Binance hacked. How can this affect altcoin market?

[khiholangkang]

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.

Sure, there is really nothing to worry about about funding, but what about the security? I think that's more frightening

[Sacramentus]

What do you mean by affecting the altcoin market?  Bitcoin was what the hacker took so you should be talking about general market not just altcoin most especially the Bitcoin market that the hacker may tamper with trying to sell low or something

[Bitbtc8]

I never thought I'd see a day that binance exchange will get hacked but I guess am so wrong ,nothing is impossible to hack it seems ,anyway today I read on news that tron CEO is willing to return 7000 btc to binance to replace the stolen btc even if this doesn't happen 7000btc is not enough to shake whole binance

[IPVPIRL]

What is worse than Binance getting hacked are these noob statements about rolling back the chain. This shows how uneducated and ruthless these people are.

[drumamat]

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?

I think that for the entire crypto market 7000 bitcoins is very small and this amount does not in fact affect the price of bitcoin.The day before yesterday, the capitalization of the crypto market fell by 3 billion and yesterday the market was green.So the price is not affected but the image of the exchange this event will clearly affect.

[mindrust]

As always... Not your keys, not your coins.

The thing which bothers me the most is that CZ is stupid enough to discuss a rollback on the btc network. And he needed to go to Jihan and took his advice to change his mind.

That's pretty fucked up already. Worse than the hack itself imo.

[weidex]

It was about time Binance to be hacked... perhaps now people will finally consider the DEXes  more seriously.... because next time the SAFU fund will not be enough.

[Gemliting]

damn, even exchange like Binance got hacked?
but if exchange compensate with their funds it's not affected much on the market

[Caladonian]

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?

I think that for the entire crypto market 7000 bitcoins is very small and this amount does not in fact affect the price of bitcoin.The day before yesterday, the capitalization of the crypto market fell by 3 billion and yesterday the market was green.So the price is not affected but the image of the exchange this event will clearly affect.

If we will generalized this matter, I will agree with you the whole crypto industry will not be affected that much as the numbers of those hacks btc won't hurt the entire trading volumes of bitcoin, what matters most is the popularity and trust for binance will be at stake, they've been stable and bringing most investors and traders to support the exchange, but with this incident, it will have bad effects for sure, trust will be test for binance team ensuring that everything need to be settled accordingly.

[niisarearning]

Seriously what’s happening it will definitely effect the market for sure . Binance not only the exchange it’s much reputed thing in crypto world I am completely clueless it’s time to take profit.

[Pejoh Asu]

damn, even exchange like Binance got hacked?
but if exchange compensate with their funds it's not affected much on the market

This will always happen and can occur with any exchange, very large data makes anyone want to steal in binance, and I hope they do the level of security and backups at least hourly.

[SwiggHeart]

They said that it just around 2% of their funds so don't worry that this gonna affect altcoin market, and of course, the hackers won't sell it early and wanted to hold like us.

[babicena14]

I can't say I'm surprised, as it has long been known that exchanges are not suitable for storing cryptocurrencies. But Binance this case undermines the credibility of the exchange. I think that this event will not affect the cost of altcoins, the main thing that this was not followed by the collapse of the Bitcoin exchange rate.

[setialovers]

I can't say I'm surprised, as it has long been known that exchanges are not suitable for storing cryptocurrencies. But Binance this case undermines the credibility of the exchange. I think that this event will not affect the cost of altcoins, the main thing that this was not followed by the collapse of the Bitcoin exchange rate.

Binance already make annountcement will recover the loss and not affecting investor funds. I think its good for binance to recover the funds because its can restore investor trust on binance as biggest exchanger. I think it could affect to altcoin price if CZ not mitigating this hacking

[toydoll]

Bad news, but I hope it doesn't affect the market too much. The main thing is not to panic  , and then such news can carry a lot of problems.

[pinoy.bolanon]

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?

The saddest news that i read this morning is the binance hack, and upon seeing the CMC market, everything is going down in terms of its prices, and almost all alts is RED, and i think its a bad indication especially on the part of the traders and this will create fears for them to trust exchange market.

[feryjhie]

with binance hacked the top 10 cryptocurrencies based on CMC got all red, with the highest down around 6.11% which is BNB
and with this problem, i believe that BNB will down around 15$

[EdenHazard]

You can see it now, the price altcoins has been decreasing also unless I saw Tron have an increasing price around 2%. It doesn't matter what coin has been stolen and what exchange being hacked then it will make the price cryptocurrency goes down for the most part. Most of users will do something depend on an information which concerns to cryptocurrency as a whole. That's thing will change the sentiment market and will make some users decide to sell or buy their assets. I'm deploring with this current case, where cryptocurrency users having a confidence to change market situation and this information came suddenly then will make their psychology back down again. If this case never happened maybe the price bitcoin will touch $6000 even higher than that.

[serjent05]

The binance hack would affect certain markets.  The BNB, BTC, Tron and BTT market.  coming from Justin Sun, he is offering a $40 million BTC value to be deposit in Binance exchange to assist the latter in its current situation.

“To support Binance, I will personally deposit 7000 BTC worth USDT (40 million USDT) into Binance to buy BNB, BTC, TRX, & BTT if CZ agrees. No need to FUD! Funds are #SAFU.”

More info here : https://www.ccn.com/tron-justin-sun-btc-hacked-binancen

It seems these  4 market will be pump if CZ agree to Justin Sun's proposal.

[Alpinat]

Of course binance had a different sections for all of their money. I'm sure it will not affect the value of bitcoin because it is mined already and it is circulating the one that will get affected on this is the binance exchange itself because they have the reputation and popularity of title centralize trading platform. I just hope they will get red of hackers in the future.