Binance: $BNB The Future of Exchanges.

[tempus]

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 You are right, if caps were in place how did 7,000 BTC get withdrawn?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.

Yes, it was not one large transaction but several executed at the same time:
https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

But: Most of them exceed the 100 BTC by far, so it remains unclear how it's possible. As far as I know Binance has no automatism for large transactions but people looking into it. Maybe I'm wrong here, but imagine how much money already 100 BTC is (above half a million USD). So it would make sense that no withdrawal above that should be possible without being checked. And if several accounts do that at once and for about 7K BTC in summary... that's hard to understand and probably also not easy to explain.


Edit: If you check the TxID you see that the transactions went to "bc....- addresses", which are Segwit-Addresses. Maybe that has something to do with it, that those withdrawals were not stopped by the system because it didn't know this format. But I'm not a tech-guy, so it's just a random theory. 

[1715115299]

1715115299

[1715115299]

1715115299

[1715115299]

1715115299

[1715115299]

1715115299

[1715115299]

1715115299

[1715115299]

1715115299

[encycrypto]

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

Trading is already normally functioning. The only two actions that you can't perform on Binance right now are depositing and withdrawing.

[Sanitough]

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

Trading is already normally functioning. The only two actions that you can't perform on Binance right now are depositing and withdrawing.

We need to see a fully functioning platform, some of us are expecting to cash out our profit for our needs.
According to their announcement, IIRC, I think it will resume this week but not definite time announce yet, I have not followed the update yet
from the last announcement I read, hopefully tomorrow, deposit and withdrawal function will be working again.

Though we don't lose money during the hack, but we are experiencing this inconvenience.

[posi]

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

Trading is already normally functioning. The only two actions that you can't perform on Binance right now are depositing and withdrawing.

We need to see a fully functioning platform, some of us are expecting to cash out our profit for our needs.
According to their announcement, IIRC, I think it will resume this week but not definite time announce yet, I have not followed the update yet
from the last announcement I read, hopefully tomorrow, deposit and withdrawal function will be working again.

Though we don't lose money during the hack, but we are experiencing this inconvenience.

You're right the users of BNB didnt loose their fund because the CEO of the exchange is very good in what he do for creating a SAFU fund to protect their users investment and I also respect the Tron CEO for helping the project either. However, I read that the deposit and withdrawal which are not working will come to live on Tuesday.

[JollyGood]

Yes, it was not one large transaction but several executed at the same time:
https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

But: Most of them exceed the 100 BTC by far, so it remains unclear how it's possible. As far as I know Binance has no automatism for large transactions but people looking into it. Maybe I'm wrong here, but imagine how much money already 100 BTC is (above half a million USD). So it would make sense that no withdrawal above that should be possible without being checked. And if several accounts do that at once and for about 7K BTC in summary... that's hard to understand and probably also not easy to explain.


Edit: If you check the TxID you see that the transactions went to "bc....- addresses", which are Segwit-Addresses. Maybe that has something to do with it, that those withdrawals were not stopped by the system because it didn't know this format. But I'm not a tech-guy, so it's just a random theory. 

Thank you for the links.

Until the Binance team themselves explain clearly what happened in the hack and how the hack was carried out there will be confusion and questions from investors.

7000 BTC is not a small matter, it is a big matter. The onus is on the Binance team to ensure transparency.

[TheKeyLongThumbI]

Not anymore. I still like Binance but I am expecting a couple of their users are having doubts of putting their investments or their portfolios on the exchange. CZ posts has just proved that we really need to have hardware wallets than putting it in exchanges that are always prone to hacking no matter how complex security features it has.

[CoinCodex]

Binance Coin performing surprisingly well, even though the exchange experienced a large security breach. BNB approaching its $26 resistance level.
Read more in this TA:

https://coincodex.com/article/3598/bnb-price-analysis-binance-coin-bulls-target-26/

[kronos123]

In the past, with a similar Bitcoin hack and the market, they would have lost at least 30%, while this week has even gained; this means that the market has really ignored almost the news, considering it unimportant.

After about a week, in which trading never stopped, and after extraordinary maintenance on its security systems, Binance exchange opens up deposits and withdrawals.

https://twitter.com/cz_binance/status/1128643843467857922?s=19

[JollyGood]

In the past, with a similar Bitcoin hack and the market, they would have lost at least 30%, while this week has even gained; this means that the market has really ignored almost the news, considering it unimportant.

After about a week, in which trading never stopped, and after extraordinary maintenance on its security systems, Binance exchange opens up deposits and withdrawals.

https://twitter.com/cz_binance/status/1128643843467857922?s=19

Maybe as users receive notification they can deposit and withdraw funds things will be clearer in a couple of days.

[cygan]

trading on binance is open again! 

https://twitter.com/binance/status/1128646823940222977

[JollyGood]

trading on binance is open again! 

https://twitter.com/binance/status/1128646823940222977

Yes it was due to happen today (15th May) so we will need some time to see if investor confidence remains strong.

[olumyd]

trading on binance is open again! 

https://twitter.com/binance/status/1128646823940222977

Yes it was due to happen today (15th May) so we will need some time to see if investor confidence remains strong.

Well, you're right, securing investors and traders trust is very important at this time. But the platform hasn't had a good start to that end, as it appears traders were experiencing all sorts of hitches when the tried using the exchange. And given that most traders will want to withdraw funds, Binance will certainly need more time to fully recover.

[Jcga]

"Binance System Upgrade Complete: VIP User Promotion & 50,000 BNB Community Giveaway"


"Trade over 1 BTC to share a 50,000 BNB prize pool

Promotion Period: 2019/05/15 1:00 PM - 2019/05/18 0:00 AM (UTC)

All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance
during the promotion period will split a pool of 50,000 BNB.

Enjoy a VIP level up for 7 days

Promotion Period: 2019/05/15 1:00 PM - 2019/05/22 0:00 AM (UTC)... "


https://binance.zendesk.com/hc/en-us/articles/360028425911


Who is participating, "(buy and sells)" does it mean one has to buy and sell, or what about if only buy or sell only?
50,000 Bnb, pretty big amount of bnb.

[Natalim]

~snip~

This is a good promotion, trying to win back the trust of the traders here?
I like it but I don't trade 1 BTC or more. 

[JollyGood]

"Binance System Upgrade Complete: VIP User Promotion & 50,000 BNB Community Giveaway"


"Trade over 1 BTC to share a 50,000 BNB prize pool

Promotion Period: 2019/05/15 1:00 PM - 2019/05/18 0:00 AM (UTC)

All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance
during the promotion period will split a pool of 50,000 BNB.

Enjoy a VIP level up for 7 days

Promotion Period: 2019/05/15 1:00 PM - 2019/05/22 0:00 AM (UTC)... "


https://binance.zendesk.com/hc/en-us/articles/360028425911


Who is participating, "(buy and sells)" does it mean one has to buy and sell, or what about if only buy or sell only?
50,000 Bnb, pretty big amount of bnb.

They need to do something to hold on to customers after they re-opened deposit/withdrawals following their 7000 BTC hack.

This promotion might help keep investors with Binance rather than see them go elsewhere.

[Jcga]

Hey have you seen that, a new Ico via Binance.
Harmony 5m hard cap, pretty small. Who is participating via lottery?


https://binance.zendesk.com/hc/en-us/articles/360028476111

"From now until 2019/05/19 23:59:59 (UTC): Users can begin depositing or purchasing BNB into your account. Users may also begin signing the Token Purchase Agreement."

Does anyone have seen the "Token Purchase Agreement" somewhere?

[cygan]

Hey have you seen that, a new Ico via Binance.
Harmony 5m hard cap, pretty small. Who is participating via lottery?


https://binance.zendesk.com/hc/en-us/articles/360028476111

"From now until 2019/05/19 23:59:59 (UTC): Users can begin depositing or purchasing BNB into your account. Users may also begin signing the Token Purchase Agreement."

Does anyone have seen the "Token Purchase Agreement" somewhere?

its not an ico - its called ioe 
thats my first ioe in which i will participate.
i hope i have many luck to get/win of some tickets 

[encycrypto]

Hey have you seen that, a new Ico via Binance.
Harmony 5m hard cap, pretty small. Who is participating via lottery?


https://binance.zendesk.com/hc/en-us/articles/360028476111

"From now until 2019/05/19 23:59:59 (UTC): Users can begin depositing or purchasing BNB into your account. Users may also begin signing the Token Purchase Agreement."

Does anyone have seen the "Token Purchase Agreement" somewhere?

its not an ico - its called ioe 
thats my first ioe in which i will participate.
i hope i have many luck to get/win of some tickets 

Man, that's IEO, not ioe. IEO = initial exchange offering!

[Jcga]

Hey have you seen that, a new Ico via Binance.
Harmony 5m hard cap, pretty small. Who is participating via lottery?


https://binance.zendesk.com/hc/en-us/articles/360028476111

"From now until 2019/05/19 23:59:59 (UTC): Users can begin depositing or purchasing BNB into your account. Users may also begin signing the Token Purchase Agreement."

Does anyone have seen the "Token Purchase Agreement" somewhere?

its not an ico - its called ioe 
thats my first ioe in which i will participate.
i hope i have many luck to get/win of some tickets 

Same here participating to the IEO = initial exchange offering, thx encycrypto, not a big difference, hope i be lucky too.
"Token Purchase Agreement" willl appear soon.

[free-bit.co.in]

Binance Coin is on fire! Up +13% in the last few hours :O

https://coincodex.com/article/3637/binance-coin-price-analysis-bnb-gaining-momentum/

Till end of the year $50? I can't wait, good thing I'm loaded with BNB after selling some shitcoins the last few months.