Binance Has Been Hacked - Lost 7,074 BTC

[el kaka22]

This is literally nothing for binance, do you know how big binance is? For every 100 bitcoin (all altcoins etc combined of course not just btc) traded on their website they get at least 0.05 bitcoin for it, for every 2000 bitcoin they get 1 bitcoin in return, which means every 14 million bitcoins (not just bitcoins I remind you, all trades combined) traded on their website they recoup that money.

Something as big as 7 thousand bitcoins for you and I means absolutely nothing to them. They can recoup that in no time and continue their operation like nothing happened. This "in between time" is only there because they want to stop what the hacker did and prevent it to happen again, that is much more important than the money lost, that could be profited later on but defending yourself for further hacking is much more important.

[andreibi]

This is really sad when people already being convince to join crypto but it's still hackable

Hacks are not limited to crypto-currency exchanges. Every day, the bank accounts and credit cards of millions of people get hacked. Obviously these incidents don't get much media limelight, as they are considered as nothing out of the ordinary. Money is not safe if it is stored in third party storage, such as banks (in case of fiat) or crypto-exchanges (in case of BTC).

Precisely. Anything and everything online and accessible through the Internet is hackable. There is no 100% hack proof security. It is because we are still humans and can be exploited by social engineering.

Keep your private keys to yourself, only then it's 100% hack proof.

[Bagaji]

From the same link you posted above:

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

That's a good news as they will refill victims funds back to them, that make Binance the best among all exchanges becasue i strongly believe that, this is the first time to hear such a thing, although anyone can prove me wrong either.

Although the security breach in such a big exchange called for questions becasue i believe that such an exchange should have a very tight security to protect the customers funds. Let them increase their internal and external security protocols.

[ApocalypseNow]

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

Binance has always the upper hand when it comes to securing digital assets so I don't what will happens after this. We can really see the irony of what he said and what happened. This really proves that it is mandatory for everyone to have their hardware ledger cold wallets because hacking is really unstoppable no matter how great the exchange is.

[maxreish]

From the same link you posted above:

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.

I've been thinking that, too. Many traders of binance will eventually withdrawing and/or pulling out their fund after this hacking issues. The trust and reputation of a big and established exchange like binance are already ruined. Let's just face that. Even if they will gonna repay the hacked amount or repay the btc amount, the issue here is that it wasn't secure at all and that we shouldn't let our btc fund left in any exchange.

[jambul_kribo]

From the same link you posted above:

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.

I've been thinking that, too. Many traders of binance will eventually withdrawing and/or pulling out their fund after this hacking issues. The trust and reputation of a big and established exchange like binance are already ruined. Let's just face that. Even if they will gonna repay the hacked amount or repay the btc amount, the issue here is that it wasn't secure at all and that we shouldn't let our btc fund left in any exchange.

most of traders put their crypto asset in exchanges wallet.and this is be main issu at this moment.exchanges must improve their security level into several layers.and we as crypto investors should do preventing action by saving our asset into hardware wallet or cold wallet.

[SirLancelot]

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.

This is actually bad. This is truly not good because Binance has had a history of greatness in the crypto space since long. According to a report by Binance, Bitcoins worth more than $40million have been stolen in a large scale hack. The hackers had actually stolen API keys, 2FA codes and other information in the attack which means that it is not impossible to decode what a human codes.

[spadormie]

From the same link you posted above:

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

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

[TryNinja]

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

It’s a self-insurance fund. If they lose up to X BTC, they will cover the loss.

Also, it’s a meme. CZ (Binance’s CEO) said “funds are safu” last year and became a meme.

[hawkins]

From the same link you posted above:

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

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.

[emmybd]

Binance has been considered one of the safest exchange out there. If hackers can penetrate with all the security measures then it proves that much more needs to be done to secure investors funds.

[1Referee]

SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.

It could be less or more than a week. As long as Binance itself doesn't know how the hackers managed to manipulate their security measures, no funds will be able to move out.

I like the fact that they have their much memed SAFU fund, but it still sucks because people don't know how long exactly it will take before they can access their crypto funds again. This once again shows that you completely depend on the exchange's mercy to allow you to withdraw. Imagine the stress people go through despite the statement from CZ that they will utilize their SAFU fund.

People somehow thought Binance was a fort knox that would never get hacked, well, they were wrong.

[NavI_027]

Binance has been considered one of the safest exchange out there. If hackers can penetrate with all the security measures then it proves that much more needs to be done to secure investors funds.

I observed lately that many news report about this incident spread like a wildfire in social medias which definitely got a bad side for both parties (Binance itself, customers and future investors) because money is not the only one which is lost here, their good impression to the people was affected as well.

Anyway, Yes! We all knew that the Binance is on the top of the pyramid when it comes to exchanges but it doesn't mean that they are perfect already. Committing mistakes is inevitable, the important thing is they try to make up on the damage they've been made. The following quote posted by 1Referee  is the best to describe the current situation , I agree on it.

People somehow thought Binance was a fort knox that would never get hacked, well, they were wrong.

[btcmegastar]

This is really sad when people already being convince to join crypto but it's still hackable

Hacks are not limited to crypto-currency exchanges. Every day, the bank accounts and credit cards of millions of people get hacked. Obviously these incidents don't get much media limelight, as they are considered as nothing out of the ordinary. Money is not safe if it is stored in third party storage, such as banks (in case of fiat) or crypto-exchanges (in case of BTC).

Exactly, the most priority we are going to lose if we store them in Banks, Cryptocurrency exchanges etc. It is not safe even we store them in our house too, we cannot blame anything but we should secure ourselves in order by holding the money and providing some good security to it. Keeping them in the third party has much higher chances of loss compared to with us.

[pawanjain]

From the same link you posted above:

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

I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.

SAFU is an acronym for Secure Asset Fund for Users which is basically an insurance for the binance users which was started on 3rd July 2018.
Binance pays 10% of it's trading fees to keep the SAFU active. For more info on SAFU refer the below link.

https://www.binance.vision/glossary/secure-asset-fund-for-users

[malikusama]

From the same link you posted above:

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.

Nothing is fully secure online, if you really care about your funds then don't put them on exchanges for a long time.
Btw I am glad to hear this statement above that "No user funds will be affected", this is what a reputed and trusted exchange should do.

[Furious 7]

Without reading this forum message. I never would known of the hackings. Then logged into my Binance account, my funds are all sitting still there! 

I also just heard this news from this forum, if I didn't read this maybe I wouldn't know about this news, my question is whether this will affect the price of bitcoin in the next few days?

Of course this will affect the price of Bitcoin. Binance is the most popular and trusted exchange today and the amount of loss is huge. besides that binance has a large community so this will trigger a negative trend. Some anticipations have been made quickly, namely to stop deposit and withdrawal services and then provide insurance services with SAFU. I don't think this will have a longer effect.

[Flyingduck2K]

I'm retty sure someone is enjoying their cocktails in the Caribbeans at the moment. Nonetheless, it's quite impressive how much money 2% of binance makes.

[Remainder]

Without reading this forum message. I never would known of the hackings. Then logged into my Binance account, my funds are all sitting still there! 

I also just heard this news from this forum, if I didn't read this maybe I wouldn't know about this news, my question is whether this will affect the price of bitcoin in the next few days?

Of course this will affect the price of Bitcoin. Binance is the most popular and trusted exchange today and the amount of loss is huge. besides that binance has a large community so this will trigger a negative trend. Some anticipations have been made quickly, namely to stop deposit and withdrawal services and then provide insurance services with SAFU. I don't think this will have a longer effect.

It affects but not the effect we are expecting because bitcoin seems to be mooning after the Binance Hack.

As an investor, should we say good job Binance? 
All we want is just for Bitcoin to rise and it happened, and still happening now.

[viralmetaphore]

It's sad for Binance. It's sad for newcryptocornes... Looking to learn and to trust. Binace had been making a good reputable work to push whole community forward. However. The whole community should learn about this transaction.... I'm quite glad this happened (not because someone is loosing BTC) but because this is how we see how truly BTC is. BTC can not distinguish if is some bad, "hacked" transaction. It just does what it has to do, It is the purest of the system. In any mistake there is always something to learn

Best wishes for binance, and binance traders, newcorners aswell