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Author Topic: Binance just lost 7000 BTC in a security breach  (Read 250 times)
TryNinja
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May 08, 2019, 12:06:17 AM
Merited by OgNasty (5), BitMaxz (2)
 #1

Quote
We have discovered a large scale security breach today, May 7, 2019 at 17:15:24. Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

The hackers were able to withdraw 7000 BTC in this one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

The above transaction is the only affected transaction. It impacted our BTC hot wallet only (which contained about 2% of our total BTC holdings). All of our other wallets are secure and  unharmed.

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

We must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.
 
Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.

We will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.

In this difficult time, we strive to maintain transparency and would be appreciative of your support.

PS, I (CZ) will continue the previously scheduled Twitter AMA in a couple of hours.

- CZ

Source: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

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May 08, 2019, 12:27:55 AM
 #2

Omg. This is crazy
7000 BTC is like 40 million dollars!!!

Thankfully the ecosystem is now more prepared for moments like this, we are not in Mt.Gox times anymore.
I hope binance really pays it users and recover itself.

This is a good warning for everyone. Keep your private keys!

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May 08, 2019, 12:34:11 AM
Last edit: May 08, 2019, 10:58:17 AM by BitMaxz
 #3

That's bad news with good news but 7000 such a huge amount of BTC and according to Binance, it's only 2% of their holdings. Which is too big to be true.

Anyway, the good news is that they have funds to give a full refund to affected users so no worries. I'm lucky that I already withdraw some of my coins out from binance last week Smiley

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May 08, 2019, 12:57:47 AM
 #4

Thankfully the ecosystem is now more prepared for moments like this, we are not in Mt.Gox times anymore.
Binance contributes 10% of trading revenue towards an insurance fund (the "#SAFU fund") that is used to cover exchange hacks and large scale account compromises. 

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May 08, 2019, 01:02:39 AM
 #5

This is recent, news are all over it. 7000 BTC that's a lot of money.

I'm lucky that I already withdraw some of my coins out from binance  last week Smiley
I hope that others didn't let their funds sleep on Binance or any exchange, just like what we've been pointing out and suggesting to the most people here that don't use exchange as a cold storage.

And use this incident as a lesson so that most of them will start moving their funds to a safer place such as a hardware wallet.

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.
Source: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update
Good thing that they have the ability to cover the loss. CZ is aware of this and planned it well.

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May 08, 2019, 01:11:32 AM
 #6

This is recent, news are all over it. 7000 BTC that's a lot of money.

That's chump change to them...  

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May 08, 2019, 01:36:14 AM
 #7

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.
And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.


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May 08, 2019, 02:08:36 AM
 #8

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

Justin has a history of being a liar, wouldnt trust his words.
It might be a marketing trick for both binance and Tron.













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May 08, 2019, 02:29:16 AM
 #9

I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there.  just wait and see then.
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May 08, 2019, 02:39:01 AM
Last edit: May 08, 2019, 03:10:08 AM by TimeTeller
 #10

I guess its real, my binance account couldnt withdraw now. all suspended withdrawal for altcoins and coins.. darn.. one week out.. I will just continue to use bitasset.com exchange as it has futures contracts promo too. wish Binance dont let me lose my coins, I have more than 1 account there.  just wait and see then.

I doubt they will let their clients down. I am confident that they will not let your coins be gone.
They will cover those losses and be back in business in few days.
But I wonder how come someone got in with their tight security per se.
It means, their security measures is not robust enough to reject possible attacks on their system?
Better store your coins in your own wallet. Even this top exchange is victimized by these hackers.

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May 08, 2019, 04:27:48 AM
 #11

Really sad to them that is a huge amount of bitcoin had been losing. I can't imagine even Binance exchange was hacked.

It might be a marketing trick for both binance and Tron.
Yeah, it looks like possible but we can conclude.

Quote
We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.
We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.
https://twitter.com/cz_binance/status/1125956811574484993

Good thing they will cover the lost fund. But as of now users can't able to withdraw until next week.
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May 08, 2019, 04:34:07 AM
 #12

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.
And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.



And there goes Justin the Shill God, Lol. The hacked funds are covered already according to CZ by their SAFU so why the heck Justin needs to bail them out?

I also have the same thoughts that Binance will be at least not within the reach of the hackers because of their tight security. Anyways, it just proved that no one is safe here and I just do hope that the price won't go on another downward spiral because of this news.

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[bustadice.
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traderethereum
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May 08, 2019, 06:14:00 AM
 #13

No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance.
After he bought, I think it could lift the price to the higher price, and I think it's already happening because btc now increases again and the other coin is following to increase.
But that is a huge lose from binance, and I hope that does not happen again in the future.
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May 08, 2019, 07:55:15 AM
 #14

Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking.
Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling.

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May 08, 2019, 08:35:02 AM
 #15

Why was the price not affected by such news, 7,000 BTC is not a small amount? Even the psychological effect of hacking.
Maybe as long as money is safe, it may not have affected the psyche of the market, but the price is still hodling.
Maybe it was the fact that CZ is covering all the loses. (Also, 7k BTC looks like a huge amount but it’s only 2% of Binance’s holdings)

I remember checking the price right on iOS’s stock app and seeing ~$5700 when the news came out (it was nearing the $6000 at that moment). My first thought was: “oh shit... here we go again”; But that was all, and the price recovered to ~$5850 right after it.

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May 08, 2019, 10:20:49 AM
 #16

No problem if Justin Sung wants to donate his bitcoin to binance and he wants to buy BNB, BTC, TRX, BTT to support binance.

How does buying TRX and BTT equals supporting Binance in time of crisis? That looks like Justin is pumping his own project tbh.

There's no need to help Binance, they are rich (or at least they told us like that). But I still don't get why CZ consider block re-org to fix his problems. Sounds like he's trying to control what miners do. Fortunately that didn't happen and there's no more drama.

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May 08, 2019, 10:38:04 AM
 #17

we can remember the AMA which talked about the problems of BNB
https://callisto.network/blog/post/ask-me-anything-with-dexaran-24-03-2019/

And Russian language
https://hashrate-and-shares.ru/ask-me-anything-with-dexaran-24-03-19
Mugtaiya
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May 08, 2019, 10:12:30 PM
 #18

Atleast they are not saying their customer funds were part of the hack like all the other exchanges have claimed happened. Then stopping people from withdrawing their funds with freezing every coin transaction ala cryptopia.
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May 09, 2019, 05:49:06 AM
 #19

I have 5.7 BTC frozen on this exchange. I am very worried that I cannot withdraw these funds now. I hope that the situation will change in the coming days (

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May 09, 2019, 03:15:25 PM
 #20

And, justin sun want to donate, oh, wait, cover the lost funds of binance, weird.

https://twitter.com/justinsuntron/status/1125932499761225728

That's a bad news with good news but 7000 such a huge amount of BTC and according to binance it's only 2% of their holdings.
And that's only 2% of their btc holdings, not to mention they have bnb tokens and other coins.


The 2% of BTC holdings is the btc they are holding on behalf of customers. As a percentage of their own money (shareholder equity), the number is much higher.

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