Binance hacked. 7000 BTC stolen.

[bitcon]

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.

As we see, even the safest exchange is not secure as well as all the deals online. We never know what can happen the next time. Over 7000 BTC was stolen this time, and people suffered. better do not keep your crypto on exchanges.

[Yaunfitda]

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.

As we see, even the safest exchange is not secure as well as all the deals online. We never know what can happen the next time. Over 7000 BTC was stolen this time, and people suffered. better do not keep your crypto on exchanges.

We should know by now that there are no safe exchanges. Hackers will strike anywhere, whenever they feel like to so that is out of the question.

That's why we also tell newbies that to be safe, keep your coins wherein you have total control of. At least in a event of a hack on exchanges, you will not be affected. Although Binance has calm their account holders that the money will be returned, but how about those exchanges who don't have SAFU?

[voltesbit777]

I like this part of the message: "Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges."

This is just a great message to still promote Binance over other exchanges out there. The security of the exchanges might seems to be one step behind compared to those hackers out there. This might be one of the reasons why some governments so not promote cryptocurrency, for security reasons.

[Pattart]

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.

As we see, even the safest exchange is not secure as well as all the deals online. We never know what can happen the next time. Over 7000 BTC was stolen this time, and people suffered. better do not keep your crypto on exchanges.

Luckily it didn't have a bad effect on the market, because news about hacking like in bitfinex and mt gox, made the market fall very deep, but at this time the price rose very high. strange.

Yeah, every centralized exchange does have such a risk, even if they are big sites thought. they still have the possibility to be hacked. you right, the tips don't keep all your money exchange mate

[maldini]

Huge haul by hackers and this once again highlights the wisdom of the "not your keys not your crypto" saying.

Thankfully in this incident, Binance has stated they will cover all losses.

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

The binance statement is very good, this big exchange is responsible for all their carelessness and this is sometimes not owned by other exchanges. Binance is a professional exchange, when there is a problem they are able to provide a solution so that the users stay afloat.
I'm sure that after this, binance will be increasingly strong in terms of security, so there's no need to worry even though I don't guarantee it.

Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges.

This is an effective suggestion for Binance users, but for those who trade every day it will be quite difficult not to leave the funds financed because they trade. As I said above, this is a hard blow for binance to improve security and I'm sure binance will improve this for the better.

[OrangeSeller]

Huge haul by hackers and this once again highlights the wisdom of the "not your keys not your crypto" saying.

Thankfully in this incident, Binance has stated they will cover all losses.

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

Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges.

Stay safe.

For more information on staying safe while using exchanges see: https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/

Sources:
https://twitter.com/cz_binance/status/1125907214256836608
https://binance.zendesk.com/hc/en-us/articles/360028031711

This had been what have is trending for the past few days, everybody is wondering how to biggest and most secured exchange in the world could be hacked and 7000 btc stolen without them figuring out until the deed as been done. This really speaks bad of the crypto space because a lot of persons who wants to come onboard and here this kind of news would love to withdraw immediately in order not to end up losing his/her funds to scammers, I think exchanges need to take the security of their platforms seriously.

[fullhdpixel]

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.

That would even be the wrongest excuse they can make for what happened through their system, it would even have been better that they were hacked because that one is understandable, because it  is usually a battle between 2 solid hackers.

Those who are also protecting the system are hackers, but just that they are legalized hackers to look for every loop holes that the bad hackers can use to manipulate the system, but to say they got access to 2FA codes and login information, that is absolutely going to be the biggest mistake from them, and if the fault is from the victims, why are they promising them that their fund is “SAFU”

[joshy23]

I like this part of the message: "Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges."

This is just a great message to still promote Binance over other exchanges out there. The security of the exchanges might seems to be one step behind compared to those hackers out there. This might be one of the reasons why some governments so not promote cryptocurrency, for security reasons.

Cases like this really brings doubts with government as they see negative impacts of this system if hackers can penetrate and hacked the exchange
security, it's needs to be updated and bring good news to the entire community, solutions will be the turning factors if they can provide good management
for this cases.

[Cosbycoin]

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 ?

Certainly. This is the point of concern and it should be the point of concern for every exchange out there to make sure they have a great security system. Binance has made great money and was able to recover from the loss but I doubt for any other exchange to do so. So what needs to be done right now is to make the security system much stronger and only then a crypto user would be satisfied.

[freedomgo]

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 ?

Certainly. This is the point of concern and it should be the point of concern for every exchange out there to make sure they have a great security system. Binance has made great money and was able to recover from the loss but I doubt for any other exchange to do so. So what needs to be done right now is to make the security system much stronger and only then a crypto user would be satisfied.

All exchanges are vulnerable to hacking, we already know this, what we need as users is the assurance that our money will be recovered in the event a hacking incident will happen. They need to ensure us that, and they have to find ways to ensured the money that are in their exchange circulating.

I am talking of an insurance policy here wherein a certain exchange will have to add as part of their strategy to secure the money from hack.
It could be costly on their part, but this helps to lower the risk.

[GregH37]

I like this part of the message: "Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges."

This is just a great message to still promote Binance over other exchanges out there. The security of the exchanges might seems to be one step behind compared to those hackers out there. This might be one of the reasons why some governments so not promote cryptocurrency, for security reasons.

That is why I would not really blame Binance but those stubborn investors who left their coin on the exchange wallet, because even CZ quoted and advised that no one should store coin on an exchange including his.

Everyone knows that a public or general wallet cannot really guarantee the safety or security of one’s investment, so having a wallet that we can have a private key to is still the safest, provided we keep the private key too safe, and I also agree with you that it is one of the reason why government are not completely comfortable with cryptocurrency even though some of them are secretly participating too and taking profit.

[Kiweikoo]

[im g]https://i.imgur.com/0GaONhG.png[/img]

Huge haul by hackers and this once again highlights the wisdom of the "not your keys not your crypto" saying.

Thankfully in this incident, Binance has stated they will cover all losses.

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

Exchanges are vast stores of crypto so are natural targets by hackers. Don't ever leave your funds on there. If an exchange like Binance can be hacked, it speaks volumes about the ability of hackers to penetrate other exchanges.

Stay safe.

For more information on staying safe while using exchanges see: https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/

Sources:
https://twitter.com/cz_binance/status/1125907214256836608
https://binance.zendesk.com/hc/en-us/articles/360028031711

This had been what have is trending for the past few days, everybody is wondering how to biggest and most secured exchange in the world could be hacked and 7000 btc stolen without them figuring out until the deed as been done. This really speaks bad of the crypto space because a lot of persons who wants to come onboard and here this kind of news would love to withdraw immediately in order not to end up losing his/her funds to scammers, I think exchanges need to take the security of their platforms seriously.

It is very possible for the sharp hackers to hack after doing some homework. I think that Binance badly needs to improve its security system like Pentagon’s security system which is I think could not be hacked. But the market is not really affected by the hack of Binance because we are still getting the rise in the value of Bitcoin and to be honest, more and more people are speculating.

[Kemarit]

Ok, as per CZ's tweet they have started testing trading now. So let's see how it goes. I'm pretty sure that prior to going on production, they have implemented much tougher security. They've learned a valuable lesson's from the hack and that is why Binance remains that top exchange because they improved things around their exchanges. Unlike those exchanges that have been hacked before, they usually closed, and didn't refund their customers.

[pundit]

Its a bit hard to believe that exchange like Binance can be hacked for such a huge amount. Good thing amount such big exchanges are that they keep their customer on priority so no user funds will be affected. Binance has resumed deposit and withdrawal of funds after one week. All users must use 2FA security and should keep safe from telegram channels which assure you to return more ETH or BTC if you deposit some of the coins there. Sharing your wallet information on any unknown weblink may lead hackers to hack all your funds, be safe all the time, keep your funds in different wallets instead of keeping it in a single wallet.

[beerlover]

Do we know exactly how it was stolen? Like the way they stole it, I am pretty sure binance is either working on covering that loophole or covered it already. If they haven't found how or at least haven't fixed it then they can keep it a secret of course so same thing wouldn't happen but if they have fixed it I would really love to learn how they hacked something as big as binance.

These hackers are trying every single possible way to hack binance and binance is trying to protect themselves all the time. I don't know how long it could stand, today it was 7 thousand bitcoins, maybe tomorrow it will be 70k bitcoins ? Who knows. As long as hackers keep trying millions of times every single day there is absolutely no way of knowing if binance will be hacked or not again, I am betting at least once more and possible even more if they continue to operate.

[exstasie]

Do we know exactly how it was stolen? Like the way they stole it, I am pretty sure binance is either working on covering that loophole or covered it already. If they haven't found how or at least haven't fixed it then they can keep it a secret of course so same thing wouldn't happen but if they have fixed it I would really love to learn how they hacked something as big as binance.

They still haven't released many details. I'm not sure they ever will.

I read some of the CEO's tweets and he suggested none of their servers were hacked. He said the reason everyone is urged to update passwords/2FA/API keys is because this was a matter of individuals getting their accounts hacked. They have no idea how many accounts are still compromised by the hackers.

I don't know how long it could stand, today it was 7 thousand bitcoins, maybe tomorrow it will be 70k bitcoins ?

I think only an inside job could cause that. They said they keep around 98% in cold storage. Hopefully they have good multi-sig cold storage practices.

[BlueStackz]

Ok, as per CZ's tweet they have started testing trading now. So let's see how it goes. I'm pretty sure that prior to going on production, they have implemented much tougher security. They've learned a valuable lesson's from the hack and that is why Binance remains that top exchange because they improved things around their exchanges. Unlike those exchanges that have been hacked before, they usually closed, and didn't refund their customers.

They really need to change their security expert; any security expert that is a guru should be able to think out of box, thinking out of box in the sense that, he should be smart enough to know every loop holes that a hacker can use to break the system down.

If they had used a better security expert, it is not now that a hacker should be showing them where the security bridge is for them to start learning on how to fix them. I just hope that this time around, they have no loopholes left for these hackers to take advantage of again, otherwise, if this befalls them second time, they might lose their reputation completely.

[neonshium]

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 ?

Certainly. This is the point of concern and it should be the point of concern for every exchange out there to make sure they have a great security system. Binance has made great money and was able to recover from the loss but I doubt for any other exchange to do so. So what needs to be done right now is to make the security system much stronger and only then a crypto user would be satisfied.

All exchanges are vulnerable to hacking, we already know this, what we need as users is the assurance that our money will be recovered in the event a hacking incident will happen. They need to ensure us that, and they have to find ways to ensured the money that are in their exchange circulating.

I am talking of an insurance policy here wherein a certain exchange will have to add as part of their strategy to secure the money from hack.
It could be costly on their part, but this helps to lower the risk.

That is true. Not just Bitcoin but every exchange/website could be hacked because it is rather a gamble of coding and decoding. But the best part of Binance is that they announced on the spot that they will cover the loss which kind of kept the trust restored. But this is alarming no doubt and they would have worked a lot over their security. The rest of the exchange need to be fully prepared to counter such hacks.

[Vishnu.Reang]

After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.

Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.

[LeGaulois]

After what happened with Cryptopia, I am getting really nervous in keeping any of the cryptocurrencies in exchanges. The problem is that they never tell us the truth. Look what Cryptopia did. At first, they claimed that the losses are not as large as expected, and they will be resuming the operations very soon. They even started trading for some pairs. And then all of a sudden, the site has closed down.

Now how can we be sure about Binance? These guys are also saying that the exchange will not close down. But still no external audit has been done on how much they lost during the recent hack.

Perhaps because cryptopia has been hacked twice the same week. The site has lost 10% of its assets, which is far too much for an exchange like cryptopia. A liquidation and closing the company is often decided by a justice court not the company itself. Just to say that finally Cryptopia didn't have the choice to close the doors

7000BTC is not a big drama for a site like Binance, it will absorb the loss quickly