Binance hacked. How can this affect altcoin market?

[ivan1975]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

Update:
Some investigation about recent hack Binance from @ProofofResearch:
https://twitter.com/ProofofResearch/status/1126043610787532801
Interesting information for consideration.

Scandalous tweet CZ about ROLLBACK bitcoin network:
https://twitter.com/cz_binance/status/1125996194734399488

[angrybird3591]

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

[tsaroz]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

This would certainly affect the market. Binance is not just an exchange but a symbol of advancement in cryptocurrency exchange. If it's security can be breached, there's no one safe in the cryptosphere. It would certainly affect Binance in the future because it's not just the ID and passwords but also the respective 2FA code stolen.

[CryptoBry]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

This will not have any direct bearing on Bitcoin and altcoins. But this can undermine the trust and confidence for Binance which is supposedly a hack-free operation being the most famous and the most used cryptocurrency exchange platform on the market today. This is just a big testament to the reality that not a single player in this market can be safe from sophisticated and nearly genius hacking intelligence of some people who are using what they got to create mayhem online. Good thing that Binance is able to detect the hacking and the damage is contained...for sure this can not paralyzed Binance.

[libert19]

I think it doesn't affect much. binance will compensate the stolen investors. This will help binance be more interested by investors.

Only hot wallet was compromised, which makes about 2% of all funds. So users funds are safe.

[cabron]

And we though this exchange is stronger than ever, it only means nothing is safe when its online. But the amount is just too few though, 7000 BTC might affect a slight dive but there seem not much.  Though the BNB is being dumped, it would be a good chance to BNB for guaranteed profit.

[pushups44]

The effect on altcoins will be mild and temporary. I think the market has priced in the hack already and Binance insures its customers with a separate fund. Hacks are a norm in the industry given the digital nature of it. Think about robberies and traditional banking. They have not dissuaded people from using the neighborhood bank.

[xenomorphe1]

I think the crypto market has been a little affected by this news. But not everyone is awake to see this news. We should see what the traders are really going to do. I don't know how they can be certain that there was only 7000 lost BTC? How can they be sure that the BTC were withdraw by hackers? Does some people found an anomaly and announce it to Binance? For me, it is a mystery that in one night you immediately can assess the loss. The hackers did use only one computer to access all hacked accounts? Or maybe the hack did occurs since a certain time ago.

[Akpuv]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

It is high time the exchanges started monitoring the activities of their own staff. Some of these reported hackings of the exchanges might be an inside work. In addition, I don't think the binance hacking will have a negative impact on the altcoins.

[TravelMug]

I think the crypto market has been a little affected by this news. But not everyone is awake to see this news. We should see what the traders are really going to do. I don't know how they can be certain that there was only 7000 lost BTC? How can they be sure that the BTC were withdraw by hackers? Does some people found an anomaly and announce it to Binance? For me, it is a mystery that in one night you immediately can assess the loss. The hackers did use only one computer to access all hacked accounts? Or maybe the hack did occurs since a certain time ago.

The price seems not to be affected, whether bitcoin and altcoin because CZ said that they are to covered everything that their customer has lost.

The only effect is that deposits/withdrawals are temporarily halted at this time and we don't know when it will be open to public again.

So no need to panic here and let's continue the growth that we have been witnessing in the last two months or so.

If someone has funds on Binance, then just be patience as I'm sure they will release an official statement when do to go live again.

[Lakai01]

It is high time the exchanges started monitoring the activities of their own staff. Some of these reported hackings of the exchanges might be an inside work. In addition, I don't think the binance hacking will have a negative impact on the altcoins.

I think so, too. An exchange like Binance with massive volume and a massive infrastructure to handle this volume invests a lot of money in securing their infrastructure, too. You wont be able to hack them without in depth knowledge of their network infrastructure and eg. passwords to access certain servers.

[Amalker]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

Bad news, because this BTC will be sold soon on the market and it will affect on BTC price huge. But I am sure that Binance is still #1 and now a good chance to buy BNB for the low price.

[killat]

Ok one thing i dont get from this is :

They are saying that "hackers" got API keys - account logins together with 2FA codes through phishing, malware etc.. OK

Than they are saying that hackers withdraw 7K btc in one transaction from their BTC HOT WALLET ONLY ! What ?!

If hackers got ahold of api keys and account logins there would be numerous transactions where they would have to login or use the API keys to make a shitload of withdrawals etc...
Also users would have complained by now for the missing funds and unuthorized withdrawals etc

If they had access to the hot wallet than the whole hot wallet would have been emptied not only 7K ..

+ a sudden BNB pump in the last month ?

The whole explination is sketchy

[Perie200]

This is very bad news for the entire crypto market. Let's hope that the Director of the exchange will return the funds to its traders and how to explain the situation. Otherwise, it will have a negative impact on the price of cryptocurrency and trust .

[Thanasis]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

Already they explained that no user funds will be affected and also the lost amount is not much big for them so it is not going to affect the market much but I saw that there is a slight dump on the bitcoin prices lately which might occured due to this.

If you are holding your money into any of your exchanges then please move it to a wallet to avoid any losses in future.

[rijaljun]

$7000 BTC were stole and that's a lot of funds. Binance took a right way to use SAFU fund to recover all of loss. This decision is what made the hack didn't give a big impact to the price. They are also supported by Coinbase and QuarkChain in this problem. Nothing to worry!

[GreatArkansas]

A quite huge number of bitcoins. But what I noticed, it didn't trigger the price of Bitcoin when the Hack happened, it didn't dump too hard.
If you convert that amount of Bitcoin, it is around $40m. But the market cap didn't even trigger, it should be a FUD, but the market holds.
This is the transaction of transfer, it is just one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

[ikicha]

7000 BTC or about $45M in bitcoin is a very large number, i dont know why hacker can stole this from binance and transferred in one transaction. I think Altcoin and Bitcoin will be dumping in a week because of this Bad News. But CZ says, all fund are recovery by SAFU fund

[sheenshane]

Binance hacked, hackers steal 7,000 bitcoin: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Will this event affect altcoins?

Bad news, because this BTC will be sold soon on the market and it will affect on BTC price huge. But I am sure that Binance is still #1 and now a good chance to buy BNB for the low price.

It might possible when this huge amount has been withdrawn and converted to fiat it has a big impact on the bitcoin price movement in the market. Well, Binance will recover this tragedy of hacking they are still numbered 1 exchange in cryptocurrency. I think those who have an account on Binace now had grabbed the opportunity to buy more BNB coin because it is now dumped.

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

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

Nothing to worry to the Binance traders.

[jdarren]

Binance said that they are going to repay the lost funds and they responded immediately. I think they did exactly what needs to be done in a timely response. I also found it interesting that one of their compliance firms CipherTrace responded in how the hack may have happened due to a two-factor authentication rather than a three.

 Read it here: https://decryptmedia.com/6930/binance-hack-security-breach