Binance Has Been Hacked - Lost 7,074 BTC

[illyiller]

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

Any thoughts on their announcement? Does it seem fishy to you? Some people seem pretty skeptical that a "disk failure" would bring them down for hours like that. I'm not too knowledgeable on the technical aspects, though. Cross-posting from another thread:

I don't think we really know the full story and we may never really know.  But the issue is about respecting your customer base. 

We are not stupid.  Crypto traders and miners are some of the smartest people in the world. 

Unless the disc failure was caused by an intruder or deactivated by an Intrusion Detection System (IDS) there was no reason for the site to be shut down like that. 

[TryNinja]

Any thoughts on their announcement? Does it seem fishy to you? Some people seem pretty skeptical that a "disk failure" would bring them down for hours like that. I'm not too knowledgeable on the technical aspects, though. Cross-posting from another thread:

The disk (or server associated with it) was probably an essential part of their system. Looks like the website was up, but trades weren't going through. It looks plausible for me, so I'm not going to grab my tin foil hat for that. What else could have happened? Some people are saying some "hacker" did that, but why? And if funds are #safu, why does it matter?

[figmentofmyass]

The disk (or server associated with it) was probably an essential part of their system. Looks like the website was up, but trades weren't going through. It looks plausible for me, so I'm not going to grab my tin foil hat for that. What else could have happened? Some people are saying some "hacker" did that, but why? And if funds are #safu, why does it matter?

paranoia from last month's hack i presume. everybody's still on their toes. i guess some people are speculating that an "intruder" in their system was detected which prompted the site being taken offline. people are probably worried that if the site is compromised again so soon, the insurance fund binance set up will have been depleted, leading to account haircuts.

i won't lie, my heart jumped a bit when i saw threads about this. it wouldn't kill me to lose what's in my binance account, but it would certainly sting.

[Pipdips]

https://www.binance.com/en/support/articles/360029309971-Binance-System-Maintenance-Complete

I have had funds parked at Binance for a few years now and none of my funds were ever stolen or hacked. However, today I withdrew all of my funds out of Binance. It was all sent to my cold storage wallet. I am taking a break from having my funds unprotected.

Is Binance is heating up?

[AngellSky]

Already a very long period, the trading platform has been valued due to its security, but today binance is again under question and I am not sure about the safety of my funds on this trading platform.  I do not want to think about it, but in such situations I want to lengthen only the administration, which is either involved in all this and has produced its activities to the fact that there was a data leak.

[exstasie]

I have had funds parked at Binance for a few years now and none of my funds were ever stolen or hacked. However, today I withdrew all of my funds out of Binance. It was all sent to my cold storage wallet. I am taking a break from having my funds unprotected.

Is Binance is heating up?

You just never know. After Bitstamp and Bitfinex got hacked years ago, they never had a large scale compromise again. I'm hoping that applies to Binance as well. At the same time, they must have a huge target on their back given the number and size of their markets, and the fact that they are crypto-only.

I've lowered my exposure since the hack. I'm looking forward to seeing margin trading rolled out on Binance so I can keep even less funds there.

[Oilacris]

I have had funds parked at Binance for a few years now and none of my funds were ever stolen or hacked. However, today I withdrew all of my funds out of Binance. It was all sent to my cold storage wallet. I am taking a break from having my funds unprotected.

Is Binance is heating up?

You just never know. After Bitstamp and Bitfinex got hacked years ago, they never had a large scale compromise again. I'm hoping that applies to Binance as well. At the same time, they must have a huge target on their back given the number and size of their markets, and the fact that they are crypto-only.

I've lowered my exposure since the hack. I'm looking forward to seeing margin trading rolled out on Binance so I can keep even less funds there.

No one would even know on what would happen next but its better to be safe that sorry specially for those people who do

mostly keep majority of their holding on their exchange account.It might not hurt for others but it would be an another case to anyone.

[binhvo1505]

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.

Their protocols and security systems are great. and CZ said the reason why their security system was broken, was because at press conferences, they talked about their security system and that created an opportunity for hackers to invade easier access to the system. This is really an unexpected incident, but fortunately the price of BNB dropped only 5% at the time and it rose back to $ 33.

[numanoid]

Already a very long period, the trading platform has been valued due to its security, but today binance is again under question and I am not sure about the safety of my funds on this trading platform.

Today? This was happened a month ago.
If your funds is including 7k btc which got stolen by hacker, you will get your money back because binance has said they will pay from their own pocket.
https://www.google.com/amp/s/techcrunch.com/2019/05/15/binance-resumes-trading-following-40m-bitcoin-hack/amp/

  I do not want to think about it, but in such situations I want to lengthen only the administration, which is either involved in all this and has produced its activities to the fact that there was a data leak.

Why the heck admin want to steal their own customer's money? Doesn't make any sense

[guoyu78]

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

Cryptocurrency investment is generally 80% safe provided we choose the right projects, but in this scenario of Binancehacking, what is not safe is keeping money on exchanges and not everything is cryptocurrency as you think, and if there is anyone to be blamed for this, all blames goes to investors and people like you who have failed to understand that it is not safe to keep funds on exchanges wallet other than our personal wallets, and when the whole thing happens, we will start blaming exchanges, when it was our own personal decision and no exchanges ever imposed it on us. I will advise you log on to your account and move your coins to a private wallet.

[sana54210]

The disk (or server associated with it) was probably an essential part of their system. Looks like the website was up, but trades weren't going through. It looks plausible for me, so I'm not going to grab my tin foil hat for that. What else could have happened? Some people are saying some "hacker" did that, but why? And if funds are #safu, why does it matter?

paranoia from last month's hack i presume. everybody's still on their toes. i guess some people are speculating that an "intruder" in their system was detected which prompted the site being taken offline. people are probably worried that if the site is compromised again so soon, the insurance fund binance set up will have been depleted, leading to account haircuts.

i won't lie, my heart jumped a bit when i saw threads about this. it wouldn't kill me to lose what's in my binance account, but it would certainly sting.

I was very shocked when I heard the news of Binance being hacked, and there was a coincidence at that time, I was just having some discussions with my friends and we were discussing on some exchanges that they use, they all mentioned there exchanges and I also mentioned mine which was Binance.

We discussed about security and almost got into heated argument when I made a statement that hackers may hack all other exchanges, but it will be impossible for them to hack Binance even in 100 year’s time, while my friend mentioned one exchange as DOBI being the most secured exchange, the following day of our argument was when I heard that Binance was hacked, I was dumbfounded and could even face my fiends again.

[CryptoPowerL]

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

[leea-1334]

I do not want to think about it, but in such situations I want to lengthen only the administration, which is either involved in all this and has produced its activities to the fact that there was a data leak.

Why the heck admin want to steal their own customer's money? Doesn't make any sense

I do not enjoy speculating to be honest,,, especially with unfortunate events and accidents, but I have to say that whenever it involves money, you can never ever rule out anything. If you can remove possibilities one by one and sometimes the only thing left is to say that a business stole customer money, then that is possible.

Look at the punishment of exchange managers who have been found guilty by courts of losing money. Mt Gox for example.

He did a huge crime and we still never know if he stole it or not. He did not even go to jail. Paid fines, community work and then can start new businesses.

It makes perfect sense for admins to steal customer money they do it all the time,,, are you new to crypto? Are you new to business?

[ryzaadit]

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

The customer of binance just lucky because binance have "SAFU". You got a wrong point, the hacker will always attack the third parties like exchange service / hot wallet the best option to keep your asset on your personal wallet because the hacker cant makes the attack attemp at the blockchain.

"No system it's safe"
That's why the service will always get maintenance if the security already perfect no need to maintenance again the system.

[Xampeuu]

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

The customer of binance just lucky because binance have "SAFU". You got a wrong point, the hacker will always attack the third parties like exchange service / hot wallet the best option to keep your asset on your personal wallet because the hacker cant makes the attack attemp at the blockchain.

"No system it's safe"
That's why the service will always get maintenance if the security already perfect no need to maintenance again the system.

see your comments, I remember, which still has assets in the exchange. at that time after reading the news I immediately rushed to divert assets to the personal wallet, frankly afraid too. but that turned out to have no significant effect on the market

[Tungsten-1]

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

Well it is like you are saying that the best fiat deflationary or in other words, fiat cannot inflate. The crypto world is a digital world and these digital exchanges do have security and some tight arrangement to prevent the hacks but there are many ways that the security barrier of an exchange could be decoded and that opens a door for the hacker to get into your wallet. However Binance is protected now.

[numanoid]

are you new to crypto?

No.

Are you new to business?

No.


Are you new in binance? Did you ever deposited and traded on there?

P.S i'm talking about binance's admin on here actually. I don't care with others

[Pipdips]

The customer of binance just lucky because binance have "SAFU".

If Binance gets hacked again, how much will their Secure Asset Fund for Users (SAFU) cover? Will it cover everything stolen just like last time? I'd like more information about Binance in the event of another hack.

I stopped trading a several days ago after moving all my funds out of Binance into cold storage.

[Pom_bensin]

I used to think that the big stock exchanges were protected from hacking, but I was wrong. This is very sad. I only keep my coins in my wallets. Even large companies with years of experience can make mistakes.

sometimes as much as any company still has a gap for hackers to enter, I talk to many IT expert friends that large companies still have weaknesses and that must be made changes to the system in the company.

[TryNinja]

If Binance gets hacked again, how much will their Secure Asset Fund for Users (SAFU) cover? Will it cover everything stolen just like last time? I'd like more information about Binance in the event of another hack.

Eveything or at least the amount they can cover with the SAFU (increases every day with 10% of what they receive from trading fees).

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.