Binance Has Been Hacked - Lost 7,074 BTC

[superstarbtc]

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.

Hackers main target is to find the weakness and they will traces that weakness it will help them to steal the money. Even though it has a good reputation, we need to face some challenges at one stage. So we need to be very careful with the hackers.

[Eildosa]

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

[Pipdips]

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

I agree with this. Also I think that there was nothing fishy about the recent hack. It was probably not an inside job like some people suggested. It was just hackers.

[exstasie]

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.

Someone ran some numbers after the hack: https://twitter.com/lawmaster/status/1126090906908676096

$41M is peanuts for Binance - they can make it back in 47 days

CZ confirmed in the next post the numbers were accurate. In a couple more weeks, Binance will have fully recovered the losses. He also said the hot wallet only contains 2% of total funds. In most cases, that will be the maximum risk exposure.

[logicgate]

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.

 It is not bad to have your funds stored in the cold storage. That is way too safe and without a risk but make sure you do not lose your USB stick or the device you have stored your Bitcoins or any other coins. As far as the question about whether it would be able to cover the loss again or not is concerned, I think it will depends on their SAFU. But they are back strong this time.

[bitgolden]

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.

LOL, talking too much is bad, I think CZ just need to calm down like satoshi, he already has an established system that is speaking louder than words, he doesn’t need to defend anything again in pubic or try to convince people again, all he needs to do is continue to take time to continue coming up with various strategies.

All the same, I was really impressed with their speedy recovery and I a very sure things has been put in position now in other to avoid future occurrences, people will really not find it funny or forgiving again if they are hit the second time by these scammers which I totally believe will never happen again.

[Aivaryamal]

On the one hand, this is a good example of how you need to take care of your funds and not store everything in one place and naturally leads to the creation of more reliable decentralized exchangers

[sana54210]

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

I agree with this. Also I think that there was nothing fishy about the recent hack. It was probably not an inside job like some people suggested. It was just hackers.

At first, I also thought it was an inside job, because I believe it will be impossible for a great compare like Binance with strong security to be hacked, but after looking at it deeply from different angle too, I see that it is purely an external hackers. They have really tightened their security protocols now, and has assured every of its believers of such issue not occurring again.

Binance even became stronger and more reliable after the attack was down, as they had worked down vigorously for the future prior to the time they got struck. I never attempted to withdraw my funds though which I believe that many people didn’t too which is why we didn’t see any negative movement in the price of BNB then.

[Pipdips]

Binance is a bank. The currency exchange is their store front.

[yvesp110]

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

I agree with this. Also I think that there was nothing fishy about the recent hack. It was probably not an inside job like some people suggested. It was just hackers.

At first, I also thought it was an inside job, because I believe it will be impossible for a great compare like Binance with strong security to be hacked, but after looking at it deeply from different angle too, I see that it is purely an external hackers. They have really tightened their security protocols now, and has assured every of its believers of such issue not occurring again.

Binance even became stronger and more reliable after the attack was down, as they had worked down vigorously for the future prior to the time they got struck. I never attempted to withdraw my funds though which I believe that many people didn’t too which is why we didn’t see any negative movement in the price of BNB then.

Well yeah you have to admit that it was a security failure and that Binance had this weak zone which was exploited by the hacker and that was how they broke into the wallets. But the security system could be improved and in order to keep things on a safe side, Binance is back with some string plans and looks like the hack never affected the exchange for they are again launching many new IEOs and a current stable coin.

[Free1bitco.in]

On the one hand, this is a good example of how you need to take care of your funds and not store everything in one place and naturally leads to the creation of more reliable decentralized exchangers

well, it can be said that binance is very professional in handling this. something like this is needed by another exchanger. most exchangers are very difficult to develop after being hacked, and even people are starting to doubt it. but, I think binary trust is increasing.

[davinchi]

Despite the fact that it was hacked, people still continue to trade on this exchange. This speaks to its great reputation among traders and professional team who were able to quickly resolve the issue without compromising its users.

I agree with this. Also I think that there was nothing fishy about the recent hack. It was probably not an inside job like some people suggested. It was just hackers.

At first, I also thought it was an inside job, because I believe it will be impossible for a great compare like Binance with strong security to be hacked, but after looking at it deeply from different angle too, I see that it is purely an external hackers. They have really tightened their security protocols now, and has assured every of its believers of such issue not occurring again.

Binance even became stronger and more reliable after the attack was down, as they had worked down vigorously for the future prior to the time they got struck. I never attempted to withdraw my funds though which I believe that many people didn’t too which is why we didn’t see any negative movement in the price of BNB then.

Well yeah you have to admit that it was a security failure and that Binance had this weak zone which was exploited by the hacker and that was how they broke into the wallets. But the security system could be improved and in order to keep things on a safe side, Binance is back with some string plans and looks like the hack never affected the exchange for they are again launching many new IEOs and a current stable coin.

With that bad experience, I am confident that binance will take full responsibility of what erring all about. As showed trustworthy for their customers, binance will handle all misalignment with respect to security of the funds that's probably victim of possible attacks. I know they won't let this happen again, and I believed that they'll make more barriers in order to make their exchange site more safer than before.

They already took full responsibility for their actions and has already done necessary amendment where necessary, I believe they were hit because some people needed to shut them up which is not going to happen. Binance has made so many of its user, investors and traders so happy by giving them a satisfying services that can never be questioned, and no one will abandon them because of the issue like they did to other exchanges like cryptopia.

It is good to build a good relationship with one’s clients, it is because of the relationship and trust Binance had built with its customers, that also made them to stand by Binance and I believe such will never be repeated again too.