Bitcoin withdraw Suspended in Binance exchange

[Omosomofa]

If you have Binance Account with coins in it. Check it right now as there is a reported hack ongoing Check your accounts to be sure your coins have not been sold nor withdrawn.

BINANCE AANOUNCEMNT
We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.
Please remain patient and we will provide an update as quickly as possible.
Withdrawals are temporarily disabled at this time.

What are the steps to protect your Bitcoin from hack in an exchange platform?
What have you done to your account to protect it?

Your positive answers will be appreciated.

[GeorgiyBilyk]

Do not panic! Soon everything will work out, it was fake negative news! It is a pity that such things have a very strong effect on the exchange rate! I understand that they hacked the bot's address! It's good that now the stock exchange has taken some action! but once again I repeat, do not worry, soon everything will be normal!

[Darmanin]

Seriously?

I'm glad I removed everything not long ago.

[Suharti12]

Bitcoin thieves are very scary looking because they can snatch all the treasures we have in bitcoin, and this is bad news for those who have a stake in binance, I also have a bit bit of bitcoin in binance, I will try to use 2FA security.

[ganlianshifu1]

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

[AristoteI]

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

The exchange is safe. Only the trading bot was hacked by hackers. The exchange and the funds of those who did not use the trading bot for work are safe.

[Kemarit]

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

LOL. Every exchange has its exploits and hackers will always find one to take advantage of it. As much as we wanted to be one step ahead of them, its not the case. Hackers are criminals, they will do anything (using their brain) how to get around the system to steal from unsuspecting victims. That's why we always preach not to put all your money in an exchange.

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

The exchange is safe. Only the trading bot was hacked by hackers. The exchange and the funds of those who did not use the trading bot for work are safe.

That's the latest news that we got from them. Binance is very quick to take actions that why they suspended the withdrawals for now. Its a measure to gauge how much money is lost and will aid them to make further investigations about the said hack. My funds are still safe, (not big amounts). But still good news the Binance has step up, I'm not sure though if they are going to refunds those who has lost their funds in the alleged hack.

[mobnepal]

Its most likely some of the binance traders have give their API keys to scam trading bots and those bots quickly withdrawn coins out of those accounts. This is why I don't often use trading bots except few with good and trusted review. Also setting up 2FA and having strong password is enough to secure your account until exchange itself get comprised.

Never store all of your coins inside any trading platform.

[timerland]

If you have Binance Account with coins in it. Check it right now as there is a reported hack ongoing Check your accounts to be sure your coins have not been sold nor withdrawn.

BINANCE AANOUNCEMNT
We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.
Please remain patient and we will provide an update as quickly as possible.
Withdrawals are temporarily disabled at this time.

What are the steps to protect your Bitcoin from hack in an exchange platform?
What have you done to your account to protect it?

Your positive answers will be appreciated.

Well that's pretty much the only way to stop hackers from withdrawing funds, because apparently there were a ton of people who got their accounts stolen and trades executed randomly. They have already been reversing the irregular trades today.

When you deposit into an exchange, this should be expected.

This is because you DO NOT have any control over your bitcoins in an exchange. You can't secure it 100% because the exchange can mess up. You can't be guaranteed access to your coins 24/7 either, because ultimately it's up to the exchange.

The most you can do on an exchange is enable 2fa and have a strong password, as well as making sure that your account doesn't get hacked. But still, that doesn't mean much because it's not your money once you deposit it into an exchange. It's the exchange's and they owe you money. It's always best to store BTC in a wallet instead of an exchange.

[alyssa85]

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

All exchanges can be hacked.

Binance now says they have sorted the problem out and everyone's balances are correct (and users on reddit are confirming that everything is fine).

But this kind of thing will happen again. Don't keep coins on exchanges. Do your trades and then withdraw to your own wallets.

[1Referee]

This is why I don't often use trading bots except few with good and trusted review.

Good and trusted reviews are meaningless if your trading bot is operating on rogue hosting platforms. Bots require you to depend on so many variables, that each individual aspect can result in severe loss of capital. For that exact reason I have always been trading manually on a seperate internet connected in combination with a laptop that's only being used for that purpose. That being said, I see that people on social media still blame Binance for everything that happened, while if there is one involved party that shouldn't be blamed, it is Binance itself. Why can't people take responsibility for their own silly actions, and just acknowledge their mistakes? It's almost like people in this market are too stupid to even understand what crypto actually means and stands for.

[Omosomofa]

Has Binance been stolen? It's really terrible!

How can such a large exchange be compromised by hackers?

All exchanges can be hacked.

Binance now says they have sorted the problem out and everyone's balances are correct (and users on reddit are confirming that everything is fine).

But this kind of thing will happen again. Don't keep coins on exchanges. Do your trades and then withdraw to your own wallets.

That is the best, I will remove everything I have there. In case anything like this again, I will not be panic. Thanks God every is now normal. My balance is still very correct.

[magneto]

If you have Binance Account with coins in it. Check it right now as there is a reported hack ongoing Check your accounts to be sure your coins have not been sold nor withdrawn.

BINANCE AANOUNCEMNT
We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.
Please remain patient and we will provide an update as quickly as possible.
Withdrawals are temporarily disabled at this time.

What are the steps to protect your Bitcoin from hack in an exchange platform?
What have you done to your account to protect it?

Your positive answers will be appreciated.

This just proves that even the most trustworthy exchanges can have problems.

And the best choice to make is always to store your funds off an exchange. Whether you are a trader, long term accumulator, or even just storing a part of your portfolio in crypto that you would like to sell off in a few months.

Nobody can predict what's going to happen next to an exchange, you can't control it either. Whether it's your fault or the exchange's fault.

In this case, even otherwise unaffected users in terms of the phishing attack/hack are being affected due to bitcoin withdrawal being suspended. And no longer can they make transactions temporarily, which really sucks. Wouldn't have happened if you had your money in a private key that you had custody over.