Binance system's vulnerability

[Domenc]

According to the recent news from www.thenextweb.com, www.financemagnates.com and many more sources it clearly indicates that something fishy is going inside the Binance exchange. Selling of user’s altcoin without their concerns has created a scene of panic. Due to which Binance has suspended withdrawals for the while, things seems to be unclear until any further update. Does this ignite the issue of security among exchanges once again?

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[BillCoin]

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

[darkangel11]

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

I only heard of a few users. We can assume that most of them either don't know or didn't post anything, but still the panic is much bigger than it should be. It's only a couple users on 1 of the exchanges and people seem to be reacting like it was the end of the world. Quick, dump all cryptos because somebody reported their altcoins were sold without their knowledge. Maybe you shouldn't keep your coins on exchanges in the first place?
Also it's not like they lost their money, they had one asset converted into another at market prices. The money did not leave the exchange (at least from what I heard).

[fatirborju]

'Yes it could be all that triggers the exchange once again,Probably they delay binary exchanges occur due to errors in designing,creating or implementing a system,Not all malicious hackers, if the security hole found by malicious hackers (Black Hat) will likely be used to exploit the system for his own use or exploit if found by a good hacker (white hat) biasnaya he / she will report the security hole to the application developer to be fixed....

[voron84-05]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

[Lampaster]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

I am opposed to using bots to trade on the stock exchange. Many exchanges prohibit the use of bots for trading. I think such a ban is right. The exchange carries reputation risks from this. I hope that this example will serve as a lesson for those who use such software. The rest of the exchanges will also strengthen the fight against the use of bots.

[haroldtee]

The summary of all that happened can be seen here - https://support.binance.com/hc/en-us/articles/360001547431-Summary-of-the-Phishing-and-Attempted-Stealing-Incident-on-Binance

Some hackers tried to play some pranks after some account details were stolen in the past, as a result of some past phishing attempts that happened which some binance users fell for some times ago and that eventually led to what happened.

[Polipog]

Binance system is likely a built in already in cryptocurrency business, and it is a way on which cryptocurrency smoothly operating to their possession. For my own understanding, binance means exchange, and in bitcoin business the binance system are there, and if we sight a certain example of binance vulnerability, it is something happens on altcoin business transactions, that some hackers are there always sighting a opportunity to their next victim. So be double careful on some business transactions.

[Kevin77]

It's not that the exchange itself sold the coins, I believe that it was a hack ,and if it will be discovered to be at Binance's end, then they will return return the money to those who was affected in the hack.
I still think that it was at users end because only a small precent of users were affected, most of the users didn't have any problem, so it's probably a software that only X amount of users downloaded.

Yeah, so I heard. It is good that they were not able to successfully achieve their aim and at the end of the day, it backfired for them. Binance really showed some fast moves here, otherwise that would have caused some damage as some people were already panicking when the news started flying round with binance being hacked. It was only some accounts that got vulnerable after a phishing attempt that was affected.

Vulnerability of binance system only happened to the victim who must have mistakenly ended up on a phishing website in which the accounts were able to gather up some accounts and then convert it into Via to move out before binance was able to spot the irregularities and then halted all withdrawals immediately and even in the attempt withheld all the hackers assets from being withdrawn. I am sure those affected will only have to make the exchange back and also delete any created API if that has not been done already as well as change their account details.

[alyssa85]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

[fiulpro]

Well that's really a serious senario .
You know the company won't do anything by itself .. it's not them but some hackers who have somehow hacked into the accounts of the ones present there .
It cannot be them.. they already are earning a hefty amount from...the exchange site considering how famous it is... Thus they wont risk dropping their value .

[cryptojac17]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

Speaking about money, resource, and anything that is valuable are always vulnerable to  thief or hacking the good things they use to manage to minimize the damage but let just take it these way we just make lesson to learn and  reminded every one in the crypto world that don't let guard down. Seems  that  we over  reacting with these  let just be calm.

[BTCsuccessor]

According to the recent news from www.thenextweb.com, www.financemagnates.com and many more sources it clearly indicates that something fishy is going inside the Binance exchange. Selling of user’s altcoin without their concerns has created a scene of panic. Due to which Binance has suspended withdrawals for the while, things seems to be unclear until any further update. Does this ignite the issue of security among exchanges once again?

We cant avoid this especially that binance is one of the most best exchange. So there is more possibilities that it will be hacked by the hackers if the team Binance will not give so much securities on it.

[Tapyaks72]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

This. All centralised exchanges are at risk and people shouldn't really keep their coins there. It's a mystery why they do given how many hacks there have been in the cryptocurrency space.

Speaking about money, resource, and anything that is valuable are always vulnerable to  thief or hacking the good things they use to manage to minimize the damage but let just take it these way we just make lesson to learn and  reminded every one in the crypto world that don't let guard down. Seems  that  we over  reacting with these  let just be calm.

Yeah well  this  the lessons  that we should learn that  we should  stop and be contented what guard we have we should also focus on security we should not lower guard  if we want not to lost the trust of the investors.

[DBronze98]

Their vulnerability was reversing, and CEO Binance announced that they would return the Altcoin of all attacked users. This move makes many users feel secure and completely trust Binance in resolving these vulnerabilities quickly and professionally.

[terrific]

It was phishing after all. There are people who tried to steal funds of users.
https://support.binance.com/hc/en-us/articles/360001547431

We cant avoid this especially that binance is one of the most best exchange.

Yes the most popular exchanges and web wallets are being targeted by these hackers.
We can't avoid this incidents so if someone stores a lot of crypto on an exchange.
Don't trust any of them.

[pleght]

I do not think binance's system is weak.I think these problems are caused by user error.But whatever happens, we should not leave our money in the stock market.

[richmcrich]

  I believe that any exchange at any time with any protection is always a risk and even more so if you give access to your account to third-party programs or bots.
  Binance is no exception.
Loss of deposit on the exchange is painful, but on the other hand it is important to comply with risk management and understand that trading on the exchange puts your money at great risk.

That is always one thing with exchanges and that is the main reason why everyone keep saying it is necessary to never put all funds on an exchange.

It is good that these exchanges though are always taking necessary precautions and also perfect that they were able to avert the whole issue which I believe almost caused some serious dump in the price of bitcoin as that was not normal. It is good everything has been resolved and I feel everything just happened with the market coincidentally anyway.

[shakaru]

Their vulnerability was reversing, and CEO Binance announced that they would return the Altcoin of all attacked users. This move makes many users feel secure and completely trust Binance in resolving these vulnerabilities quickly and professionally.

One problem man !
Here a lot of traders with API bots , nobody claim here that his api was hacked and he lost alts.
Where is all people ? If tons of users was hacked - where is them ?

I think it was big market manipulation to earn again tons of millions dollars from normal people.

[Lieldoryn]

The summary of all that happened can be seen here - https://support.binance.com/hc/en-us/articles/360001547431-Summary-of-the-Phishing-and-Attempted-Stealing-Incident-on-Binance

Some hackers tried to play some pranks after some account details were stolen in the past, as a result of some past phishing attempts that happened which some binance users fell for some times ago and that eventually led to what happened.

I do not use the services of this exchange. What is there when you log in to your account does not apply the system of two-factor authentication? How can you get around her? Can there be problems in the security of the exchange? They accuse users in order to divert suspicion from himself and not lose customers?