputation in the industry. It is a leader in its role of activity. But either the hacker was a beginner and did not foresee all the consequences of his action, or this is a famously twisted plot and not everyone can find out the whole truth.

A good move in my opinion helps to Recover More Than 80% of Funds Stolen in the Curve Finance Attack, but nevertheless, Binance is not always safe from hacking even though Binance is one of the best cryptocurrency exchanges right now and has earned the trust of its users even though has been committed to its customers in terms of security and safety.

This is what makes investors and traders make binance the first choice, I also keep around 85% of my crypto assets since 2018 and when they apply KYC then I also follow, if the new Exchanges want to succeed, of course, must learn and following Binance.

They are the exit point of this hacker, might as well help out than let them go. This will definitely bring them more users if they are doing good deeds for other projects' mistakes about their security. The hacker though seems to have not many options on how he could scatter the hacked cryptocurrencies. He may have Binance only as his option for a getaway car.
Good job though for Binance. Many of these types of situations will happen in the future and I hope they won't miss one.

Of course, they have this innovative feature that their investors can really rely on. Imagine getting hacked in the other exchanges without this option? Your crypto will lose forever without any assurance to recover it. while Binance has its own way to recover your funds which is kinda absolutely good for the investors. I never thought I'm gonna see them again using this feature because I was really sure that they update their system for the first time. Maybe the hackers are also updating their strategy these years and they attack once again this time.

Binance exchanges  is indeed worthy of getting high appreciation, when there is a problem then everything becomes easy, I actively use binance and active trading, in my opinion the thing that makes consumers satisfied is a safe asset, I have never been active for almost 3 years and when logging in all assets are still safe and safe and increase significantly.

Coping with hacking is not easy for an exchange, but Binance has proven that by always trying to protect its site from future hacks. They can work well to ward off hacks and still provide convenience to their users and this keeps Binance a top recommended exchange. As long as the team from Binance can work hard and improve their performance to protect their site, they will be able to maintain their site as a good site to trade on. Users also don't have to worry about various attacks because Binance constantly tries to guard against them.

Binance is the number 1 exchange in the world, of course they prioritize user trust,
and they really provide excellent comfort and security,
if you really haven't logged in for 3 years then you really have more profit on Binance,
congratulations, I also a Binance user but I focus on it every day

it is a pity that in such cases a third party helps such a respected project as curve, in theory there should also be sensible specialists there, and prevent hacking for such huge sums, once again I am convinced that after hacking on exchanges such as binance, the user will not be left with this problem one on one.

Many people believe that the Binance exchange is indeed very good compared to other exchanges, because the Binance system has very strict protection for all their communities so that many hackers try to infiltrate and it will not penetrate. I think that new exchanges should follow the example of Binance exchange so that all communities have the convenience of trading on your exchange.

In order for them to survive the competition and sustain their market demand, they need to keep their reputation even stronger and develop quality services for their clients. And I think every exchange is hoping for the best of the crypto world as this is their business, unless if they are a scam exchange. But as what Binance did to the crypto space, the more it made a profit in returns for the absolute and constant development.
But what I can say is that Binance simply do the right things to keep them worthy enough to trust especially in things like this - hacking incidents.

for now indeed Binance is still a top exchange with a very good level of security, I am also a binance user for a very long time,
and indeed there is nothing harmful, but indeed we as users must always be careful, we do not know the future,
so be wise in using your binance account, because a lot of people get scammed by fake sites

This is what makes the Binance exchange the world's number one exchange, they are responsible for everything that happens. They don't ignore every hack that causes harm to users. Maybe this isn't the first time Binance has had a hacking problem.

Binance is a force to reckon with among the other top exchanges in term of securing cryptos, they are the best, I had also been a user since 2018 and a regular guest on daily basis as a trader, I am not surprise they recovered almost all the stolen coins, I believe the success recorded in the recovery of those coins can be attributed to their expertise in the field and assemblly of brilliant security experts who has the ability to trace and track stolen coins, I am convinced that Binance will make amendment or fix the bug or loopholes that aided the hacker to steal those coin as soon as possible.

Binance has again proven its worth and shows why it is one of the better-centralized platforms in the industry.  It looks like the hacker thinks only himself is witted disregarding other people might be more clever than him.  His error shows it. 

It is great to see a majority of the hack funds have been recovered.  It is really a special feat that Binance are able to track the transaction and be able to prevent investors from losing fund.  Since the hacker is sending the hacked token to  Binance, I think they already have the name of the hacker since Binance often performs KYC.

Binance knows very well what it is at stake here, they know that even if they are one of the top exchanges in the market, if not the top exchange, this can change at any time if they do not make their best effort to provide the best attention possible to their clients and also do everything they can to protect them from scammers and hackers, traders and investors realize this and as such they keep using binance as their main exchange as they do not see any reason to not keep using them.

Binance is the best exchange with transparent all money receiving, but what happen when Luna crash I think Binance have bad side without delisting early before coin have zero values. I think Binance for the future need selective when listing new coins for careful what happening with Terra Luna, but CZ as Binance owner he know what the best way did for developing Binance become great exchange market at the future. Transparent publish about money receiving and try refund become best ideas and need appreciated what did by CZ and not all exchange developer have the same ideas for refund to their member, many exchange before have been scam because they don't refund for their money member like Cryptopia.

That's the normal thing to do if they want to preserve their business. It's not like they did it for fame or to be on the hype again.
A lot of questions will be thrown at them if they will just let this one slide on their own house.
Being a big exchange platform who were on top of all should always have this kind of flashy reaction of what comes in and out and that includes a team who are focused to quickly react to such things.
This should be a good lesson to others who are starting an exchange business.

Binance's achievements in the crypto world are unquestionable, as it is not easy to become the best exchange in the crypto world, which Binance
has quite a few competitors. But Binance has proven that since operating in 2017 until now they have been quite successful, because they are still
the best exchanges and always maintain their reputation. Moreover, CZ as the founder of Binance is an experienced person in the crypto world,
therefore he was able to make Binance as big as it is now. I believe CZ and the Binance development team have tried their best, but it is very difficult
to be perfect, so Binance will always have flaws.

Like Binance was hit by hacker attacks, but they solve the problem quickly, so they can still operate again. In contrast to other exchanges that
do not resolve problems quickly and irresponsibly, then exchanges like Cryptopia immediately die and are no longer operating until now.
Regarding the issue of listing coins, I think Binance is very strict in determining which projects can be listed on Binance. Why is Binance late
in handling LUNA, I think Binance has its own thoughts, but if indeed their decision is wrong. I'm sure Binance will fix any mistakes soon,
that's why I always make Binance a priority where I trade.

everyone in the world who knows cryptocurrencies certainly likes Binance, Binance is growing very fast,
and is the best exchange platform, it even beats Coinbase, and there is no doubt about the facilities there, staking, futures, loans,
and trading p2p is also very convenient and safe there, so that's why Binance is the best for all users.

Yep. And one thing for sure is that CZ is sticking to one project, Binance. Facts, strong dedication
Stay on Binance Safu your funds, only great exchanges are here to stay.

Lots of exchanges scam out there, their project founders move regularly, and Investors get hurt and lose trust.
new project, new identity, new strategy but the same outcome. They change skin like Chameleons.
The sad part is many keep on doing it and manage to get away every time by fooling people.
A founder should at least stick to one project and be completely dedicated to it.

No doubt, it seems like that almost of everything already developed by binance for its own ecosystem and i would say that binance was the largest crypto but since CZ was actively on twitter and he was always making so many statements that triggering public to create various speculation. The fact if cex is really helpful compared with dex. Dex is full with plague especially defi where so many money being wasted caused being stolen by scammers.

Well, these crypto exchangers are not just aiming for earning a profit but to reach the number 1 spot among hundreds or thousands of crypto exchanges is also a desire. They are doing this in order to gain a reputation and as well more traders which in return, it is a huge profit for them.
In fact, as we look into this https://coinmarketcap.com/rankings/exchanges/, Binance had already ranked #1. I guess, what they need is to keep that position and to keep moving forward to be a far distant from others.

It's awesome to know that binance was at the top of the issue and was able to recover the stolen funds. I really don't know how this was achieved but I commend the binance team for making it possible. It shows that they have built a robust system that could easily detect stolen funds. I must confess that this is a great development for the cryptocurrency industry and would help to restore some level of sanity to the industry.

I'm a Binance user since 2017, and it's true that Binance is one of the best exchanges I've ever used,
there is no better exchange than Binance in my opinion, the trading volume in the spot market is also very large, so trading is easier

Many people complain about the big corporations, however big corporations like binance do not get to become like that because of luck or other similar factors, binance has done a great job over the years in satisfying the needs of their customers and in return their customers do not see the need to use any other exchange, and while I would like for more exchanges to appear and challenge the dominance of binance at the same time this is something that I do not believe is going to happen any time soon.