Binance lost $40.7 million to hackers, which exchange is next!!!

[mindrust]

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.

Talks about the rollback and ways to do it:
https://www.pscp.tv/w/1mrGmvjpbqBJy
https://twitter.com/CoinSpice/status/1125979761728049152

Says he doesn't want it here.
https://mobile.twitter.com/cz_binance/status/1125996199041830912?s=19

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.

Lol

https://www.reddit.com/r/CryptoCurrency/comments/blyjsd/the_hack_may_be_worse_than_binance_is_letting_on/

[TimeBits]

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.

Talks about the rollback and ways to do it:
https://www.pscp.tv/w/1mrGmvjpbqBJy

Says he doesn't want it here.
https://mobile.twitter.com/cz_binance/status/1125996199041830912?s=19

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.

Lol

https://www.reddit.com/r/CryptoCurrency/comments/blyjsd/the_hack_may_be_worse_than_binance_is_letting_on/

If they lost the 7k btc, they lost the funds.

[dothebeats]

Eh, one does not claim that their platform is safe when they just got hacked $40M worth of holdings. Binance is a good platform up until this point, don't get me wrong, but the recent actions of CZ, especially his statement regarding the hack suggests otherwise. Personally I would avoid trading and using the said platform in the meantime to avoid loss of funds.

Lastly, I don't support the rollback, as any sane person who knows how everything works in bitcoin would also do.

[scambust]

Even if the exchange was hacked for 1 BTC, this doesn't look good from security perspective. I think too much automation lead to too much loopholes to exploit. Maybe they should use Bitmex's model of withdrawals only once a day.

[TimeBits]

You know what is another cool thing about p2p trading, no fees other than what you pay the miners in tx.

[jseverson]

Would you just stop spreading this issue?you are not helping the market stupid by sharing same topic all over the place

40$ million is just a small amount for a big exchange like binance,so ths question is why need the hacker take this small amount when they are capable of taking more?lol this is just nothing but another bad issue to discourage investors to continue supporting the market

So we're meant to close our eyes and cover our ears? Sure this is bad for the market, but this also invites other exchanges to step their game up. If one of the largest exchanges could be hacked, then you can't trust any of them with your money. They have to find a way to change that.

If you want to find the bright side to this story, it's that Binance promised that user funds won't be affected. I won't trust them or any other exchange with my money, but kudos to them.

[leo99]

why did hackers need BTC, how do they cash it?

[TimeBits]

why did hackers need BTC, how do they cash it?

They cash it by something called money laundering. Let`s say I hack a exchange and get 7000 bitcoin, I could used a mixer and donate to myself on my stream or a friends stream, I could send it to 1000`s of streamers. Are you going to interrogate each one of them for receiving a donation? Now I the streamer cash out my btc into fiat or get someone else to do it on local bitcoins. They needed the btc because they see it is easier to steal than earn, the banks/governments do the same thing with interest and tax and laws, for example here in Canada only they are allowed to sell the booze and weed GANGSTER THUGS!

this is a streamer https://www.ccn.com/twitch-streamer-receives-a-donation-of-20-bitcoins-while-playing-runescape someone who plays games or makes videos on a live stream.
https://www.youtube.com/watch?v=qDzF7oAeaPA 1.7 btc donation
https://www.youtube.com/watch?v=SDUKB4NWMdM  4btc donation then like 4 and 4 and 4 $73K
https://www.youtube.com/watch?v=FmHAlUnfXRY my fav bitcoin alert

also those beggers you see on all the btc gambling sites and on twitter, they could be used as mixers 

[erikalui]

How did the hackers get access to 2FA and even the API keys? This sounds so unreal especially for an exchange like Binance that has been the top most exchange and I wanted to trade few of my coins there. Now if this exchange also can hacked that means all other exchanges are just small fishes and there won't be any exchange left then.

Glad that they are willing to reimburse the customers but like Cryptopia, this is also going to take months and till then users will be stranded. Why do these exchanges act like they are doing a favor on users by paying them back? It's their duty to do so.

[talkbitcoin]

once again another centralized exchange proves that they are all incompetence when it comes to security and they will eventually leak your data and your money to hackers and many of them will scam you themselves by stealing your money and calling it a "hack".
it was last week that i was telling everyone that they shouldn't trust an exchange just because it is popular and has high volume.

[Apes]

Exchange security developers obviously have to do something, if this is not resolved soon, I am sure the hacker will break through another exchange security system. the security system in exchange must be monitored and audited frequently so the vulnerable bugs cannot be exploited by hackers.
I think all crypto currency exchange developers must work together and share information globally to fight hackers.

[klaaas]

Binance can cover this loss for these users but i fear for the moments the smaller exchanges get hit by these abuses and cant do such things. Never hold large amounts on any exchange is still the way to go.

[hungsanh2512]

A sad day with Binance because the amount of 40.7 million dollars is a huge amount. I hope that it doesn't make the market fall too much. At any time, the exchanges are always the target of pursuit and Hackers attack. Therefore, trading floors must always improve their security level to reduce risks. This is also a decisive factor for investors' ability to invest because they will fear and fear to lose your money.

[Pursuer]

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.

Talks about the rollback and ways to do it:
https://www.pscp.tv/w/1mrGmvjpbqBJy

Says he doesn't want it here.
https://mobile.twitter.com/cz_binance/status/1125996199041830912?s=19

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.

Lol

https://www.reddit.com/r/CryptoCurrency/comments/blyjsd/the_hack_may_be_worse_than_binance_is_letting_on/

that is the stupidest thing that I have ever heard and that only proves that despite all the bullshit that they have been saying about bitcoin and showing themselves as "supporters of it" and "experts" they have no idea how bitcoin works.
bitcoin is not some shitcoin that THEY can request rollback every time THEY messed up. they have to accept their stupidity and start thinking of ways to pay back their customers.

[uray]

The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.
Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I believe there is more going on. He is not ready to tell us, yet.
Lol

Looks like CZ has lost his mind even though he is trying hard to play it cool to come up with a decision for a roll back  . He is a hiding the real loss and still playing cool in public that it is not a big deal which is really silly, it might be potato chips for binance and we have seen some chips breaking in the past after playing cool. To come up with a decision for a roll back, he might be really crazy to think that the entire community will accept that because CZ said so  .

[eternalgloom]

It's at times like these that I'm extremely glad that I never keep any coins at exchanges, not even for a day or so.
I mean, it could definitely be the case that they're just revealing the tip of the iceberg and that the hack is much more severe.

I definitely wouldn't be surprised if they come out in a couple of days, mentioning that their cold storage has been compromised.

[Alpinat]

Of course they will claim they are safe because they are one of the biggest exchange in the crypto world. We should just hope for the best of the said trading platform because it also have impact on the value of bitcoin at least a little bit. We should support their statements cause that is for our own good I guess.

[DoublerHunter]

A sad day with Binance because the amount of 40.7 million dollars is a huge amount. I hope that it doesn't make the market fall too much. At any time, the exchanges are always the target of pursuit and Hackers attack. Therefore, trading floors must always improve their security level to reduce risks. This is also a decisive factor for investors' ability to invest because they will fear and fear to lose your money.

That is very sad, Binance has very well known exchange and one of the big crypto exchange. There is a possibility that the hackers are aiming already their intentions to hack and waiting for the opportunity to grab. Even how strong putting security level on the exchange but hackers now are getting smarter day by day.

Only 2% had lost on Binance but on us, that is a huge amount. So, they have a lot of bitcoin on their hot and cold wallet. We should not put a huge amount on exchange we should have a control to our savings wallet, not on exchange.

[NeuroticFish]

CZ actually discussed the possibility of a rollback on the bitcoin network which he later denied.
[snip]
The thing is he actually discussed the idea with Jihan and only then he changed his mind. He is desperate.

Which makes me think, the lost funds may not be 7k btc only. If he can discuss a crazy idea like a rollback, I don't think it is just 7k. 7k coins is only $40m. It is potato chips for binance.

I've read that he discussed that (with more than only Jihan) and changed his mind. I don't know how he thought he could fork Bitcoin only to cover his mistake (although his mistake may affect the price temporarily).
But as you said, 7k is nothing for Binance and only a flea bite in the price charts.

On the other hand, the conclusion that it may be more than "just" 7k BTC missing is interesting/scary. Then the effect could be (much?) bigger. I hope CZ is not hiding too much info.

[TimeBits]

Oh I missed something in the title, The next one is Bittrex.