Binance: $BNB The Future of Exchanges.

[JollyGood]

I am not impressed with Binance. Yes they will cover losses on this occasion but this hack will affect investor confidence.

For sure, but that remains to be seen, as long as they continue to serve better compared to their competitors, they will still lead in the exchange industry.
This incident tells that no exchange is safe as even the best in the business were hack, the hacker is also giving this big statement to all of us.

Yes this incident tells us no exchange is safe but we still do not have details about how the took place and what actually happened. All we know is 7000 BTC were stolen because of a hack.

If Binance continue to server customers well compared to competitors then they should firmly still stay ahead of the rest.

[kronos123]

Binance was the first to introduce IEOs, the second after Coinbase to allow the purchase of Crypto with a credit card, and many other things have yet to come, such as leverage and loans.

Just 7 days ago I said this words on Binance exchange and after 2 days came out this announcement in which margin trading will come soon on the exchange, initially obviously only for the most traded pairs of Coin
https://cryptoslate.com/margin-trading-for-btc-bnb-eth-tron-and-xrp-could-soon-come-to-binance/

Regarding the probable Hack of the last few days we can see how this not only did not cause any shock to the market (in another period such an event would have caused a drop of at least 10%) but, after a small initial slip, Bitcoin and the market has continued to rise, touching new season highs; this means market strength and that the event was perceived as something of little relevance.

[babarian]

$BNB the ONLY coin where you can invest in the exchange. This will be a top coin for chinese/international traders. Eventually it will only be 100M supply.

don't deify Binance too, they're also not as perfect as you might think. a few days ago didn't they have a problem? come on, friend, nothing is perfect in this world. Binance might be the best now but it doesn't mean without flaws.

to be able to discuss events that happened to Binance you can visit the following link: https://bitcointalk.org/index.php?topic=5140477.0 or https://bitcointalk.org/index.php?topic=5140494.0

[cepot9]

Binance was the first to introduce IEOs, the second after Coinbase to allow the purchase of Crypto with a credit card, and many other things have yet to come, such as leverage and loans.

Just 7 days ago I said this words on Binance exchange and after 2 days came out this announcement in which margin trading will come soon on the exchange, initially obviously only for the most traded pairs of Coin
https://cryptoslate.com/margin-trading-for-btc-bnb-eth-tron-and-xrp-could-soon-come-to-binance/

Regarding the probable Hack of the last few days we can see how this not only did not cause any shock to the market (in another period such an event would have caused a drop of at least 10%) but, after a small initial slip, Bitcoin and the market has continued to rise, touching new season highs; this means market strength and that the event was perceived as something of little relevance.

this is a good exchange risk and having a large trading volume will be the target of hacking by bad people, hopefully binance can overcome it because this results in their BNB directly experiencing a considerable decline

[olumyd]

After todays event binance no more safest exchange for all . It was quite good with latest IEO concept and other discount for BNB holder now they started to manipulated market they got to pay for that .

I am not impressed with Binance. Yes they will cover losses on this occasion but this hack will affect investor confidence.

It's sad what happened to binance. However, it could have happened to any exchange and being the number 1/2 by 24 hours volume, it was bound to happen eventually.

[dr.cheema]

After todays event binance no more safest exchange for all . It was quite good with latest IEO concept and other discount for BNB holder now they started to manipulated market they got to pay for that .

I am not impressed with Binance. Yes they will cover losses on this occasion but this hack will affect investor confidence.

No doubt! Many exchange users move to other exchanges cause of hack but i think now Binance will be more secure than before.
Agree with you that they will cover loss but users were not affected by this loss, plus point for binance that they care about users.   

[Jcga]

Pretty boring crypto day^^
I would have not thought that Bnb coud have been hurted that much,
even with the 7k btc hacked news. Still confident about bnb.

[dark1234]

Pretty boring crypto day^^
I would have not thought that Bnb coud have been hurted that much,
even with the 7k btc hacked news. Still confident about bnb.

believe it or not until now BNB is still one of the top exchanges even though we know some time ago BNB was hurt but this did not affect the volume and trading investment in it

[klaaas]

believe it or not until now BNB is still one of the top exchanges even though we know some time ago BNB was hurt but this did not affect the volume and trading investment in it
[/quote]
They can take a punch but gaining back trust is going to take more. Security is a big issue for most and pretty important.

[JollyGood]

After todays event binance no more safest exchange for all . It was quite good with latest IEO concept and other discount for BNB holder now they started to manipulated market they got to pay for that .

I am not impressed with Binance. Yes they will cover losses on this occasion but this hack will affect investor confidence.

It's sad what happened to binance. However, it could have happened to any exchange and being the number 1/2 by 24 hours volume, it was bound to happen eventually.

Yes it was sad and quite a shock to read about it in the media too.

I never thought it would happen to Binance. I want them to release the full real details about the hack, how it occurred and what provisions they made to ensure it does not happen again.

[tempus]

Interesting analysis:

Body Language: Binance Bitcoin Hack Changpeng Zhao #SAFU
https://youtu.be/trmDlXN36Bk

[JollyGood]

Is the general consensus here leading to most people believing there was much more to the 7000 BTC Binance "hack" than was made public?

[tempus]

Is the general consensus here leading to most people believing there was much more to the 7000 BTC Binance "hack" than was made public?

Unlikely... if that would be true it would be easy to show transactions. But there are none, besides the 7k BTC, I would know of.

[akela04]

The exchange is already raking shoals and restoring reputation. Binance soon will make major changes to the security system on the side of the backend, as well as update the principles of risk management and KYC-procedure. The withdrawal, according to Changpeng Zhao, will be opened early next week.I think everything will be fine with the exchange because it is unprofitable for them to spoil their reputation.

[JollyGood]

Is the general consensus here leading to most people believing there was much more to the 7000 BTC Binance "hack" than was made public?

Unlikely... if that would be true it would be easy to show transactions. But there are none, besides the 7k BTC, I would know of.

Is that likely to change in the near future? Is there any scope for that?

[Distinctin]

Is the general consensus here leading to most people believing there was much more to the 7000 BTC Binance "hack" than was made public?

Unlikely... if that would be true it would be easy to show transactions. But there are none, besides the 7k BTC, I would know of.

Is that likely to change in the near future? Is there any scope for that?

I doubt, the first announcement would be change, otherwise, people will not believe in Binance anymore.
At the moment, they are the only one that knows what really happens, and I think it's been investigated by whoever parties interested, or might be the regulator also.

[DavidMott]

Agreed. It has potential and Binance is such a great platform and they deserve all their success. Hopefully this success will show in its coin pricing.

[tempus]

Is the general consensus here leading to most people believing there was much more to the 7000 BTC Binance "hack" than was made public?

Unlikely... if that would be true it would be easy to show transactions. But there are none, besides the 7k BTC, I would know of.

Is that likely to change in the near future? Is there any scope for that?

Everything what went out during the hack, at least if substantial amounts, is probably known. So let's say there also would be ETH-transactions and/or others out of Binance (Withdrawals), it would go over Twitter.

The 7k-Withdrawal was known before the hack was official. I was sure that there is a hack because the combination I recoginzed was:

1. Somebody tweeted the 7k transaction
2. Exactly when I saw that I also had a tweet of a user complaining that withdrawals were disabled.
3. Shortly after CZ said "unscheduled maintenance" and tried to calm down the situation a bit, but he didn't say anything about the 7k transaction.

Then I was 90% sure that it's probably a hack, because CZ is known to be very open. He announces big transactions and so on. If that would have been an internal transaction he would have said so most likely.

With other words: The problem is not that much that we don't know what happened "outside" of Binance. We don't know what happened inside. It's likely and credible that the security-automatisms shut everything down right after the 7k withdrawal. But the big question is: How was it possible for the hacker(s) to execute so big withdrawals? How was it possible to control so many high-level accounts? And: Even with Level 2 (full KYC) the limit is 100 BTC. It should not have been possible to witdhraw hundreds of BTC and about 7K BTC at once.

[giletto]

This post was created in August 2017, but look where we are today. I am really excited for Binance. Despite all the challenges, it has really come a long way. On the 7000btc hack, I know that adequate measures has been laid down by CZ to defeat such challenges through the "safu" funds. Trading will soon go normal once again

[JollyGood]

Everything what went out during the hack, at least if substantial amounts, is probably known. So let's say there also would be ETH-transactions and/or others out of Binance (Withdrawals), it would go over Twitter.

The 7k-Withdrawal was known before the hack was official. I was sure that there is a hack because the combination I recoginzed was:

1. Somebody tweeted the 7k transaction
2. Exactly when I saw that I also had a tweet of a user complaining that withdrawals were disabled.
3. Shortly after CZ said "unscheduled maintenance" and tried to calm down the situation a bit, but he didn't say anything about the 7k transaction.

Then I was 90% sure that it's probably a hack, because CZ is known to be very open. He announces big transactions and so on. If that would have been an internal transaction he would have said so most likely.

With other words: The problem is not that much that we don't know what happened "outside" of Binance. We don't know what happened inside. It's likely and credible that the security-automatisms shut everything down right after the 7k withdrawal. But the big question is: How was it possible for the hacker(s) to execute so big withdrawals? How was it possible to control so many high-level accounts? And: Even with Level 2 (full KYC) the limit is 100 BTC. It should not have been possible to witdhraw hundreds of BTC and about 7K BTC at once.

The biggest issue at hand is not knowing how the hack took place. That has not been explained fully by anybody.

If the 100 BTC daily limit is accurate then it would mean the hackers had control of at least 70 user accounts. Is that even possible? You are right, if caps were in place how did 7,000 BTC get withdrawn? Maybe it was over several transactions rather than one large one?

We need to know what really happened and how the hack was executed otherwise speculation and questioning will continue.