Binance hacked. How can this affect altcoin market?

[joshy23]

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.

Because it's not enough to move or to create any huge impact around this market, it's just doing nothing inside, binance already doing it's very best to make sure that their business will not be ruined by this hacked news but just to continue working with the security of their platform.

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[sulis sudibyo]

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

I think, what binance is doing now is right. they will return the lost funds, I like that. but if it's about the impact caused by the 7000 btc missing, I don't think it will affect the market. You know the daily volume of BTC is bigger than that so don't worry.

[xrpholder1982]

This whole fiasco shines a light on how centralized and how terrible the governance is in the BTC community.  The possibility of a "re-org" and rolling back a transaction is in itself disastrous to BTC long-term.  The fact that Lubin would even entertain a discussion of this being a possibility severely cuts at the trust of immutability. 

When (not if) BTC falls from its top position using the flawed market cap #'s will it still be called the "altcoin market"? 

[forexandcryptoauditor]

As per the statement from Binance CEO, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings. And there was no impact to users wallets. So dont think users have lost anything.
The thing we have to see here in this case is that hackers also got google authentication codes to withdraw this massive mount of  $40 million. How its possible? Binance is always emphasizing on its security and presenting it to users to increase the confidence.
As a workaround and further investigation, now Binance has stopped deposits and withdrawls but we need to be very careful storing our assets with single exchange.

[Terrmit]

In any case, the hacks of major exchanges show us that the system is not flawless. And ultimately, hackers attack exchanges. Binans can afford that. But what about the other exchanges?

[The Cryptovator]

I don't think it will effect much on others alt coins. But seems Binance (BNB) coin dump hard after hacked exchange. As usual altcoins already dumped due to bitcoin up trend, so I have not noticed any big effects on others coins. This is(hacked amount) big for binance, but its not very big amount for total crypto markets. However, this is negative impact for binance, not for overall crypto markets. So we should not think too much about it.  

[traderethereum]

The market still going on and I think that does not give a big effect to the other market especially for the altcoin market.
Besides that, I think traders are not panic too because they are sure that binance can handle the problem and all the traders need to do is stay focus on their trade to make more profit.
We only hope that in the future, binance can secure their website so that the problem will not happen again in the future.

[joinfree]

The inevitable has now happened now i guess no cryptocurrency exchange is secured enough. CZ has been boasting that "Funds are SAFU"  . Not to say that i am happy about this incident but in this industry don't really make news about yourself because as the attention is being drawn to you so are the dangers of hacking also getting closed to your doorsteps.

The market has already started declining due to this issue and altcoins are bleeding real bad!

[baigreen]

Any hacking has a negative effect. The fact is that people do not like to learn that the most protected exchanges are falling under the attack of hackers. Undoubtedly, this will slow down the growth of Bitcoin for some time.

[evenotto]

 I think the effect will not be very significant, the price will not collapse.
BNB token was able to withstand the negative pressure, and Bitcoin is also not very bad at this moment

[macshad]

The impact on altcoins will be gentle and transitory. I think the market has estimated in the hack as of now and Binance safeguards its clients with a different reserve. Hacks are a standard in the business given its advanced idea. Consider burglaries and customary banking. They have not deterred individuals from utilizing the area bank.

[Jenkins33]

I do not believe that such a cool stock exchange is so easy to hack. Perhaps a ban on withdrawal and deposit of funds is connected with something else that we are not told about yet.
However, I began to worry about my funds on this exchange.

[tabas]

If most of the pairs in the market is with BNB, I'm sure that it had took an effect in the market. But by looking at the market again, looks like there's not much effect because BNB still stands by $20 and the whole market cap is still standing to $187B.

[aylabadia05]

Hopefully that doesn't affect the altcoint. This is the latest case of theft in the case of reporting that occurs in the worldwide cryptocurrency exchange.
Worse yet, Binance himself admitted the hackers were able to get important user information, such as API keys, two-factor authentication codes, and other potential information, needed to enter the Binance account.

[qmclak]

No , Because binance covered all the loses from SAFU. Unlike the other exchange that got hacked and they don't do anything at all like bancoor, cryptopia, coinrail, bitgrail.Atleast binance stand still.

[Moore234]

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

[waynechong1995]

That's alot of money and I believe binance will eventually come out with a different security measure for its user to prevent such cases. Yes it doesn't tension the alt investors cause their assets simply too sensitive. Look at binance itself it doesn't suffer too much drop but rather an 1 hour recovery. Investor would look at a bigger picture though

[Ghost_1957]

I think it won't affect much. The news is hacked but the BTC still touches the $ 6000 mark. Or this is just a trick for binance to be trusted to invest in, which affects crypto

[shesheboy]

I think it won't affect much. The news is hacked but the BTC still touches the $ 6000 mark.

I heard that btc's have been recovered  ? That maybe the reason on why btc still continue's to increase . i also heard that binance users didnt lost their funds in which  i think this still gives them a confidence to trust and continue using binance  . that is another reason on why the btc and the crypto market still continue to increase . however i think the hacking incident will leave a trauma to some users and they will start to think that its not safe to store their funds on an online exchange  .

Or this is just a trick for binance to be trusted to invest in, which affects crypto

If that is true then that is a good idea to attract more crypro investors to hope in and join the ride  .  this can lead to more price hike in the upcoming days , weeks .

[ccsang]

They are going to recover the losses using SAFU. but a top exchange like binance hacked news caused a lot of tension to the investors. Investors believed in the securities of the exchange keep funds in them. I just hope it won't happen again.

Look like cryptocurrency market don't affected at all and market is stable right now, BTC price is continues rising. I think main reason is binance announcement that SAFU fund for recovering the loss of $40 million for users, most important is binance is top cryptocurrency exchange and investors have confidence in it.