Binance hacked. 7000 BTC stolen.

[Thanasis]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

[HatakeKakashi]

I saw this news about Binance hack and that is very large amoun of money. But even that happen Im still here at Binance because I still believe to that exchanges site and for sure millions of traders still trade to binance will still there what happen.
We need to secure our binance abount so the account will not hack by the others if you still have funds to binance transfer to wallet and transfer to binance again if the coin you will be trade to fiat for your safety.

[jems]

Another bad news that always haunts. But I am amazed at binance who is ready to take responsibility by bearing losses for the convenience of its users.

[el kaka22]

It is both a lot of money and not a lot of money at the same time. Now, from traders perspective it is a lot of money, because not many of us would have that much of money ourselves and that totals to something like 40 million dollar so thinking that much money gone from somewhere would make you think that is a lot of money.

On other side hackers did got away with 40 million dollars which is a lot of money as well and they are rich now and I wouldn't know what to do with that much money. However, at the same time for binance that is not really a lot of money. Binance is a huge company that makes a ton of money every single day so it is not that big of a deal for them, they will recover from this with relative ease.

[The Sceptical Chymist]

but Binance users can trade as normal. 

True, but I'm not sure if you can even deposit funds to trade with right now. 

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.

Nope, everything is still suspended as of the time of this writing.  I have some NEO that I just bought yesterday that I want to get off Binance as soon as possible, and I'm not sure what's taking them so long to restore deposits and withdrawals.  Binance has never given me a problem, but I can't say I trust any crypto exchange completely--especially when simple functions like this are suspended.  It makes me nervous.

[ethereumhunter]

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

To be honest, 7074 btc was a big amount of bitcoin that lost from binance, and that is not easy to recover the balance. But I hope that binance can cover the losses of the member so the members will not be worried. That will be another lesson for binance to upgrade their security so this problem will not happen in the future, and it does not make people worry.

[mirawantirinjana]

Another bad news that always haunts. But I am amazed at binance who is ready to take responsibility by bearing losses for the convenience of its users.

I was very impressed with binance, I did not expect if binance could do that. this is proof that Binance is a trustworthy exchanger even they are responsible for what happened to their platform so as not to harm the traders.

[Artemis3]

If Binance which is a top exchange could get hacked, what more with smaller exchanges?
That's the reason why I'm not storing my holdings and funds in exchange. It should be a lesson learned for us not to hold our funds in exchanges for the long term. I still find hard wallet safer to use.

I wonder if I'm reading a post from 2013... Did you not learn the lesson with Mt.Gox?

At least Binance claims to have kept it to a minimum in the hot wallet and the losses only account for "2%", to be replenished from their own pocket.

Still i would love to learn more details on how this was perpetrated and what steps will be taken to prevent it.

[jvdp]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

API keys were removed and security breach information has been shared in their site directly.

Still this is big amount there is no affect on crypto market. That is why people are keep on asking it. They have showed that transaction made from the reserve wallet. It has few segwit and blockchain wallet address there.
In segwit addresses those high amount were reflected. It seems some plan has been made and people being scammed by bianance. That is why this much questions araising.

[DeadCoin]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

API keys were removed and security breach information has been shared in their site directly.

Still this is big amount there is no affect on crypto market. That is why people are keep on asking it. They have showed that transaction made from the reserve wallet. It has few segwit and blockchain wallet address there.
In segwit addresses those high amount were reflected. It seems some plan has been made and people being scammed by bianance. That is why this much questions araising.

Do you mean that the Binance team is the backbone of the issue? Have too many questions raising. But i dont think Binance would do it to cover the market as it has set up a strong pillar in the crypto market. Breaches do occur in the large and popular finance sectors and this is the biggest challenge though. I am sure Binance will still update/upgrade its system to avoid such breach incidents.

[Kemarit]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

API keys were removed and security breach information has been shared in their site directly.

Still this is big amount there is no affect on crypto market. That is why people are keep on asking it. They have showed that transaction made from the reserve wallet. It has few segwit and blockchain wallet address there.
In segwit addresses those high amount were reflected. It seems some plan has been made and people being scammed by bianance. That is why this much questions araising.

What do you mean being scammed by Binance? I haven't seen any questions or issues so far except the withdrawals/deposit has been halted. But it's obvious they need to do that to look at things closely and try to understand how they've been attacked. CZ has lots of tweets already assuring that everything will be covered by their SAFU so I don't know if you can call that a scammed unless I'm missing something here.

[Shenzou]

Binance is one of the most popular if not the only exchange that is well known for crypto traders, and that amount is so small compared to what they make a year, if they were not so honest about it no one would have even noticed it, because no one is going to have his funds stolen, they said that so themselves, if anything this proves how trustworthy they are, and this is something that shows their security flaws that i am sure that they are going to be fixed, and probably the hacker will be traced and the addresses that the funds went to will be blacklisted.

[Gaff]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

If that's the case with binance, I think it's not a big problem with bitcoin's price recovery. Every user had a secured deal with this trading site making their funds more confidential, as they continue their trading activities without any hesitations. With that matters that came out lately, I guess the news popping because many groups monitored some issues; which they thought it will affect btc price to decline after such increasing trend happening. Gladly, people with strong motivations these days isn't really focusing on what's negative stories behind, what they only look for is progress on their asset.

[Cosbycoin]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

The issue is important from security point of view and though no user will be affected by the theft which is very nice of Binance, the security concerns still roam around in the air and this is why people want to talk about it. But it is simply a very patient and clever attack on the exchange getting access to API keys and 2FA of the users with big assets on the exchange.

[beerlover]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

What do you expect from this big opportunity given to FUD news carriers, if Binance had covered it and didn’t say it to the public, would they have known, but because of their transparency, they made it known to the public, now everyone wants to carry the news that Binance announced themselves?

People even speculated to the extent of saying it will affect the price of bitcoin which I don’t see any relationship between the 2 because the amount in question cannot even cause a decrease of $10 in Bitcoin market talk less of creating a big dump. I wish we can promote more of or good news with full force like the way they promote bad news, anyway, I feel for Binance and God is their strength.

[guoyu78]

Why this news popping up on every section?

Already Binance support said there is no funds from the user will get affect from this they are going to refund all the lost funds so nothing to blow up here any more and they will increase their security to keep their reputation at its best.

The issue is important from security point of view and though no user will be affected by the theft which is very nice of Binance, the security concerns still roam around in the air and this is why people want to talk about it. But it is simply a very patient and clever attack on the exchange getting access to API keys and 2FA of the users with big assets on the exchange.

This thing affects Binance more than the people they stole from, because they already guaranteed investors that their funds are SAFU, which means they are the one losing the entire stolen money, so we should just allow them be, to deal with their problem.

Whatever we say now will not bring solution to their problem, but rather compound it for them, because they don’t need a damaged reputation now, whatever affects Binance will surely affect lots of people and investors. We should focus more on how to continue protecting our own fund and just learn from their mistakes and mistake of the coin holders.

[ykropchik80]

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.

I have been using the CoinsBank platform for several years.
During this time, there were no problems and the theft of my bitcoins
They have in my opinion one of the best security systems
Try it and you will be satisfied with the quality of the transactions
And pay attention, from 9 to 13 June there will be a blockchain cruise
It will discuss various topics in the crypt world, well-known speakers are expected to speak.
Including the topic of security exchanges will be raised
https://coinsbank.com/
https://coinsbank.cruises/

[izanagi narukami]

Let's talk the Logic,

If the Binance where it is the biggest exchange and well known can be hack,
How about ordinary wallet service ?
Is it just a matter of time to happen on us ?

[whotookmycrypto]

Let's talk the Logic,

If the Binance where it is the biggest exchange and well known can be hack,
How about ordinary wallet service ?
Is it just a matter of time to happen on us ?

Personally don't think the regular joe should be that concerned about the risk arising from this.

You need to consider the rewards/effort ratio for hackers. Exchanges are vast stores of crypto so it is certainly worth putting in the effort to steal from them.

Contrast this to regular folks with perhaps just a few BTC within their wallets. Totally not worth the effort on the part of the hackers.

That's how it works in everyday crime too right? Rob bank => lots of effort => tonnes of money. Rob old lady on street => minimal effort => lesser payoff.

Think the best way to avoid a hack on your funds is to avoid being a target to begin with. ie. don't announce to anyone you own crypto. Don't go on social media saying stuff like "I am all in 5k BTC" like some clowns on Reddit. Criminals will track you down LOLz

[TryNinja]

If the Binance where it is the biggest exchange and well known can be hack,
How about ordinary wallet service ?
Is it just a matter of time to happen on us ?

There is no correlation between an exchange hack and any wallet hack. Actually, according to Binance, they weren't really hacked.

The hacker got hold of a bunch of 2FA codes and login information by social engineering their victims (phishing attacks, virus, etc), so there was never an invasion. If you download a fake wallet or fall for a fake "please put your seed to get double BTC" website, then obviously the same will happen to you. That's obvious.

If you have a good OP sec, hardly anything will happen with you. And even if it does, if you have a hardware wallet, everything will be fine. No hack, no coins lost.