Binance Has Been Hacked - Lost 7,074 BTC

[serjent05]

Maybe Binance hack was an exit scam.

It is impossible.  They are on their peak atm.  If they exit they would have lost billions of possible income from their business.  Beside they just started their "DEX" exchange so exiting is not in their line of thought for now. 

Don't worry too much because CZ has insurance policy for all investors and you can rest assured when withdrawing money at this exchange.

This is one good move by CZ, having a back up plan such as insurance fund if ever the worst happen such as this event.

I think after this FUD news, Binance became even more popular because many projects will spend their money to support this exchange. This is what impressed me most because CZ is gaining the trust of many people and surely Binance will continue to be ranked No. 1 this year.

It is not a FUD, it is a hack.  We cannot remove the possibility of self orchestrated hack to showcase their SAFU.  Thus, increasing people's trust and believe that their fund is secured through SAFU.  Which we can call a marketing strategy plus free advertisement about their SAFU.

[1714995365]

1714995365

[feryjhie]

Maybe Binance hack was an exit scam.

I would agree if the lost/hacked funds were above 50% of their total funds including hot and cold wallets, but it's merely 2% of their btc holding, regardless its bnb tokens and other coins as per mentioned on the article.

Oh! They lost the money in terms of other coins not the bitcoin, but already they promised they are going to give those fund to the people who lost. That's why i like mostly Binance exchange they will care more about their customers.

as i just read the blog post and it's written that the funds lost just a bitcoin there is no other coins that lost from binance

[iv4n]

Interesting tweet from Justin Sun:
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
https://twitter.com/justinsuntron/status/1125932499761225728

This is interesting moment in crypto, social networks are on fire, all in all CZ has a pretty good public appearance. He have a lot of support from other big players, exchanges, etc.. Interesting moment, that`s all, there`s no need for any panic, they have much more bitcoins in their wallets, and this is the amount they will earn in next couple weeks, months. It`s nice how CZ is handling with this situation, he is posting updates every couple hours.

[bonker]

The hacked amount is merely nothing when compared to their total trading volume or funds in their wallets but this will affect their reputation slightly.They need to increase their security as much as they can or else they will be in the down fall sooner.

[wumBowo]

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses .
Hopes it recover ASAP 

[nc50lc]

Looks like last year's "Funds are SAFU" meme will be revived because of this.
User's funds aren't affected, stop the FUD specially if you didn't have an account in Binance  

[bonker]

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses .
Hopes it recover ASAP 

There will be an announcement soon from the binance side because they are the most traded exchange so even if they are locked for a day they will face huge losses.

[legendster]

It is not a FUD, it is a hack.  We cannot remove the possibility of self orchestrated hack to showcase their SAFU.  Thus, increasing people's trust and believe that their fund is secured through SAFU.  Which we can call a marketing strategy plus free advertisement about their SAFU.

Interesting, this also means that they'd have to clear all traces of the 7k btc's movement in or out of their system. Which is very hard to do. But then again with billions at disposal, hard becomes easy.

[DarkIT]

have my funds there, all still locked till unexpected time.
Sad thing is i wanna withdraw some to cover my daily expenses .
Hopes it recover ASAP 

There will be an announcement soon from the binance side because they are the most traded exchange so even if they are locked for a day they will face huge losses.

I hope this can be overcome. well, binance is one of the best exchangers. I think they can overcome this. It is only natural that at the moment they are locking the activity inside, to repair leaks. but, it was very good when they said that there would be no funds from members who were reduced.

[Jating]

Looks like last year's "Funds are SAFU" meme will be revived because of this.
User's funds aren't affected, stop the FUD specially if you didn't have an account in Binance  

Right, Binance claim that everything is covered thru their SAFU so I don't know why people are in a panic or just plain stupid and claiming that this is FUD.

Deposits and withdrawals are halted, which obviously is the best thing to do before they re-assessed everything and look at what went wrong.

And for those who are holders or has account on Binance then just wait till everything settles down and I'm sure Binance will soon open up again because that is their business.

[adaseb]

I think the most panic was caused when he mentioned that he will "rollback" the blockchain. Basically a friend told me this and I assumed he must of heard incorrectly, but he said actually that the owner of Binanace will rollback the blockchain to get the funds back, I started laughing. After some reading I realized that it was actually true.

No idea why CZ would say that. Since its probably not possible to rollback the blockchain or even potentially dangerous because it would make Bitcoin more centralized and might destroy it.

I remember when BItfinex was hacked a few years ago, much more coins were stolen and they never suggested to rollback anything, because its a crazy idea to even think that.

[wumBowo]

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I hope this can be overcome. well, binance is one of the best exchangers. I think they can overcome this. It is only natural that at the moment they are locking the activity inside, to repair leaks. but, it was very good when they said that there would be no funds from members who were reduced.

yeah i trust them, already using binance over a year and it's the best exchange i have ever used.
Based on their announcement it should take up to ONE WEEK.
Still pretty long time to go

[BlackPanda]

This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

[kumala_abi]

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I hope this can be overcome. well, binance is one of the best exchangers. I think they can overcome this. It is only natural that at the moment they are locking the activity inside, to repair leaks. but, it was very good when they said that there would be no funds from members who were reduced.

yeah i trust them, already using binance over a year and it's the best exchange i have ever used.
Based on their announcement it should take up to ONE WEEK.
Still pretty long time to go

learned from several exchanges hacking, binance problem didn't make me worry at all.i am believe binance and team could solve this problem without harming their customer.moreover CEO Tron will deposit equal amount if CZ allowed him.

[FedoraTheExplora]

Interesting tweet from Justin Sun:
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
https://twitter.com/justinsuntron/status/1125932499761225728

This is interesting moment in crypto, social networks are on fire, all in all CZ has a pretty good public appearance. He have a lot of support from other big players, exchanges, etc.. Interesting moment, that`s all, there`s no need for any panic, they have much more bitcoins in their wallets, and this is the amount they will earn in next couple weeks, months. It`s nice how CZ is handling with this situation, he is posting updates every couple hours.

Expressing the deepest respect and support to Binance management, as it is going to be recompensed. Being in crypto makes everyone think about safety and trust daily.

[wumBowo]

This kind of situation is terrible because as we know when there is a hack action related to security, it will have a significant impact on the price movements of Bitcoin in the market.

I hope that the public does not act in panic sell because this will only worsen the situation, let us maintain the stability of the joint price because with this, prices can be controlled.

by looking on current price movement, looks like its not affecting the price significantly.
CEO of Binance act properly so the panic attack is still on under control and not causing a big chaos.

[The Cryptovator]

 Besides of bitcoin uptrend, hacker become active now. It's not really small amount for Binance. Almost 2% of total bitcoin has been hacked. Anyway this was unexpected incidents and feeling sorry for that. Although it's not very hard task to recover fund for Binance but there is question about security system. Is Binance security system was weak? However, glad to hear that Binance will not touched users amoumt regarding this hack. So users fund is safe almost. It would be better if we change ours account details. Who know which account controlled by hackers?

[mk4]

The people who love to leave funds on exchanges unnecessarily for some reason are very lucky that Binance is going to cover the losses.

I think the most panic was caused when he mentioned that he will "rollback" the blockchain. Basically a friend told me this and I assumed he must of heard incorrectly, but he said actually that the owner of Binanace will rollback the blockchain to get the funds back, I started laughing. After some reading I realized that it was actually true.

Rollback what blockchain? BTC was stolen right? Not BNB. Or do you actually mean rolling back bitcoin? What the hell?


EDIT: Jeebus. CZ actually thought of trying to convince miners to do a re-org.



Tweet link: https://twitter.com/cz_binance/status/1125996194734399488

[naomi-the-cat]

Looks like hacking a crypto exchange has become so easy nowadays that no security system can guarantee that funds will be #safu.
I feel uncomfortable with that.

[mk4]

Looks like hacking a crypto exchange has become so easy nowadays that no security system can guarantee that funds will be #safu.
I feel uncomfortable with that.

It's definitely not easy, but it was never impossible. A top exchange with holdings of a significant amount of bitcoin and cryptocurrencies in general, a security breach is almost inevitable due to the number of hackers trying to break the system. "Not your keys, not your coins".