Binance hacked. How can this affect altcoin market?

[SirLancelot]

It has no direct correlation to the price of altcoins, rather, how people treat the news will either affect altcoins positively or negatively. It has proven that people are triggered to massive sell off in the dawn of such news and that affects the market.

for what reason people have to massively sell their BTC? Binance said that they would cover all losses from their funds and users would not get any hurt. i don't think that something bad will happens with price because of this hack attack

Exactly. The market stays unaffected and I think that Binance has actually proved why it is a best exchange out there. They are covering the loss of the users which is I think great and impressive. This will make them more users in days to come. But of course the concern for security persists and they would be looking to shield the system more to make it inelastic and impartial to any kind of attack like the one that happened.

[MUG1WARA]

binance is a very good exchange and has a perfect level of security, hacking that happens now is 100% not from hackers but there are people in this incident, I also hear if all their funds are safe and they will immediately return some lost funds and of course this alone will not affect the price

[GreatArkansas]

Just an update for the incident happen from Binance.


Readmore: https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

Please take time to read, as CZ (founder of Binance) made an apologize for what he said on the livestream of AMA after the incident, about the rollback of the bitcoin network.

[puremage111]

Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm

Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine

[Jpti]

The hackers should be caught and face punishment and the authorities should not do any delay in this regard. Cryptocurrency is being affected by hackers and scammers. And it is the duty of all of us to make the market clean and discourage fraudsters and hackers. This is not the only case of hacking. Many such incidents have occurred in the past and ways must be sought to curb it.

[Bitfling]

The hackers should be caught and face punishment and the authorities should not do any delay in this regard. Cryptocurrency is being affected by hackers and scammers. And it is the duty of all of us to make the market clean and discourage fraudsters and hackers. This is not the only case of hacking. Many such incidents have occurred in the past and ways must be sought to curb it.

I think its hard to identify whos the owner of bitcoin wallet because its anonymous. I am agree that with more hacking activity, investor must be aware about security system on exchanger or wallet because its about security of funds or assets. But i am believe exchangers team always improve their security to prevent hacking activity again in the future

[motienvolam]

Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)

Some exchanges support Binance and crypto market by claiming to frozen all bitcoin deposits from hacked addresses. Furthermore, downward movements of market (altcoins) don't come from Binance Hack, they mainly come from the end of the wave of Bitcoin. After long journey from below $5000 to above $6000, bitcoin has to be considerably corrected. We will soon see such deeply correction in coming days, and when it occur altcoins as well as general crypto market will be affected.

[jcarlo]

Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm

Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine

Indeed, CZ recover all investor funds and i think its good for binance reputation. I am agree as long the coin not dumped in exchanger, everything is fine and not affected to altcoin price. Bitcoin price recently reach $6300 after hacking and i think this hacking not affecting on the price

[Kpelumo]

I do not know why people think that binance hack will have effect on altcoins. Binance is not the only exchange where altcoins are traded and as such, the hack should not be a case.

[HBBZ]

It had to happen. I always say to everyone "no king rules forever." I think this should affect the entire market, but most of all for the exchange itself.

[Vishnu.Reang]

Whenever an exchange gets hacked, it is going to impact the alts more than BTC.

The reason is that altcoin holders tend to hold their coins in exchange wallets, while the Bitcoin holders seldom do so (since online wallets are not available for all the coins). And we need to remember that Binance is an exchange which is primarily considered as a market for the altcoins and tokens.

The coin that is going to be the most affected will be Binance Coin. But the other alts such as TRX, EOS, WAVES and XRP will also be affected, although at a smaller scale.

[burky156]

That was big surprise for me when i heard the binance hacking. The binance has billion of dollar daily volume and as far as i know it is the biggest cryptocurrency exchange. If some scammers could brake their website i would make great unhappines and i believe the Binance lost some trusts with this unpleasant situation. And also i am aware that the BNB coin is loosiing value in last 1 week..

[Nuxxorcoin]

It didn't have much effect as seen on the market. Bitcoin continued to increase. Such events are commonplace for a technology that uses the Internet infrastructure. In order to prevent them, it is necessary to work harder in the long term.

[Helpme_please]

It didn't have much effect as seen on the market. Bitcoin continued to increase. Such events are commonplace for a technology that uses the Internet infrastructure. In order to prevent them, it is necessary to work harder in the long term.

investors don't care anymore about binance hacking.they prefer focus on fidelity news that will provide their services in couple weeks.after several time exchanges hacked investors get alot important lesson, they not panic at all now.

[sumangs]

Lol! Are those Binance bandwagons still believing that a list of an altcoin there will surely give them a pump? An old joke from long ago but it is the altcoin itself and not the Binance's blessing. Would those still using it after that 7000 Bitcoins stolen, wouldn't they? Ask for yourself again. Binance is just a highly protected exchange that is why it is popular but that thing they praise for had been ended few days ago. So what now dawgs?!

This surely affect both the market and the community and for sure that volume of bitcoins on Binance will surely decrease and its reputation on the community will also do decrease. An opinion from a former bandwagon. Okex is much better exchange tho.

[raven7886]

Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange

You are right, it will absolutely have no effect on the market but will only make people loose complete trust in the system of Binance, as big as they are, I believe they will be using highly professional security engineers to guard against any form of hacking, just like bank does, how the hackers now managed to enter into them is what is really a debatable one.

Anyway, that one is past already, we are already going about our normal businesses, it has even helped majority of us who is found of storing our coin on exchanges to quickly transfer it to a more secured wallet, and I mean wallets where we can have our private keys.

[cryptobae10]

It can’t have a significant effect because just 7000 btc was moved and it’s too low to shake the total cap of the crypto market

It will also give nerves to investor about where is safe to trade

[marjil]

Binance was one of the safest and best exchanges. If it was able to get hacked this means that there are other less good exchanges that might get hacked as well. This is not good news for crypto but the prices of coins has gone up a lot since the hack.

[Galantin]

Judging by the fact that Bitcoin has grown to $ 6400 in the market, this is not reflected in any way. I thought the pace would slow down. And we will see bitcoin around $ 6000. But it is clear that the bull will not stop the theft of 7,000 bitcoins. Good sign for investors.

But I still see the problem. Do not leave the day on the exchange.

[LUCKMCFLY]

The fact that they have hacked Binance will not have any impact on the market, that works just as much as you have money in a bank and close it, there are many more banks that can offer you the same service that you were previously.

If they hacked Binance it is because they were doing something wrong, and they can not offer security to an Exchange that is allowed to hack, they failed in security, which in my opinion is unforgivable.

Therefore I do not think it has an impact on the market, in fact, if those stolen Bitcoins are massively sold, it will easily be bought by an operator that wants to buy at that price level and the accumulation stage is shortened, so the impact that can have is almost null, in fact, bitcoin is increasing in price.

In Bitcoin's speculative market, the biggest impact is the operations that are generated by the movements of the market, that's where the reasons for impact must be studied.