Binance hacked. How can this affect altcoin market?

[bangkecol]

7,000 bitcoin stolen ? Wow, it is a big amount of money.
I think the market will get impact of this incident.Hopefully not significant.

[pushups44]

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.

Binance has always avoided this type of news, so it was bound to happen eventually. These hacks happen with regularity and should be priced in by investors. I think if Binance had been unable to make investors whole the market would have plunged. That Binance will cover investor losses speaks to its legitimacy.

[zgrdyg]

It seems markets didn't affect which is a surprise. A good one actually. But i wouldn't trade before binance let withdrawals again.

[awakpane]

In my opinion, this is bad news if Binance is hacked. because Binance is one of the biggest markets. with events like this, a large possibility will have a negative impact on the altcoin market. Hopefully, Binance can find a solution after the problem has befallen them.

[rarkenin]

Hmm, maybe Bitcoin SV CEO Mr Fake Satoshi has a fingerprint on this hacking news? I don't think it just happened with coincidence. Running a big exchange requires to manage a huge team but this team failed to keep everythin under control.

[BitcoinPanther]

I think it has little impact in altcoin market.  CZ is smart enough to setup SAFU that will cover the fund of exchange depositor if hack like this happen.  It is clear that all the fund is safe and sooner or later, Binance operation will resume.  As of the Hacked BTC, I think it wont be move soon probably hacker will wait until the issue cools down and dump it to the market.  So we  won't be seeing any effect of the hacked BTC being sold.

[iconoclast]

The effects, if any, will be short term and quickly forgotten. We have seen lots of big hacks in the past and they only knocked down prices in the short term and after a week or so everything was back to normal. The only people who will suffer long term are those that had their money taken. If they continue to invest they will likely not keep their investment on a exchange. But the rest will learn nothing from it and will continue to keep their money on exchanges where they can be hacked and stolen.

[masulum]

hacking against the exchange will have a varied effect. if the target of hacking from a large exchange such as binance, of course this will have the effect of fearing the users. They feel that investing in the crypto market is not safe. But, this effect will be forgotten as Iconoclast says.

[Fundalini]

Apparently, CZ's safu will have enough funds to cover for all the lost bitcoin. Affected users can resume their activities normally. TBH, the sharp decline of BNB when that happened was kinda expected. However the way CZ handled the situation was nothing but excellent hence we see that the market isn't affected much.

[Eraldo Coil]

Exchange sites getting hacked does not effect the altcoin market in many ways. I think it would only affect the exchange site itself probably the customers will have trust issues with the site especially when the exchange sites does not compensate with the people's loss. Exchange sites getting hacked is one of the things that we should become wary of to be honest.

[sandra_x]

It seem no one is really safe from hackers as long as they are hosted online, The hack is unlikely to affect the market, although it is huge but it is unlikely to adversely affect binance operation or the market in general

[chocopapaya]

It is troubling, Binance is known for being secure and reliable.
I guess in the end, if a hacker is gonna hack, they will find a way.
Kind of like in airport security.
Even with all these security measures, if someone wants to hijack a plane, they will find a way around it.

Interestingly, the market hasn't really been affected that much.
Yes, it is down, but btc hasn't changed too much.
BNB got hit hard, but it has been pumping a lot so correction is natural.

The good side is, binance is still a shining example on how to deal with stuff like this.
They are transparent, traders will be reimbursed, and they responded quickly.

[tspmhack6]

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?

After having this information, we all see the price of all coins almost unchanged. Only the price of BNB is the highest reduction of 8%. However it is gradually recovering. That proves that investors are very confident in Binance. Enter Binance's team and short-term resilience.
And I'm also an investor on BNB so I believe it will return right this week

[ivan1975]

Or maybe there was no hacker? All this performance is played out in front of us.
A CZ is a good good director, pulling the strings.
Who knows the whole thing.

[meldrio1]

well the prices of altcoins are in stable and also bitcoin, it doesn't affect the market and as you can see bitcoin is slowly increasing, seems bitcoin trying to reach $6000.

[StatesManG]

I don't think that will only affect the Altcoin market but the entire market at large. Maybe but that's not certain

[ivan1975]

Just interesting reading about this hack: https://twitter.com/ProofofResearch/status/1126043610787532801
Not everything is so clean in the kingdom of the CZ.

[masterrex]

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?

Thats a sad news but i think Binance can still handle the present situation, My IT Engineer friend was told me that no such thing as safe in the Internet everything has subjected to any vulnerabilities thats why its better check the security from time to time. and Binance this time was the new victim.

[spadormie]

Actually it does not. A scenario that is less expected on my part. Since, when there is an exchange that is hacked, the price of different coins especially bitcoin is going down. Unlike this one, 7000 BTC was stolen but the price did not go down IDK why.

[MOProgress]

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 will have much effect, because the coin hacked is not altcoin, the effect would have been severe if it was Ethereum that was hacked.