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Author Topic: Binance system's vulnerability  (Read 122 times)
Dragon5
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March 10, 2018, 12:42:00 PM
 #21

Binance has reacted quickly, that's good. And all funds are safe as I understand. Moreover, it is widely known that a lot of traders use bots. Actually, who doesn't? So, be aware)) don't leave crypto on the floor)))
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redsun114
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March 10, 2018, 01:02:41 PM
 #22

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).
You know how the community is and very little things can cause a huge panic. It is good that it was quickly curtailed but it was not even a direct attack on binance anyway, and it was the users that the hackers were able to get their account details, generate APIs from the account in the past that ended up being affected but according to binance, only conversions were done with withdrawals paused immediately thereby affecting even the hacker's funds.

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Oceat
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March 10, 2018, 02:03:13 PM
 #23

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.
There's no point of manipulating that since there risk management system were activated and all of the malicious activity were being halted and even the hacker's activity were being and all the funds are safe. That's what the CEO of binance said in the article and i think binance security system is up ready for any battle for cyber crime.
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March 10, 2018, 02:57:36 PM
 #24

Probably one of the versions that the binance probes will be able to influence the course of bitcoins and other coins. After all, coins have not been stolen from users, but simply transferred to bitcoin. But I repeat this one of my personal versions.

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March 10, 2018, 03:13:14 PM
 #25

some users have disclosed their account info in order to use trading bots with API and the hackers made the bots to execute trades of their own wishes by pumping one coin up to 100x, so this is once again in my opinion the lack of interest for security of users. 
sachdientugoogle
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March 10, 2018, 03:30:42 PM
 #26

Take everything you read in crypto communication channels with a grain of salt.
Binance rose to #1 very fast. This created a lot of haters and competitors who want a piece of Binance's market share. There's billions of $ incentive for these people to fabricate stories, blow issues out of proportion, spread fear, and campaign against Binance.
Of course, there is also a subset of people who have legit issues. But you don't hear from the other side as often, the people who have no complaints using Binance.

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Barbolini
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March 10, 2018, 03:38:21 PM
 #27

Binance is large and a good reaction like that is expected. Future attacks will be more sophisticated and dangerous.
Some attacks will go through though even with a good security.
audaciousbeing
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March 10, 2018, 04:00:02 PM
 #28

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.


A small percentage of users won't command the amount of attention this vulnerability has garnered in the past few days and its effect which can be traced to the downward trend in the price of bitcoin. What I see here is damage control of them trying to downplay the amount of people affected and along that promising some form of refund in other to appeal to the emotional side of the community. Earlier, I had read that binance was not hacked rather it was the bot that is being used on the platform that is hacked and another version shows that there is more than they are telling us. Its high time people are being held accountable for holding funds in this market.
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