Binance lost $40.7 million to hackers, which exchange is next!!!

[stadus]

$40 million is peanuts compared to Binance revenue They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

That's correct, but it's not the amount only, it's the vulnerability of the site against hacking.
They are a billion dollars exchange, and their trading volume (daily) is over $1 billion, so they can easily recover the hack amount, but if this happens again, I doubt if they can regain the confidence of the people again, this will lead to a their downfall as the next hack might result to loss of bigger funds.

[squatter]

That's correct, but it's not the amount only, it's the vulnerability of the site against hacking.
They are a billion dollars exchange, and their trading volume (daily) is over $1 billion, so they can easily recover the hack amount, but if this happens again, I doubt if they can regain the confidence of the people again, this will lead to a their downfall as the next hack might result to loss of bigger funds.

It's important to note that Binance wasn't actually hacked. They are still using the same hot wallet today, which they've said is limited to about 2% of customer funds. Some users -- including some with very high account value -- had their accounts compromised. Binance didn't have proper internal checks in place and authorized very large withdrawal requests from these accounts through its automated system.

An attack like this can't drain anything beyond what's in the hot wallet. We can also take some comfort in the fact that Binance's system wasn't actually compromised. Fixing this problem is a matter of implementing more strict controls on the withdrawal system, not identifying unknown security holes and rebuilding the system.

[Woodie]

$40 million is peanuts compared to Binance revenue They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

You are correct and Binance knows the importance of good customer service which they have and has made them the best but on the security side it could be nice to know how the hackers exploited their system as I thought this would never happen with them.

[imstillthebest]

$40 million is peanuts compared to Binance revenue They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

You are correct and Binance knows the importance of good customer service which they have and has made them the best but on the security side it could be nice to know how the hackers exploited their system as I thought this would never happen with them.

lol . so your still happy despite the hacking incident that happens ?  what about binance ? they arent smiling because 40m usd is still not a joke amount  . you thought that binance is a perfect exchange and wont ever be hacked ? thats impossible mate  . your thoughts are wrong because in the online world everything is possible and everything is hackable  . binance should have a sticker security for now but there is no guarantee that it could make them safe  .

[ene1980]

$40 million is peanuts compared to Binance revenue They have a special fund to restore funds so the users don't lose anything. Still one of the safest crypto exchanges IMO.

How many peanuts they can handle to go bankrupt, there are instances where the owners die as the sole owner of the private key of the companies entire cold wallet funds and no one is able to recover anything, so choose your words carefully . I am not sure how many audits they did after the hack to check their entire system of any back doors, recently there was a news that their customers private documents are available online and how do you think they will compromise this serious privacy issue which could get anyone in trouble if criminals gets hold of their documents.

[eaLiTy]

your thoughts are wrong because in the online world everything is possible and everything is hackable  . binance should have a sticker security for now but there is no guarantee that it could make them safe  .

You can prevent these incidents by taking good security measures by getting trigger warning when something fishy is going on, they got the trigger after the hacker's already withdrew the amount, so basically it their fault for not configuring their system to get prompt response. You will not hear many stock exchanges hack, it is because if they see any unusual activity they will shut down the entire system and will restart when they think it is safe and then verify and carry on with the process, we need those kind of strict security measure from crypto based exchanges too.

[EdenHazard]

your thoughts are wrong because in the online world everything is possible and everything is hackable  . binance should have a sticker security for now but there is no guarantee that it could make them safe  .

You can prevent these incidents by taking good security measures by getting trigger warning when something fishy is going on, they got the trigger after the hacker's already withdrew the amount, so basically it their fault for not configuring their system to get prompt response. You will not hear many stock exchanges hack, it is because if they see any unusual activity they will shut down the entire system and will restart when they think it is safe and then verify and carry on with the process, we need those kind of strict security measure from crypto based exchanges too.

There's always a glitch to exploited , basically nothing is safe on the internet.

No matter how high the security measures been implemented , i think there's always a chance for someone to get in the system and take advantage on its negligence ... things that called bugs or something like that. Easy said than done , yeah.

FYI binance itself have a trigger warning on their security system , ridiculous if such a huge exchange didn't have it. They should lose more than $40 million if there's no proper security system. Time after time hackers will always found ways to avoid any security system that claimed as the most secure one , that's yin-yang the concept of dualism.

[eaLiTy]

FYI binance itself have a trigger warning on their security system , ridiculous if such a huge exchange didn't have it. 

I never claimed that they did not have any trigger system in place, you can check my post history and you will have my point in this matter. If a trigger system is initiated after loosing $40 million what kind of security measure is that. The trigger system is meant to stop any unusual activities and not after the process is done, if they are sending $40 million dollars per transaction in a block without any verification then no one can help them and that is the point i was trying to make.
Anything online can be hacked if there is a bug, but what happens if the entire wallets are offline and the kYC are not linked to the main application, do you think that the hackers will have any use hacking an exchange again rather than disrupting their service.
My point is there are ways to protect these sort of attacks the only thing is that they need to implement those to avoid these looses.