Binance Has Been Hacked - Lost 7,074 BTC

[kynaz]

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.

After this attack, Binance definitely needs to add other security features to make everyone's withdrawal safe. This will happen the week after Binance has official announcements on this issue. In the meantime, consider investing in altcoin which is present in this exchange because the loss of 2% of the BTC has caused this market to have a huge decline. Anyway Binance still guarantees assets for customers so I won't worry much about this

[Jating]

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.

After this attack, Binance definitely needs to add other security features to make everyone's withdrawal safe. This will happen the week after Binance has official announcements on this issue. In the meantime, consider investing in altcoin which is present in this exchange because the loss of 2% of the BTC has caused this market to have a huge decline. Anyway Binance still guarantees assets for customers so I won't worry much about this

Huge decline on Altcoin market? I don't think it has something to do with the hack.

The decline was cause by smart investors moving their funds to bitcoin. Haven't you check the dominance of bitcoin as of lately? Close to 60% now, which means that the they are all moving to bitcoin ecosystem.

As for the addition of security features, I saw CZ tweets that his people hasn't had that much sleep in the last couple of days, so I'm sure they are working hard on the security as of this moment.

[nik009]

The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.

[Osarman]

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.

Binance got hacked and about 7000 Bitcoins have been stolen that is a very big amount and a shocking news but now the exchange will must be improving their security even stronger than before. As we know that the hackers were very sharp in hacking the world’s leading exchange and this could be happened with other exchanges too. So all of them should really 2x their security due to these hackers the system faces with lose.

[Nunoluck]

Really bad news. Its make me more worry now. I still has some BTC in an exchange I think I should move it now. The fight again hackers will never end. Even big and famous exchange like binance has been hacked too. Government should help to decrease the number of cybercrime, so police should catch the hacker who did this.

[sulendra12]

The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.

But still 7k BTC is a huge loss. Big exchange such as Binance shouldn't let that happen, I mean they have to increase their security because in 2018 there was also the same accident with hacked stuff. If they don't do anything, then worse case would be happen in the future.

[Pursuer]

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.

After this attack, Binance definitely needs to add other security features to make everyone's withdrawal safe. This will happen the week after Binance has official announcements on this issue. In the meantime, consider investing in altcoin which is present in this exchange because the loss of 2% of the BTC has caused this market to have a huge decline. Anyway Binance still guarantees assets for customers so I won't worry much about this

Huge decline on Altcoin market? I don't think it has something to do with the hack.

The decline was cause by smart investors moving their funds to bitcoin. Haven't you check the dominance of bitcoin as of lately? Close to 60% now, which means that the they are all moving to bitcoin ecosystem.

As for the addition of security features, I saw CZ tweets that his people hasn't had that much sleep in the last couple of days, so I'm sure they are working hard on the security as of this moment.

the altcoin dumps is mainly because of bitcoin price rise, I agree there  but also there are many cases of some of the big coins that the dumps are because they were recently pumped (a small pump but still a pump) and they needed to be dumped and the bitcoin price rise was like the ignition that kick started that dump.

as for Binance's tweets, it is mostly to keep their users calm and prevent a small part of the panic withdrawal and sell attempts that has been going on ever since the hack news came out. otherwise the hack happened and they lost $40 million, it is too late to have sleepless nights to increase security.

[OrangeSeller]

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.

Of course man any company would find it very hard to deal with such a big hack that claimed more than 7000 Bitcoins worth more than $40 million. Binance is a great exchange and they are proving it again that it should be the exchange you should be part of. The security system of course is still a mater of concern but I feel they will work over it. This hack proved that a human can decode or undo anything another human codes.

[sana54210]

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.

LOL, I love this forum, it is really a learning place, this issue of Binance was the first time I will also know what the word meant, at first when I saw it, I interpreted it as safe because I understand that majority of us have English barrier issue, till I saw that same word from a forum user I could bet is an English professor.

Well, it is a good thing they have that sort of self-insurance policy in place for users, it reduces the rate at which people will panic when such circumstance occurs, but they need to continue encouraging people to keep their fund safe in their wallet themselves, instead of storing their coin on the exchange wallet, so they don’t keep paying heavily for what they know nothing about, imagine that the hacker stole over 50,000 btc through them,would that not lead to bankruptcy?

[Chinocshyp]

Personally, I believe that hacking has just begun. it's beyond a reasonable doubt that the reason why hackers have been under the hood was because of the bear run - hacking has not been profitable for them. now that the market is gaining momentum, there would be problems. this is because of the fact that the price of btc will make hacking extremely profitable for hackers. it takes hackers millions of dollars sometimes to hack exchanges. so expect the levels of hacking to increase 10 folds when the markets go back up. I personally will be very careful with exchanges this time.

[abeecrypto]

No exchanges are ever safe. as a matter of fact, this is just the beginning. something needs to be done about these hacks. some one suggested introducing the ability to revere transactions. for that to happen, 51% of miners must support it. but this will open the doors to more disastrous problems which are unforeseen. the hackers would have made away with more, had most of the funds not being on hardware wallets. I hope something is done and fast. till then, what Cz said is true; the decentralized nature of blockchain means that the security of your funds is in your hands. never put all your eggs in one basket.

[wolizidan]

It is said that attack happened from phishing and viruses to obtain a large number of 2FA codes and API keys

[entebah]

Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.

[bitbunnny]

Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.

A bad news for crypto world, yes, but I would say not unexpected. Exchanges are very often the target of hackers and I think it's about time to start care a little bit more on security. That doesn't guarantee they will not be hacked because 100% security doesn't exist but at the moment they don't pay enough attention to that.
Still it looks that this time Binance hacking didn't influence Bitcoin price in bad way.

[Zadicar]

-snip-

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.

Binance got hacked and about 7000 Bitcoins have been stolen that is a very big amount and a shocking news but now the exchange will must be improving their security even stronger than before. As we know that the hackers were very sharp in hacking the world’s leading exchange and this could be happened with other exchanges too. So all of them should really 2x their security due to these hackers the system faces with lose.

Exchangers is built by humans which means it can be hacked by humans too.Theres no such thing on having 100% security and all of exchangers are vulnerable to hack thats why
its always been advised for a thousand times that we never should store our coins for too long on an exchange.I do appreciate on what CZ so said here, inspite on making excuses about their
vulnerability he do chose up to give up some words of wisdom which is typically good on my part.

[princerepon]

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

It's really sad that binance also didn't survive from hakers. When many exchange going through this trouble only binance was more secure exchange. but it's hacked also. now personal wallet is the best option now days i think. binance is one of top crypto currency exchange in crypto world. many people trade in binance. so they have to more alert about being hacked. 

[dark08]

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

It's really sad that binance also didn't survive from hakers. When many exchange going through this trouble only binance was more secure exchange. but it's hacked also. now personal wallet is the best option now days i think. binance is one of top crypto currency exchange in crypto world. many people trade in binance. so they have to more alert about being hacked. 

In that case the security of Binance is not really high to survive from the hacker the good thing in that case CZ will cover the lose which is a big amount of Bitcoin specially for an ordinary people like me.
Exchange site is only for in and out not for storing for long term look at what happen to Binance.

[richminded]

The loss of 7.074 BTC is not a problem for such top exchanges as Binance, but this is another confirmation that your funds on any exchange can not be safe.

Yes they can paid that and shoulder all the loss but their reputation have the scratch now, binance failed to secured some bitcoin with this. There’s no safe exchange, don’t put all in with the exchanges because if there’s more exchange to be hacked, some of them will not act like Binance.

[kynaz]

Yes, once again this is bad news for the Crypto world, because the Binance market has been hacked, but Binance is a big exchange and has large funds so it won't be miserable despite losing a lot of BTC.

A bad news for crypto world, yes, but I would say not unexpected. Exchanges are very often the target of hackers and I think it's about time to start care a little bit more on security. That doesn't guarantee they will not be hacked because 100% security doesn't exist but at the moment they don't pay enough attention to that.
Still it looks that this time Binance hacking didn't influence Bitcoin price in bad way.

Binance has a great reputation and people are always interested in this news. I think losing more than 7000 BTC is not a big problem for this exchange and we need to wait for the upcoming big news. Of course this is still a loss affecting this market but thanks to SAFU development fund, we do not need to worry much because people will still deposit and withdraw money normally in the future so don't worry and pray for Binance

[marcbitcoins]

That is why it is unwise to put your assets in the exchanges as even this famous exchange site is not safe from the hackers. Hopefully that they could easily recover their lost reputation and regain the crypto users trust as i heard about that their is an inside job activities.