Binance Has Been Hacked - Lost 7,074 BTC

[ttcsalam]

The facts are true. However, from the fact that we will have to take education for the future. But the happiness is that the company has agreed to complete this loss. I do not want those who have lost their lives in this manner.

[josephdd1]

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.

Their SAFU?  its a Binance only thing and self regulation and self insurance is the most stupidest thing to do. Look at what  Tether did.

[travwill]

Of course, the burglary situation is extremely unpleasant, but I don’t like how many white spots remain on this story. For example, why have 80 stolen bitcoins returned to a hot money wallet?

[fullhdpixel]

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.

Their SAFU?  its a Binance only thing and self regulation and self insurance is the most stupidest thing to do. Look at what  Tether did.

At least they have a self-insurance plan and better than those who doesn’t even have any form of insurance in place. Look at cryptopia, they have finally shut down simply because they have no form of insurance in place. So we should still appreciate binance for having a backup plan even if you say that it is a self-regulation, and I am glad they were able to keep to their words.

You can’t compare tether operation to that of binance, tether has never ran their business with integrity, so many opportunity they have had to proof themselves trust worthy were being block, i.e the issue of not allowing auditing, but binance has done everything possible to be transparent.

[omonuyak]

As far as I know this fact is true. I saw the news on many websites and on Twitter it was viral. Some information is available in accordance with your link. Some of my friends account have been hacked, so I'm more concerned about the fact that it has been hacked. If Binance did not hack then my friends' dollars would not be lost. I know they had trading, so their good amount of money was in Binance but sadly, they lost all their dollars.

That is bad for those your friends but my coins were in my account when I checked after the hacked. Maybe because the amount in my wallet were not much so the Hackers did not care moving them. However, binance remains strong after the hacked and it is one of the reasons why people are building more confidence on the cryptocurrencies exchange this day and why bitcoin is increasing in price.

[OrangeSeller]

Of course, the burglary situation is extremely unpleasant, but I don’t like how many white spots remain on this story. For example, why have 80 stolen bitcoins returned to a hot money wallet?

No doubt on one side with the growth and enhancement of technologies and arrival of new innovations especially the currency modernism hackers are also catching fire on the other side. Hackers do not follow the rules whether it is a leading exchange or not, they did not even forgive Binance. But we should think how secure these exchanges are because the ratio of hacking is very small to its security.

[mann1983]

Tweets around social media say that The "Hack" was a hoax. It never happened. The reality is that it was an inside job: only admins or staff have to permission to move funds! It was a move to funnel coins (BTC) from staffer's account to another.

[Dontme]

Binance been hacked and TRX`s CEO offered to cover it but binance declined it, which means binance can stand on it`s own. Binance fund it right away and no money was lost for the Binance user.

[Cosbycoin]

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.

Is that an assumption or a warning about a possible hack in days to come? Yeah you are right about the fact that not just crypto but so many companies are vulnerable and prone to hack. But again, the system could be updated and well shielded which could be instrumental in keeping hackers away. I think that with the passage of time, some thing will pop up that will be instrumental in keeping these exchanges and sites secured.

[Remainder]

Binance been hacked and TRX`s CEO offered to cover it but binance declined it, which means binance can stand on it`s own.

I don't hear this news, what I know was the hacked is covered by the insurance of the SAFU funds.
You should provide a source of information, it's just unbelievable that TRX 's CEO will cover the 7,074 BTC which is already a huge amount of money.

[mann1983]

Exactly .. cause binance claims to be the most secured network and the exchange getting hacked in nearly shocking
cause even in 2018 the exchange got hacked and now in 2019 once again

[Kiweikoo]

Tweets around social media say that The "Hack" was a hoax. It never happened. The reality is that it was an inside job: only admins or staff have to permission to move funds! It was a move to funnel coins (BTC) from staffer's account to another.

Don’t believe in such controversies after such happenings especially the one happened with Binance because most of them are 90% wrong. People start making ambiguities by spreading such nonsense which is a direct effect on the fame and reputation of that company, in case of crypto it happened with exchange that is Binance. It is no doubt a big loss but is a blessing as they will 2x their security now.

[mann1983]

Still people have lost their trust in Binance now ..
I am just waiting for a clear picture and maybe some time till things are more transparent

[RealMalatesta]

Of course, the burglary situation is extremely unpleasant, but I don’t like how many white spots remain on this story. For example, why have 80 stolen bitcoins returned to a hot money wallet?

No doubt on one side with the growth and enhancement of technologies and arrival of new innovations especially the currency modernism hackers are also catching fire on the other side. Hackers do not follow the rules whether it is a leading exchange or not, they did not even forgive Binance. But we should think how secure these exchanges are because the ratio of hacking is very small to its security.

If binance was that loosed, then it would have been long that they will record this hacking history, those hackers must have been trying breaking into binance system for a long time without succeeding until probably they were able to crack the wall. Like you said, these hackers too are upgrading and they don’t rest, some of them are even professional hackers, which is what they really studied.

So dealing with them is not really easy and people should stop blaming some of them as if they themselves will not fail if they were in their shoes. Binance has seen their mistake now and I believe they have also learnt from it for better security.

[mann1983]

what about a single disk failure that brought Binance offline today?

[Nhebu]

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 is how I love binance. They are always keeping their investors and traders safe and secured. However, why they let the hackers intercept their system easily? I thought binance is one of the strongest exchange nowadays. If ever it will be totally hacked, they might lose the trust of the people. They need to protect their customers unless they will be disrupted.

[milewilda]

what about a single disk failure that brought Binance offline today?

You mean this update? https://twitter.com/binance/status/1137110915713622016

I didnt even expect on having a single disk failure on Binance.I feel like we're on 1990's. lol

[Noversetied]

I have kept a few coins on the binance trading , and have not logged in for a long time. binance is a big exchange but still hacked, which shows that everything is not safe for investors

[Pipdips]

what about a single disk failure that brought Binance offline today?

Can you provide a link for us to read more information about that issue?

[TryNinja]

Can you provide a link for us to read more information about that issue?

2 posts before yours...

https://twitter.com/binance/status/1137110915713622016

More:
https://twitter.com/heyibinance/status/1137110849015885824
https://www.binance.com/en/support/articles/360029309971-Binance-System-Maintenance-Complete