Binance hacked. 7000 BTC stolen.

[Bagaji]

Very sad. I am afraid that this will greatly affect the exchange rate of the BNB token

Can't see it from that perspective because Binance still remain the best exchange due to their announcement of refunding the victims funds back to them. No one is above such incident and i believe that Binance has learn their lessons and will reinforce in terms of security. Buddy, don't be afraid while dealing with big exchange like Binance but don't store huge amount of funds on an exchange.

[emberbekas]

So sad to hear it. Binance is a well-known exchange and have to suffer from bad cases that could reduce the trust of its customers. Btw, this is a warning to all of us to always withdraw our money after we are done with our business in an exchange site.

[qwertyup23]

This event will significantly take a toll on the user base of binance towards its security and trust. Although the company will have the shoulder the losses, the damage is more than just the compensation, as they will be losing potential users and old ones.
Once again, despite one of the most famous exchanges in the internet, everything can still be accessible and hacked. This problem should be addressed in the cryptocurrency world and maybe a shift in a form of security must be introduced.

[Oilacris]

There is already a thread about this here is the link .
But anyways just as I said on the other thread thanks to them no user funds are going to be affected.
But the trust of their user would surely be affected by this incident.

It would really be affected yet I have already pulled out my entire funds with this exchange and only make deposit when I do tend
to make trades and not letting my coins sitting there for too long.This had been said a thousand times already that don't store up your
crypto on an exchange yet theres no certain thing when it comes to safety matters.

[DeadCoin]

This event will significantly take a toll on the user base of binance towards its security and trust. Although the company will have the shoulder the losses, the damage is more than just the compensation, as they will be losing potential users and old ones.
Once again, despite one of the most famous exchanges in the internet, everything can still be accessible and hacked. This problem should be addressed in the cryptocurrency world and maybe a shift in a form of security must be introduced.

The security system should be more looked into. But i remember an incident where Binance caught a hack act before the assets were stolen out. I am sure its standard would remain still when the loses are compensated.

[Ultimist]

It is very sad that even such a stock exchange as Binance was still vulnerable. But I believe that this would still not affect its authority. Good thing she took care of that loss.

[legendster]

This event will significantly take a toll on the user base of binance towards its security and trust. Although the company will have the shoulder the losses, the damage is more than just the compensation, as they will be losing potential users and old ones.
Once again, despite one of the most famous exchanges in the internet, everything can still be accessible and hacked. This problem should be addressed in the cryptocurrency world and maybe a shift in a form of security must be introduced.

The security system should be more looked into. But i remember an incident where Binance caught a hack act before the assets were stolen out. I am sure its standard would remain still when the loses are compensated.

I do not think so. They'll definitely fix the system - whatever caused this in the first place. However, I wonder if they'd make the technical details of the hack public once the systems are patched up or updated.

We definitely need a third party audit of the hack, proving that it did happen and wasn't an inside job - which is what it mostly turns out to be. Think Coinsecure for example.

[Becky666]

It is very sad that even such a stock exchange as Binance was still vulnerable. But I believe that this would still not affect its authority. Good thing she took care of that loss.

Very sad news for cryptocurrency holders on Binance. I used to read of this exchange that, it is the best exchange in the world of cryptocurrency but what happen? does that means they aren't doing well in term of security?. The good news is that; they will pay back to these victims of the attack, kudos for such. Never keep your coins or tokens in an exchange.

[sushil7045]

its not a news to panic as all funds will be safe under SAFU Funds. About the market, i was predicting bitcoin, bnb and overall market to go down, at least a small dump was expected but seeing the market still in green i m happy  

[kodtycoon]

as a famous and trusted platform, Binance should have done that which would protect customers because of the hacking incident. by having good actions and responsibilities of course this incident will not make the customer go away and in fact more people will come to support their project. maybe that's why this incident did not really affect the crypto market, because Binance was able to maintain the funds of each customer well

[jhongzjhong]

as a famous and trusted platform, Binance should have done that which would protect customers because of the hacking incident. by having good actions and responsibilities of course this incident will not make the customer go away and in fact more people will come to support their project. maybe that's why this incident did not really affect the crypto market, because Binance was able to maintain the funds of each customer well

Well hopefully, that bitcoin lost from Binance does not have an effect on the market especially when hackers will covert the bitcoin into fiat maybe it will contribute a massive drop in the price movement. I think Binance will recover on their huge loss but I guess their costumer now have doubt on their security because of hacking incident maybe people are afraid to put huge amount fund on that exchange.

[samcrypto]

its not a news to panic as all funds will be safe under SAFU Funds. About the market, i was predicting bitcoin, bnb and overall market to go down, at least a small dump was expected but seeing the market still in green i m happy  

Its down a little now but yes, BNB funds are safe on SAFU and I think they will use the funds on SAFU to pay for this incidents. Binance is still a good one, they can’t bring this one down easily and for sure binance will become more strict, maybe KYC will become their way of securing the exchange so be ready for the possible changes soon.

[aervin11]

There is already a thread about this here is the link .
But anyways just as I said on the other thread thanks to them no user funds are going to be affected.
But the trust of their user would surely be affected by this incident.

They ensure the funds are safe even with the hacking incident so I doubt that "Trust" is affected here. It just proves that binance is responsible enough to ensure users funds whatever incident like this could happen in the future. SAFU

[Kemarit]

I heard that Binance wanted to pursue a blockchain reorg to recover the stolen coins, I assume campaigning for the big miners to help him. Haha.

The miners are not stupid. They experienced the UASF, they know the community are not to be pushed around.

They decided against it in the last minute,

https://twitter.com/cz_binance/status/1125996194734399488

It is very sad that even such a stock exchange as Binance was still vulnerable. But I believe that this would still not affect its authority. Good thing she took care of that loss.

Everyone is vulnerable here and as much as they really tighten their security hackers will always find a loophole and exploit it.

7000 btc is nothing compared to binance annual profit. They have burned $30 MM worth BNB this quarter (which is only part of their profit). We could say that its a blessing in disguise that binance lost only 40 mil since now they will fix this security issue and become even safer exchange.

Yes, they said its 2% of their Bitcoin hot wallet only, but still this is a big and expensive lessons even for them. I'm sure CZ will get the best person to take a look at their security and implement measures to prevent this from happening again.

[Maslate]

There is already a thread about this here is the link .
But anyways just as I said on the other thread thanks to them no user funds are going to be affected.
But the trust of their user would surely be affected by this incident.

They ensure the funds are safe even with the hacking incident so I doubt that "Trust" is affected here. It just proves that binance is responsible enough to ensure users funds whatever incident like this could happen in the future. SAFU

If this kind of incident will happen again, I don't think their SAFU funds could still over it.
For now, I believe it has somehow affected their reputation because their site security is not strong enough to prevent this.
Big investors will likely choose to diversify their funds to other exchanges.

[BlackPanda]

There is already a thread about this here is the link .
But anyways just as I said on the other thread thanks to them no user funds are going to be affected.
But the trust of their user would surely be affected by this incident.

It would really be affected yet I have already pulled out my entire funds with this exchange and only make deposit when I do tend
to make trades and not letting my coins sitting there for too long.This had been said a thousand times already that don't store up your
crypto on an exchange yet theres no certain thing when it comes to safety matters.

This will directly change the value of trust in the Binance exchange. Whereas previously binance exchange was known as an exchange service that had a very good reputation. now a community like you is the same as I think that now I am worried to save a large amount of bitcoin. I feel that saving Bitcoin in a wallet like Ledger is the safest thing.

[kakonhat]

I saw the hacking TX in the blockchain which is happened at Binance
Here is the TX https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea
The Hacker took 7074 BTC step by step.
But finally, nothing worry about our balance. It will be recovered by Binance

[whotookmycrypto]

The hacking of Binance was inevitable. Binance has to be lucky on 100% of the time. Hackers on the other hand only have to be successful once. Just once. Think about the odds there.

"There are two types of exchanges: those who have been hacked, and those who don’t yet know they have been hacked." - Some guy on Twitter.

[peter0425]

The whole bitcointalk forum have been filled with this news of binance hack and like I said before this is an unfortunate accident because even CZ himself stated that the hackers have displayed some weakness in the security system which will be worked on. As big as binance being hacked at this period is such a big lost 7000 bitcoin is such a huge amount.

It's because for one, Binance is the best exchange and second, there could be someone around trying to make a FUD and create panic and third, I'm sure there are a lot of Binance users here. So it make sense to really discuss the status of the crime and what will be the next steps of CZ and when are he going to allow withdrawals and give back those who have lost their money because of the said hacks.

[Questat]

The whole bitcointalk forum have been filled with this news of binance hack and like I said before this is an unfortunate accident because even CZ himself stated that the hackers have displayed some weakness in the security system which will be worked on. As big as binance being hacked at this period is such a big lost 7000 bitcoin is such a huge amount.

It's because for one, Binance is the best exchange and second, there could be someone around trying to make a FUD and create panic and third, I'm sure there are a lot of Binance users here. So it make sense to really discuss the status of the crime and what will be the next steps of CZ and when are he going to allow withdrawals and give back those who have lost their money because of the said hacks.

Binance is the most popular exchange in crypto IMO, and I am a proud user of this site.
The hack happened and they were able to handle it properly, though the money was really stolen but Binance users can trade as normal.
Yesterday, withdrawals and deposits were all suspended, I haven't check yet, I might try some withdrawal now to check if they are back in business.