Funds are no more #SAFU! Binance lied?

[timmmers]

Hi,
Binance was hacked for the first time few hours ago.
At first they tweeted this post:


Only maintenance? Funds are SAFU?

After that they explained what happened:



What does it mean for us?
1. The biggest and most trusted exchange was hacked - funds are not safe when you hold them on CEX - finally confirmed by the biggest one.
2. Binance lied and maybe this is not for the first time? Is it really good exchange as we think?
3. Bull market confirmed? Bitcoin price wasn´t affected by this, that doesn´t make any sense, since it is one of the biggest negative news this year! (the view of the centralized exchanges will change completely).

[cryptobae10]

Either binance lied or not is out of question

How do you expect just 7000 btc to crash bitcoin ?
This is not 2018!, no body panic sells that easily any more

Bitcoin with billions cap, you expect a less than 50 million stolen bitcoin to dump it ??

[cryptobae10]

Either binance lied or not is out of question

How do you expect just 7000 btc to crash bitcoin ?
This is not 2018!, no body panic sells that easily any more

Bitcoin with billions cap, you expect a less than 50 million stolen bitcoin to dump it ??

Regarding centralized exchanges, any one can be hacked and binance hack just proofed that’s
Maybe using a cold storage prominently saved binance; but let’s watch out how the self acclaimed SAFU works

[timmmers]

Either binance lied or not is out of question

How do you expect just 7000 btc to crash bitcoin ?
This is not 2018!, no body panic sells that easily any more

Bitcoin with billions cap, you expect a less than 50 million stolen bitcoin to dump it ??

As you can see I am talking about fear. People will start realize that funds are not safe on exchanges. This totally changes the point of view.
All of us believe in Binance´s security, now we can´t trust anyone. DEXs gogo!

[akitha]

well binance is an exchange, no one should store funds in an exchange.. they have a high security system but what happen??whether they lied or not you have to moved out your funds from exchang

[Red-Apple]

1. The biggest and most trusted exchange was hacked - funds are not safe when you hold them on CEX - finally confirmed by the biggest one.

biggest: yes
most trusted: absolutely not.

if someone chose to trust them just because they were "big" that is their mistake. binance like all the rest of the exchanges was not at all trustworthy. because it is no different than any of them.

2. Binance lied and maybe this is not for the first time? Is it really good exchange as we think?

as all of the other "big and trusted" exchanges before it did.

3. Bull market confirmed? Bitcoin price wasn´t affected by this, that doesn´t make any sense, since it is one of the biggest negative news this year! (the view of the centralized exchanges will change completely).

bitcoin shouldn't have been affected! Binance is an altcoin exchange and has nothing to do with bitcoin.

[DoublerHunter]

Either binance lied or not is out of question

How do you expect just 7000 btc to crash bitcoin ?
This is not 2018!, no body panic sells that easily any more

Bitcoin with billions cap, you expect a less than 50 million stolen bitcoin to dump it ??

As you can see I am talking about fear. People will start realize that funds are not safe on exchanges. This totally changes the point of view.
All of us believe in Binance´s security, now we can´t trust anyone. DEXs gogo!

Even me I can't believe what things happen to Binance, people now are starting doubting that they thought Binance exchange is safer when you are storing your fund. They expecting too much on Binance security system but at this moment may be one of them are disappointed. Nevertheless, there is nothing effect on bitcoin this hacking incident, it will recover soon.

[BitcoinHodler]

how many is that? 50 or 60th case of exchange hack in the past years?
and people still trust centralized exchanges with their money. i wish it stopped there but they are also trusting them with their personal information which they force their users to give them in the name of KYC so basically you are not safe at all with your money or with your identity. they both are now in the possession of hackers and will soon find its way to dark market and be sold to thousands of others who will abuse it.

[taratorly]

This is not first attempt on Binance. They have experienced some attacks also. And there were loss too. But they figured out how can they solve this issues. I am sure they will solve it again. And they promise that everyone's investment is safe. I think there is nothing to be afraid of.

[tsaroz]

Hi,
Binance was hacked for the first time few hours ago.
At first they tweeted this post:


Only maintenance? Funds are SAFU?

After that they explained what happened:



What does it mean for us?
1. The biggest and most trusted exchange was hacked - funds are not safe when you hold them on CEX - finally confirmed by the biggest one.
2. Binance lied and maybe this is not for the first time? Is it really good exchange as we think?
3. Bull market confirmed? Bitcoin price wasn´t affected by this, that doesn´t make any sense, since it is one of the biggest negative news this year! (the view of the centralized exchanges will change completely).

They didn't lied about anything. SAFU is a special funds stored in cold wallet to compensate for any loss due to hacking or other crisis.
Just about 2% of binance funds lies in hot wallet so this hack doesn't render binance useless.
Yes, it does make us think about an unhackable dex but again a being hacked in cex is safer than being hacked in dex.

[amktt]

This is not first attempt on Binance. They have experienced some attacks also. And there were loss too. But they figured out how can they solve this issues. I am sure they will solve it again. And they promise that everyone's investment is safe. I think there is nothing to be afraid of.

i hope DeX technology getting better in the coming days, we can avoid these hacks if it were DeX

[CryptoBry]

Either binance lied or not is out of question

How do you expect just 7000 btc to crash bitcoin? This is not 2018!, no body panic sells that easily any more. Bitcoin with billions cap, you expect a less than 50 million stolen bitcoin to dump it ??

The hack in Binance will not be affecting Bitcoin or the whole cryptocurrency market for sure...this is just a drop in the bucket, so to speak. Now having said that, I think this can be affecting Binance itself because we are assuming that it is the safest cryptocurrency exchange in the whole world being the number one and the most popular as well as the most pro-active of all them all. However, I am sure that days from now people will start to forget what happened to Binance. This should however be serving as a big warning to all exchanges big and small to be careful and to make sure that their defenses are always alert, alive and enthusiastic (borrowed from a song no pun intended).

[iconoclast]

When are people going to learn that your funds are not safe if stored on a centralised exchange? It doesn't matter who they are and how big they are. No one is hack proof. Your funds are at their safest when sitting in a wallet where only you have the keys. This time the people who lost money are in luck that it was relatively small in comparison to money that binance has set aside and I hear that Binance will make good on their loses. But the next one might not be and the Government is not going to come to the rescue of a crypto exchange and bail you out.

[izanagi narukami]

If the hacker able hack the exchange, it's a matter of time that they will hack your personal wallet.

It's frightening 
We already enter year 2019 but hacker still able to hack, it's really difficult for me to explain the great side about crypto

[poodle63]

Hi,
Binance was hacked for the first time few hours ago.
At first they tweeted this post:


Only maintenance? Funds are SAFU?

After that they explained what happened:



What does it mean for us?
1. The biggest and most trusted exchange was hacked - funds are not safe when you hold them on CEX - finally confirmed by the biggest one.
2. Binance lied and maybe this is not for the first time? Is it really good exchange as we think?
3. Bull market confirmed? Bitcoin price wasn´t affected by this, that doesn´t make any sense, since it is one of the biggest negative news this year! (the view of the centralized exchanges will change completely).

1. that's the risk when it comes to the centralized exchange site and you can't predict if there was a still vulnerability that can be used by the hacker to stole the funds.
2. that's still a good exchange and they said will take all of the responsibility for that. To give back the stolen amount but the hackers are stealing from its hot wallet and the user's funds are still safe. I have opened my account and my balance still there.
3. this case doesn't have any relationship with bitcoin.

[Lakai01]

If the hacker able hack the exchange, it's a matter of time that they will hack your personal wallet.

It's frightening 
We already enter year 2019 but hacker still able to hack, it's really difficult for me to explain the great side about crypto

I think it was an inside job. Binance isnt a small company, they deal with millions of dollars daily on a huge infrastructure. They definitly invested a lot of money in securing their systems, breaking into such infrastructure is nothing you can do without a deep knowledge of the topology of their network.

[slashz9]

i think all CEX is not safe, after binance was hacked, one of the most biggest and security exchange people will scare to put their money on exchange.
but CEO binance say, no need to worry because its just 2% of amount btc in that market, so that mean it will not be effected as he said.

[mrdeposit]

Hi,
Binance was hacked for the first time few hours ago.
At first they tweeted this post:


Only maintenance? Funds are SAFU?

After that they explained what happened:



What does it mean for us?
1. The biggest and most trusted exchange was hacked - funds are not safe when you hold them on CEX - finally confirmed by the biggest one.
2. Binance lied and maybe this is not for the first time? Is it really good exchange as we think?
3. Bull market confirmed? Bitcoin price wasn´t affected by this, that doesn´t make any sense, since it is one of the biggest negative news this year! (the view of the centralized exchanges will change completely).

Nice analysis! I don't pay attention to the twitter page of CEO after the massive bad news flow on the crypto news sites. Maybe, we are already in the bull market and nothing can stop the possible bull market. Binance CEO lied and he did the same thing at the last Celer IEO on the Binance.

[BitcoinPanther]

If the hacker able hack the exchange, it's a matter of time that they will hack your personal wallet.

It's frightening 
We already enter year 2019 but hacker still able to hack, it's really difficult for me to explain the great side about crypto

Hacking technique evolve the in same  manner the security improve.  

I do not think Binance lied, Funds being safe means, even though the hot wallet is hacked, it only covers the 2% and that with SAFU, they are able to preserve the balance of their depositor.  Meaning no depositor will have a lost during that hacking.  Still, it is a shocking news that Big exchanges that have tight security protocol can be hacked.  

3. this case doesn't have any relationship with bitcoin.

You can say it that way but when it comes to cryptocurrency, people always thinks of Bitcoin just like what happen to the previews BCH issue.  Besides, it is 7000 BTC, it can have an effect to the market if it is sold aggressively.

[Eraldo Coil]

I think people who got stolen should still be responsible for their lost. Even though people say that an exchange site is one of the most secure or trusted, our funds is still our responsibility. And we should store them in a much safer place. Exchange sites are not wallets where you can put your money in a long period of time. We should still think of the possibility of it getting hacked. And I think it would not affect the market that much.