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Author Topic: Binance Has Been Hacked - Lost 7,074 BTC  (Read 1334 times)
tk808
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May 08, 2019, 12:05:34 AM
Merited by Last of the V8s (1)
 #1

rip 7k btc.

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711
TX: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea




And let's not forget some Words of Wisdom from CZ


"Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.

Store on an exchange. Only use the most reputable, proven secure, exchanges.

Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD
"

— CZ. Jan 15, 2019

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May 08, 2019, 12:07:56 AM
 #2

From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

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May 08, 2019, 12:19:04 AM
 #3

From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

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|ROULETTE
MINES
TOWERS
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──── ─── ─
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May 08, 2019, 12:23:16 AM
 #4

From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
At least the user funds are safe and wouldn't be affected.

And I agree we should be the one to keep our crypto safe and secure .
We should be the one who is holding and guarding our money.
That is why I never leave most of money on exchanges and keep it on my hardware wallet.


In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.
It is true it is about the trust on their site but let's be thankful that it wouldn't affect the users money.
And I am sure that they would do something to prevent this from happening again.
Surely they would upgrade their security system after this incident.

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May 08, 2019, 12:33:12 AM
Last edit: May 08, 2019, 12:51:23 AM by Artemis3
 #5

From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.
Too late, they suspended withdrawals...

Binance Security Breach Update
Binance
May 07, 2019 23:34

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24. Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

The hackers were able to withdraw 7000 BTC in this one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

The above transaction is the only affected transaction. It impacted our BTC hot wallet only (which contained about 2% of our total BTC holdings). All of our other wallets are secure and  unharmed.

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

We must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.

Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.

We will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.

In this difficult time, we strive to maintain transparency and would be appreciative of your support.

PS, I (CZ) will continue the previously scheduled Twitter AMA in a couple of hours.

- CZ

Secure Asset Fund for Users (SAFU)

SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.

“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."

So funds are frozen (they say you can still trade, but api calls appear down). Lets hope nothing worse comes out of this, and they actually can redeem all user funds as they imply...

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May 08, 2019, 12:56:34 AM
 #6

They have a ton of BNB as well that can be sold off to cover any losses.
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May 08, 2019, 12:57:29 AM
 #7

They have a ton of BNB as well that can be sold off to cover any losses.

Wouldn't that lower its price? ie. a dump?

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May 08, 2019, 12:58:26 AM
 #8

BNB Dumped hard.
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May 08, 2019, 01:04:46 AM
 #9

They have a ton of BNB as well that can be sold off to cover any losses.

Wouldn't that lower its price? ie. a dump?

40mil isn't terribly much for a coin that size.
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May 08, 2019, 01:07:03 AM
 #10

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks.
I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.

Its quite surprising to see Binance been hacked with all their security measures and protocols.

This just proves that nothing is safe as long as it is online. Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.

 
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May 08, 2019, 01:10:48 AM
 #11

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks.
I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.

Its quite surprising to see Binance been hacked with all their security measures and protocols.

This just proves that nothing is safe as long as it is online. Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.
Maybe Binance hack was an exit scam.
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May 08, 2019, 01:12:16 AM
 #12

From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

Because hackers are smart and really took time and opportunity and might have studied their security as well as not to trigger an early alarm. And by the time Binance suspect that something is wrong, it was too late. As far as I know SAFU comes from trading fee so I guess it will cover how much they lost plus they have the BNB tokens as well. It's good that they stay transparent with the issues at hand.

 
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May 08, 2019, 01:14:25 AM
 #13

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.

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May 08, 2019, 01:31:50 AM
 #14

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.

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May 08, 2019, 01:38:58 AM
 #15

Holy fuck $40 million dollars that is actually insane... At least they have the money to cover it apparently? I have like 10 cents BTC in there, but I was going to try and put more in lol good thing I waited.

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May 08, 2019, 01:45:33 AM
 #16

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

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May 08, 2019, 01:49:07 AM
 #17

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.

Yea that's the problem with security in general, it can be really good until that small line of code fucks everything up and a lot of times things like that really can't be prevented. It's probably a pretty good bet to say that everything is going to be hacked eventually, its just odds. As things get more and more complex, the tendency to make errors continues to rise, leaving unknown holes in almost everything. The hacking techniques that will be used in he future are things we couldn't even imagine that were possible.

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May 08, 2019, 01:55:32 AM
 #18

Holy fuck $40 million dollars that is actually insane... At least they have the money to cover it apparently? I have like 10 cents BTC in there, but I was going to try and put more in lol good thing I waited.
Yup, seems the fees from their platform collected are being used to cover the stolen funds. Personally wondering how this entire hacking happened considering 2FA codes and API keys were retrieved, hope that information comes out soon as Binance starts investigating into this. Pretty nice they decided to be so transparent about this as well, but it's still a hacking and the market did respond negatively to this, and user funds are safe as already mentioned so things don't seem to be as bad as they potentially could've been.

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May 08, 2019, 02:00:20 AM
 #19

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks.
I hope binance can restore users confidence back or they will run away from the exchange. There may be a dump for a short while. Just awful how bitcoin is starting to pump up and this happens.

Its quite surprising to see Binance been hacked with all their security measures and protocols.

This just proves that nothing is safe as long as it is online. Hackers do not care how tight your security is, they always find a way to break it, especially if they see a very sweet incentive after.

With more and more sophisticated softwares being created, there will always be hacking that will happen. Hackers will try and try again. For all we know, that's all they do all day long. Find a way to penetrate those big crypto exchanges. I just hope no inside job is in play here.
BNB is a trusted exchange with big volume, so they can recover that fast, no doubt. But the credibility, I don't know if such incident will greatly affect on this aspect.

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May 08, 2019, 03:41:15 AM
 #20

now it is clear why the conclusions were closed. Very sad news. I considered this exchange one of the best and most reliable. I am convinced once again that it is better not to store anything on the exchanges.
Don't worry too much because CZ has insurance policy for all investors and you can rest assured when withdrawing money at this exchange. 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.
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