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

[Slow death]

Edit: CZ talking about roll back and it looks like the loss is much bigger to make him so desperate, they confirmed a loss of $40 million dollars and yet claiming that they are safe  .

I do not know anything about this rollback, but if there's something that every mining community can do to stop these scammers from using those stolen bitcoins then I think the miners should use everything they have to stop those thugs from using those bitcoins stolen

Something that people are not realizing or do not want to realize:

If there is no way to reverse thefts like these, then governments will hardly accept cryptos.

It is necessary to show some kind of power to stop these scammers, and it is necessary to take very harsh measures to punish these scammers.

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

Are you suggesting that people should bow to these fucking scammers?

People have rights to create centralized exchange, and they should not be afraid of these fucking thieves

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

Do you really need to reflect before writing, are you wishing that Bittrex is the target of this fucking thieves?

this:

RE ROLL RE ORG ROLL BACK 

is spam

[1714883460]

1714883460

[1714883460]

1714883460

[TimeBits]

"Do you really need to reflect before writing, are you wishing that Bittrex is the target of this fucking thieves?" you meant these* instead of this*

Read the title of the forum.
Yes I actually maybe I do wish it be Bittrex, I can wish whatever I want. ^_^
Yes it is sad bitcoins get hacked from exchanges.

No I don`t need to reflect, ^_^ I do that enough, I am a gamer, I type like this because in between killing everyone on the other team I have little time to type, try playing quake and typing or starcraft. I am a Quaker and I make the Shakers Shake.

Only provided the formula to stop these thieves  

You know my coins got hacked, and my fathers because of me. I do not wish good things upon these theives, I wish they live every persons life they stole from, just like the bankers and government.
Coins I earned and did not buy!

[swordling143]

This will definitely have a negative impact on its reputation. Regardless of the amount, people will surely think twice before using the platform. Heard from the news that losses would be covered, and concerned people are glad to hear that. This reimbursement wouldn't happen on a decentralized exchange, afaik. which makes it all very confusing as to which has more security. On a different note, this should serve as a wake-up call to all other exchanges to heighten their security to prevent or even stop future attacks.

[Landak]

Again and again, the market exchange was hacked. this is like a routine schedule "market hacked" when bitcoin is in a bullish trend. is this just a drama? I don't know for sure.
I was so used to the news like this, I was not surprised anymore.
maybe the next exchange that will be hacked is KuCoin or bw.com or others 

[Abdo_Massud]

The importance of keeping your funds in Wallet and off exchanges.

And by the way, Binance is not the largest exchange in the world, it's the most hyped and marketed with followers and alexa rank.

According to Coingecko, Binance is in 10th place by Trading Volume.
https://www.coingecko.com/en/exchanges

[kryptqnick]

This is very unfortunate news. It seems like Bitcoin is staying strong, though, with the price almost reaching $6k. Binance is a very big exchange. 40 million dollars is a lot, but it may not that much for them. I hope the losses are those of the exchange and not people who held their coins there. If it's not the case, perhaps Binance will manage to reimburse the funds. I don't think Binance would risk robbing its own users, so I hope it will be okay.

[Kasabus]

Again and again, the market exchange was hacked. this is like a routine schedule "market hacked" when bitcoin is in a bullish trend. is this just a drama? I don't know for sure.
I was so used to the news like this, I was not surprised anymore.

People already accepted this kind of possibilities, we've seen a lot of hack exchanges reported in the past and that makes us stronger.
There is not stopping the bullish trend, looks like nothing happened, bitcoin just relax and bit and tomorrow we will see it rise again, no stopping for $6K now.

maybe the next exchange that will be hacked is KuCoin or bw.com or others 

Bigger than Binance, and let's see the effect, just kidding.
Seriously, I don't want to see a hack again, it's bad for the market in general.

[denzkilim]

These hacks occur with regularity, and given that Binance is one of the largest exchanges in the world, it was bound to become a victim. Fortunately, Binance has a vast majority of its cryptocurrency in cold wallets, and has established a separate fund as insurance. So the victims of these attacks will be made whole. Hopefully the perpetrators will be caught and brought to justice. This is a reminder to keep cryptocurrencies off exchanges.

The good this is only 2% of Binance's Bitcoin got hacked and a cold wallet is really a lifesaver. Even a large exchange like Binance is targeted by these hackers and you're correct it is not wise to keep digital assets on exchanges no matter how big they are because anything can happen. I'm pretty sure that Binance will not let go of this tragedy and trace those criminals who hacked the exchange and I do hope that those ill-minded people will be put behind bars.

[xtraelv]

"Do you really need to reflect before writing, are you wishing that Bittrex is the target of this fucking thieves?" you meant these* instead of this*

Read the title of the forum.
Yes I actually maybe I do wish it be Bittrex, I can wish whatever I want. ^_^
Yes it is sad bitcoins get hacked from exchanges.

No I don`t need to reflect, ^_^ I do that enough, I am a gamer, I type like this because in between killing everyone on the other team I have little time to type, try playing quake and typing or starcraft. I am a Quaker and I make the Shakers Shake.

Only provided the formula to stop these thieves  

You know my coins got hacked, and my fathers because of me. I do not wish good things upon these theives, I wish they live every persons life they stole from, just like the bankers and government.
Coins I earned and did not buy!

When I read the title I see Binance NOT Bittrex.

*

[Erickan]

Again warn us not to put too much property on the exchange. Binance is currently the world's No. 1 exchange, they have full security technology but are still attacked and lose a huge amount of money. This motivates us to use DEX more, in the future DEX is probably the preferred choice.

[TimeBits]

When I read the title I see Binance NOT Bittrex.

"which exchange is next!!!"

[DrDoctor1234]

This breach is massive, and shows why we need decentralized exchanges (just like we love decentralized coins) right NOW. I'd like to know what these advanced 'unforeseen' security vulnerabilities are that Binance is talking about (but of course any explanation will be vague). The fact that they were thinking about a rollback, which could question the independence and integrity of the entire Bitcoin ecosystem just shows they've got too much power.

Lets not forget that Ethereum forked (creating Ethereum, and leaving behind Ethereum Classic) because of a $50 million hack. It isn't good enough that a centralized exchange separate to Bitcoin could potentially impact the reputation of this leading decentralized cryptocurrency because of an almost $40 million hack. This amount is not insignificant, and the way Binance talks about it, its lucky they didn't lose more.

And now it'll be closed to deposits and withdrawals for a week (at least). Even my rubbish fiat bank doesn't stop me from accessing my funds for an entire week.

I'd expect this from Cryptopia, but not from Binance - the fastest startup to reach unicorn status, currently (or soon to be previously) coming in with a $2 billion valuation should have unrivalled security.

Anyone still thinking the centralized Binance chain is a good idea??

[xtraelv]

This breach is massive, and shows why we need decentralized exchanges (just like we love decentralized coins) right NOW. I'd like to know what these advanced 'unforeseen' security vulnerabilities are that Binance is talking about (but of course any explanation will be vague). The fact that they were thinking about a rollback, which could question the independence and integrity of the entire Bitcoin ecosystem just shows they've got too much power.

Lets not forget that Ethereum forked (creating Ethereum, and leaving behind Ethereum Classic) because of a $50 million hack. It isn't good enough that a centralized exchange separate to Bitcoin could potentially impact the reputation of this leading decentralized cryptocurrency because of an almost $40 million hack. This amount is not insignificant, and the way Binance talks about it, its lucky they didn't lose more.

And now it'll be closed to deposits and withdrawals for a week (at least). Even my rubbish fiat bank doesn't stop me from accessing my funds for an entire week.

I'd expect this from Cryptopia, but not from Binance - the fastest startup to reach unicorn status, currently (or soon to be previously) coming in with a $2 billion valuation should have unrivalled security.

Anyone still thinking the centralized Binance chain is a good idea??

Yeah right - NAH

I've written about that before......

DEX suffer the same or more problems.

https://www.financemagnates.com/cryptocurrency/regulation/sec-fines-etherdelta-founder-almost-400000/

Decentralized exchanges are still are subject to the law and may become more of a law enforcement target than centralized exchanges.

DEXs are now responsible for a higher percentage of money laundering of their total volume than centralized exchanges.

They are not really "decentralized" since the still has to be a team of people operating the exchange.

In the case of some DEXs they will still be vulnerable to hacks, 51% attacks and other coin network exploits.

It will be harder to hold the developers of decentralized exchanges liable since they may remain anonymous or live in a place other than where the prosecution occurs.

Waves Dex hacked. July 2018 https://cryptoslate.com/decentralized-exchange-waves-gets-hacked-after-6-million-debut/

Etherdelta hacked Dec 2017 https://mashable.com/2017/12/21/etherdelta-hacked/#LqdSbf4LJqqV

Bancor hacked July 2018 https://www.ccn.com/decentralized-crypto-exchange-bancor-hacked-12m-in-ether-stolen/

Newdex hacked September 2018 https://www.newsbtc.com/2018/09/18/newdex-decentralized-crypto-exchange-robbed-in-new-hacking-attack/

[TimeBits]

Yeah right - NAH

I've written about that before......

DEX suffer the same or more problems.

https://www.financemagnates.com/cryptocurrency/regulation/sec-fines-etherdelta-founder-almost-400000/

Decentralized exchanges are still are subject to the law and may become more of a law enforcement target than centralized exchanges.

DEXs are now responsible for a higher percentage of money laundering of their total volume than centralized exchanges.

They are not really "decentralized" since the still has to be a team of people operating the exchange.

In the case of some DEXs they will still be vulnerable to hacks, 51% attacks and other coin network exploits.

It will be harder to hold the developers of decentralized exchanges liable since they may remain anonymous or live in a place other than where the prosecution occurs.

Waves Dex hacked. July 2018 https://cryptoslate.com/decentralized-exchange-waves-gets-hacked-after-6-million-debut/

Etherdelta hacked Dec 2017 https://mashable.com/2017/12/21/etherdelta-hacked/#LqdSbf4LJqqV

Bancor hacked July 2018 https://www.ccn.com/decentralized-crypto-exchange-bancor-hacked-12m-in-ether-stolen/

Newdex hacked September 2018 https://www.newsbtc.com/2018/09/18/newdex-decentralized-crypto-exchange-robbed-in-new-hacking-attack/

Has the p2p exchange been hacked on Ardor or Bitswift, a true p2p system   One with the exchange built right into the wallets.

[xtraelv]

Has the p2p exchange been hacked on bitswift or ardor, a true p2p system  

A lot of the loss of fund security breaches currently are security breaches due to coin network exploits (replay, 51% double spends, routing attacks,  time warp attack etc) but because of how trading works (reliant on coin network confirmations) anyone can become a target and victim. DEXs are also not immune from other types of attacks like DNS exploits and various other methods that manipulate connections to a network.

A lot of DEXs have not been systematically targeted yet because they simply are not profitable enough yet for the pro hackets.

With a peer to peer system the users of the DEX simply become the victims directly.

[proTECH77]

On a serious note, this will have a negative impact on Binance long reputation among it equals and not a good one for the exchange. Also, hope this will not have negative impact too on the current price of Bitcoin? or cryptocurrency in general?. Hope this ugly incident never happen again.

[TimeBits]

Has the p2p exchange been hacked on bitswift or ardor, a true p2p system   

A lot of the loss of fund currently are security breaches due to coin network exploits but because of how trading works (reliant on confirmations) anyone can become a target and victim.

A lot of DEXs have not been systematically targeted yet because they simply are not profitable enough yet for the pro hackets.

With a peer to peer system the users of the DEX simply become the victims directly.

so in other words, no.

[TimeBits]

Look I gave you the Solution,3fa Proof of Person, use it..... OR don`t put your coins on a exchange and trade it to scummy fiat

You give your picture and ID and Address anyways, anywhere you go in public your face is there and your finger prints, what is the big deal to upload a 5 second video,  You don`t even need to give your address then.  

[xtraelv]

so in other words, no.

I would quite happily wager that at some point in time in the next 5 years someone will find a way to exploit them which will result in loss of funds.

[TimeBits]

so in other words, no.

I would quite happily wager that at some point in time in the next 5 years someone will find a way to exploit them which will result in loss of funds.

Good I hope so, then we can fix it and do a RE ROLL RE ORG ROLL BACK