Binance Has Been Hacked - Lost 7,074 BTC

[Yaunfitda]

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.

Inside job is all speculation. And as far as I know, this is the first time they've been hacked, so pretty much they have a solid security features. But hackers are always on the lookup for any loophole to be exploited so it's unfortunate that it was binance that gets hacked.

I'm sure they still have their reputation because they are going to covered everything as per their SAFU program.

[LimLims]

We all know what's Binance is.
I mean Binance is an exchange who has already faced many difficulties and stood alright no matter how much it had harmed the site.
I was also at first completely shocked by seeing all the currencies withdrawal suspended.
But i know they will quickly start to resume their services.
Many people's hope are still on the exchange and they gonna surely make it proved worthy.
Good luck Binance.

[OrangeSeller]

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.

Exactly, it is a huge loss and in such businesses each penny matters due to a lot of user potential. But as much I think, the exchange is not much sad due to the loss but the reputation has been effected. This issue needs to be resolved and the security should be improved to 2x that will help the exchange regain both its users and the loss it has made. Still Binance has potential users and they think that the exchange will regain its position again.

[Netnox]

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.

Once an exchange gets hacked, it is almost impossible to regain the trust and reputation. Look at what happened to Cryptopia. They are doing their best and they have promised the users that their losses will be reimbursed in the near future. But even after all this, the trade volume is down and it suggests that a number of users have stopped using the platform for trading.

[adaseb]

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.

Once an exchange gets hacked, it is almost impossible to regain the trust and reputation. Look at what happened to Cryptopia. They are doing their best and they have promised the users that their losses will be reimbursed in the near future. But even after all this, the trade volume is down and it suggests that a number of users have stopped using the platform for trading.

Almost every exchange got hacked pretty much. And within time people still regain their trust and reputation. I think when a hack happens, most people don't care as long as they don't get a haircut of the funds.

When Bitfinex got hacked, people were given shares and eventually those shares were redeemed for almost the entire loss. However hacks like Cryptopia or MtGox got a sour taste because most people still to this day don't have access to their funds.

Binance since they decided to cover the losses, most people won't really care and within a month or so everybody will forget. Right now everybody is focusing on the bitcoin price anyways.

[Osarman]

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

Whatever the reason may be for the hack, it has actually sent fear down the spines of the users of crypto. They now know that their wallets are not secure despite 2FA and having the wallet on the best exchange out there. But the market is not affected at all and is the same. The exchange will cover all the losses but I think it will work a lot on its security to make sure things like these never happen again.

[Kevin77]

I still can't believe that 7 THOUSAND bitcoins were stolen from one of the (if not the) biggest exchanges in the world and the bitcoin responded by going up. Normally, if you look at the previous hacks that are this sized or bigger you would realize that prices usually fall after a big hack happens, this time people didn't cared about it at all and the price skyrocket up. That shows two things about bitcoin.

One is people do not care about whats going on in the corners of bitcoin anymore and look at the big picture and see what bitcoin could be instead of what it is right now. The other is people do not care about small numbers like 7 thousand bitcoins as long as it is not cashed out directly and making a dent in the market, people used to fear about that, now they don't care and brave about it.

[neonshium]

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

This is really worst thing happened with Binance and due to this incident many users get worried as well as concerned about their funds. Now there are many questions has appear in traders mind about their funds. If the exchange like Binance is hacked then users might be get affected due to the horrible news. Binance is the top exchange at the crypto market and there has been done highest trades on a daily basis because there are great traders which has been active on the exchange.

So their trader thinks holding Coins on the exchange is it safe or not. Fortunately Binance is a big exchange and that's why they will recover this amount very soon and overcome the situation by increasing their security level.

[Whosdaddy]

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.

Yes, absolutely Binance is one of the most top exchange and it was recognized for the safety and security before this incident takes place. It has been really sad news for the team behind the exchange, due to this incident there will get the major effect on those traders who trade daily on the Binance.

Now the team has come up with a better and safer security system which can help them to get over from the situation like this. According to the time they have to increase as much security which cannot get hacked. I strongly hope now the team has started taking massive actions towards its security issue and they will come with the most secure system. As well they will take care of this thing to never take place in the future.

[DavidMott]

This is terrible news especially because its coming from such a reputable exchange. Its fair to say that exchanges will always be targeted and that losses will occur. As such, exchanges should offer insurance and it looks like Binance are well versed to cover this which is good to see. Ultimately most fintech companies (not just Cryptocurrency/Blockchain related) are targets to hacking/theft every day.

[upsidedown75]

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

LOL, so you have issue with Binance? I can also see that Binance is declining in value while Bitcoin is gaining more momentum; probably people are beginning to sell their altcoins in Binance wallet for Bitcoin.

We can now see why bitcoin will always be king of these cryptos, why is it bitcoin that came to their mind first when thinking of selling their altcoins? They would have as well changed it or swap it for other coins and send to an ether wallet, but they probably chose bitcoin first as the most reliable. We can also see from this that some altcoins are the reason why money is not flowing into bitcoin market the way it should, now we are taking our money back.

[Question123]

Losing 7,074 bitcoin is very sad for Binance,  we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.

[lovesybitz]

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

In addition to what happened, whether the fund are safe, it shows and proof that even the exchange itself was belong at the top platform site risk and danger can't be stop. I doubt that their clients won't get by it, after all what happened, probably some of them are now thinking to shift in the other exchange to trade their coins. This was according to my insight only.

[samcrypto]

Losing 7,074 bitcoin is very sad for Binance,  we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.

Binance is making things under their control, so we can move on about this issues now since they will pay for that losses and there’s no affected user on this one. Binance is a great exchange that they have more funds to repay the losses, this is how exchanges should prepare for a possible incidents like this, BNB coin will still go up high this year.

[Cosbycoin]

Losing 7,074 bitcoin is very sad for Binance,  we know Binance is one of the secure trading site but that's happened last few days ago which is really bad. I think more traders of Binance are affected on that because they have doubt to keep their coins to Binance and pther I think already leave because they did not want to lose also their money. I hope Binance team will take an action for this and secure their security and they need to upgrade and develop more secure system so the hacker will not easily hack.

There is no doubt in the fact that it is a point of concern for the exchange and this was a failure of the exchange to be honest but one thing needs to be cleared here. Had the exchange not been Binance and had it been another exchange, it would have found it very difficult or impossible to recover from the loss. Binance proved its metal by rising up in the critical time and this is something that makes Binance the best.

[BlueStackz]

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.

From what I even learnt recently, I learnt that the fraud was not a direct hacking n Binance system itself but as a result of loosed @FA factor and passwords of the victim, if it were to be so, I wonder why Binance will then accept to take the entire fault on themselves.

Binance must rally have won so many people’s heart strongly and despite this, there is still no much dump in the price of Binance. Like you said, we should not think all exchanges will always be there for us when hackers steals from us through the exchange wallets, that is why we need to always keep our funds safe and very close to us in a wallet that give private keys.

[ricardobs]

This is terrible news especially because its coming from such a reputable exchange. Its fair to say that exchanges will always be targeted and that losses will occur. As such, exchanges should offer insurance and it looks like Binance are well versed to cover this which is good to see. Ultimately most fintech companies (not just Cryptocurrency/Blockchain related) are targets to hacking/theft every day.

No ambiguity in your comments, all the companies including small scale are the targets of hackers and it is also possible to see another hacking activity in upcoming days. As if it can happen with Binance then any other exchange can also get hacked as hackers are showing super strengths. But the thing is Binance will recover this loss and all measures must be taking for the users not to leave the platform due to this.

[Timmzzy]

I could remember back last year this same incident do take place, one thing we still believe is that it doesn't concern investors with huge bags. We really need to be careful and security conscious at all times regarding our funds on Exhcangers.

[terrong]

if it is, now is the right time to insure assets thats we have to be safe, or at least there is someone who gives us compensation when our assets are lost due to hacking or whatever, a few days ago I found one of the projects engaged in crypto insurance,
please check: https://www.inzura.world
from what I saw, this project covered several known exchanges like Binance, HitBtc, Coins and many others,
personaly i think there is not truly safe now, so we must be careful...

[peter0425]

if it is, now is the right time to insure assets thats we have to be safe, or at least there is someone who gives us compensation when our assets are lost due to hacking or whatever, a few days ago I found one of the projects engaged in crypto insurance,
please check: https://www.inzura.world
from what I saw, this project covered several known exchanges like Binance, HitBtc, Coins and many others,
personaly i think there is not truly safe now, so we must be careful...

I haven't heard about this so called insurers. For me it's the responsibility of the exchanges to have at least a plan to cover in cases of funds being lost to hacks or inside job. Binance already proved that exchanges can do it with their SAFU, so I hope other exchanges will follow as well.