Binance hacked. How can this affect altcoin market?

[Sasha Grey]

Surprised and I immediately open my account in binance and checked the balance, but i am happy because everything is safe and nothing was lost, I hope they immediately make the best security system so that it doesn't happen again.

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[indoagung88]

Sad, why can hacking still occur? And managed to steal over 7000BTC. This kind of thing will make traders and investors will be afraid too. What's wrong and what will be the next action? Make worry for many people if this keeps happening.

[Kiweikoo]

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 don't think it is going to affect altcoins in any way because binance is a big exchange and the money stolen should be nothing to them, they will have to bare the lost and employ more developers that would be able to take the security of the platform serious, though I don't know what part of their platform was hacked, either it was individual accounts or the Blockchain were the coins are kept and I don't think binance would reveal what part of their platform was hacked.

[OptimusPrime_3]

Is there an exchange specifically for just altcoin without Bitcoin on it? We are talking about 7000 Bitcoin you should be referring to every exchange or do I say the Bitcoin price

[ttcsalam]

  Although I had some personal investment but the dollar is still showing. I do not know if I can withdraw my investment, but I think there was a Big Exchange  , so if the investors do not return the investment, then there will be some impact on the market.

[taratorly]

Although I had some personal investment but the dollar is still showing. I do not know if I can withdraw my investment, but I think there was a Big Exchange  , so if the investors do not return the investment, then there will be some impact on the market.

I am sure that they will activate withdraw&deposit soon. Don't worry for your investment. You can take control again soon.

[alexsandria]

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?

What it can affect is the particularly its competitor exchange that is also live in the market, in which, there is a possibility that their traders will going to use the other platforms right now, figuring out that Binance do also have its flaws in the market. In which people feel unsecured right now. Knowing that, they didn't really have their private keys and still trading.

[Lizzylove1]

The cash that was stolen is just $40m and this is negligible to the altcoin market. Besides, the CEO of Tron has pledge to deposit 7,000BTC on binaance in support of CZ to purchase BNB, TRON and BitTorrent. So others stake holders will likely same line. No issues, the hackers are the losers.

[nicster551]

Not only altcoin market but cryptocurrency market as a whole. Once they have announced that they have been hacked, the bitcoin price momentum have been stopped and dump a little bit. Imagine top one exchange that are very secured have been hacked, of course it will caused a lot of FUD in the market overall.

[arnoldrimmer]

I don't think the hack will have any effect on altcoin market but it might affect the exchange as people will be scare to transact with it a but come to think of it, I believe binance is bigger than this and can get over it without it affecting them

[UNOE]

I think that this will affect Bitcoin price in next days, but maybe not that hard at this moment. Cryptocurrency market shows strenght by not having too much dip which actually surprise me a little bit. Have in mind that Bitcoin have huge resistance over head.
"Your keys, your Bitcoin, not your keys, not your Bitcoin." - Andreas Antonopoulos

[Golstrim]

Alts were dumped and I think this decrease to be continued, now I increase my short positions. Also you should take into account Craig can dump btc today, so it is also main factor for dump

[bonker]

Not much effect on the rices for this news other than a slight dump on the bitcoin and all other cryptos prices.

No funds actually lost from users perspective since they already mentioned that everyone will receive their funds.

[SlickMoTwoToe]

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?

Binance was hacked but there is no impact on the price of the coin they have SAFU funds to replace the funds that was stolen, that is was in their hot wallet that was got stolen and not on their exchange so there is nothing to worry but deposit and widrawal is lock at the moment.

[shiming]

The market is still affected, with 7,000 BTCs. This is a lot, but hacking. Can not be sold, this BTC address is estimated to be of concern to many people, expecting the exchange to upgrade security.

[Gheka]

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 don't think it is going to affect altcoins in any way because binance is a big exchange and the money stolen should be nothing to them, they will have to bare the lost and employ more developers that would be able to take the security of the platform serious, though I don't know what part of their platform was hacked, either it was individual accounts or the Blockchain were the coins are kept and I don't think binance would reveal what part of their platform was hacked.

I don't think so, we all know that binance is a reputable exchange, this event may cause damage to them but it is not too big, it even helps them to identify errors in their security, which can help them upgrade the system to a level new high, but this event does not affect them does not mean that it will not affect altcoin as you think. Bitcoin always has a special connection with altcoin, and with such a large amount of bitcoin, hackers can create a lot of problems on altcoin, a big dump is really something that can happen

[hrunya102]

To my surprise, we survived very calmly. It is not absolutely clear what happened there, but Binance and CZ quickly work, well done.

[rjp55]

What a great let down for us that binance got hacked. At least they will pay from their own pockets.

By the way, market seems not to care the hack. I was expecting a dump but didn't happen.

[mrdeposit]

After this news on the main social media pages, I withdrew all my holdings immediately. I don't believe the power of the centralised marketplace or exchange anymore. It can happen again.

[Cnut237]

It may affect BNB negatively, but hasn't done yet. Not sure if they have halted trading whilst they sort out the mess - if so, then BNB may drop once it restarts.
For wider crypto and alts, I would expect that the bad news would have caused a major price drop across all coins. The fact that it hasn't augurs well for continuation of the bullish sentiment that we've had for a couple of months now. If prices can survive a major exchange hack relatively unscathed, then I would expect BTC to push onwards to $6k once things settle down again, and alts to follow with more upwards price movement.