Funds are no more #SAFU! Binance lied?

[rarkenin]

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

If these hackers know how to hack the exchange, it is not impossible to protect the account IMO. The worst point is the gaps on the API codes hich can pump any coin on the exchange but we don't know what kind of knowledge they know about the API.

[cabalism13]

Guys, no need to be fricki'n mad about on what happened, just move on, in fact nothing here in these world are safe. Everything has its own weakness, nothing is perfect. Its just a matter if intelect, these hackers have proven that they're superior on this kind of career.

Everyone of us has its own talent, its only up to us whether we will use it for some bad things or not.


Even if Binance has been hacked numerous times as long as they can assure that the funds of the users can be retrieve there's no problem on that. In fact, Hackers doesn't care about the informations of some normal user. They would be more interested on hacking and using the bug accounts.

So, if you're not holding a million or a billion USD worth of token/coins then no need panic.

[Chomsy]

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 ??

This is what I also thought. When I saw the hack news, I was looking to see millions of btc withdrawn or even see binance users complain of their funds missing, but none of that happened. The space is filled with smart and sensible traders and investors these days.

[Iyanu14]

Thry didn't lie about what happened, they noticed abnormal movement and announced maintenance which promtrde the second announcement when they have discovered they have been hacked, they are plain about what happened.

[olamidey]

Yeah, heard about the Binance hack -7000 Bitcoin gone just like that. It's a pity but it reinforces everything I've been saying about not putting huge funds on exchange. It's so risky as any exchange can be hacked - a bug or slight error could be capitalised. Well Binance may not feel it as it's a major exchange. Others should learn 

[styca]

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.

I agree that exchanges aren't the best place to store coins long-term.

I disagree that the people who get coins stolen during an exchange hack should just accept the loss. That would mean that exchanges have no responsibility for their own operations, and would be free to do what they like with zero accountability. Businesses everywhere, whether in crypto or not, must always be accountable for their own behaviour.

[hell_slayer]

Keep calm, no reason to panic. As CZ said, only about 2% of bitcoins were withdrawn from their hot wallet. This amount is insignificant so it will not affect the balance of the users of the exchange. But this hacker attack once again proved the vulnerability of centralized exchanges and we can only wait until binance DEX will start its work .

[MOProgress]

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).

From what I understand in the post and some reports from the news, as in some media that came in contact with them over this hack issue, everything in good move and will be taken care of.

[tomahawk9]

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.

Trusted? In what regard? Keeping coins in a exchange has never been safe. One of the golden rules in the cryptocurrency world is to control your own keys. Just because Binance never got hacked before doesn't make them a "trusted" exchange, it's just that they never were the target of hackers.

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

That's just speculation, don't be part of the opportunists that are trying to bring Binance down with unfounded comments.

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).

There was actually a dump yesterday from 5.9k to almost mid 5.6k's, not sure if it was after the hack news were released, though.

[Herbert2020]

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

not really!
most cases of exchange hacks are either a fake story by the exchange that is trying to pull a scam or is an inside job because that exchange had no idea how to properly secure their wallets. otherwise the cases of individuals getting hacked is so few and the cases of individuals who bothered learning what "cold storage" means and did it correctly is 0.

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

that has nothing to do with "crypto" or "side" of it. it is all about "services" and their lack of knowledge about security.

[ivan1975]

CZ is very very stupid man with his words about ROLLBACK bitcoin network.
Although he took his words back, this all creates a very unfavorable attitude of the crypto community to him.

[Priyank9871]

i dont think its first time in binance, i remember in past also hacked and they announced the bounty whoever found and helping to stolen money , he/she will be rewarded

[asder250]

CZ is very very stupid man with his words about ROLLBACK bitcoin network.
Although he took his words back, this all creates a very unfavorable attitude of the crypto community to him.

I am not sure about this statement, he only thought about it, but he found out that it doesn´t make any sense.. He is very clever, he doesn´t want to harm complete market. I am thankful that he didn´t decide to rollback Bitcoin chain.

[TimeTeller]

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

not really!
most cases of exchange hacks are either a fake story by the exchange that is trying to pull a scam or is an inside job because that exchange had no idea how to properly secure their wallets. otherwise the cases of individuals getting hacked is so few and the cases of individuals who bothered learning what "cold storage" means and did it correctly is 0.

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

that has nothing to do with "crypto" or "side" of it. it is all about "services" and their lack of knowledge about security.

I think if you know what you are doing like setting-up your own firewall or layering the security, the chance of hacking your own wallet by someone else is very slim.
We don't know exactly what kind of security Binance had. Was it really tight and secure considering that they are one of the top exchanges?
Their security team should know how to guard their fence really tight because we're talking about billions of dollars that they are holding.
We don't know the real story here. But one thing for sure, their clients' funds are safe, they will cover those losses in case.

[bassbity]

Keep calm, no reason to panic. As CZ said, only about 2% of bitcoins were withdrawn from their hot wallet. This amount is insignificant so it will not affect the balance of the users of the exchange. But this hacker attack once again proved the vulnerability of centralized exchanges and we can only wait until binance DEX will start its work .

It will have an impact on the market. Maybe the hackers will sell the BTC they took, but whether Binance will remain optimistic and will not happen again.

[levyashin]

At least they are paying back the lost amount.

But they need to tell in details, how this happened. If not, i probably won't store anything in binance anymore.

[passwordnow]

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

It's frightening 

It's frightening if you are still considering hiding your funds on exchanges but keeping it on your personal wallet such as ledger / trezor, I don't think that there's something to be feared of.

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

That's the reason why they were called hackers, they don't have any goal but to steal others money through penetrating the security of a platform like exchanges or casinos. And these hackers are eyeing for the ones that has large funds on their vaults.

[sarul]

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

That's the reason why they were called hackers, they don't have any goal but to steal others money through penetrating the security of a platform like exchanges or casinos. And these hackers are eyeing for the ones that has large funds on their vaults.

In addition, the difference is that they continue to look for the vulnerabilities of a site, continuously. Whereas site security guards, if they feel safe, they don't make it strengthen anymore. Until finally their security was break. When it's like this, I'm worried about another big exchange site, it's definitely become the next target.

[deodivine1]

This is absolutely true. The most joyful part about the Binance scenario is that the bad news didn't affect the market noticeably like the big FUD used to affect the market negatively. This shows the entire crypto community is improving in mindset. The best way to safe funds will be in personal wallets, no two ways about it. This is where decentralized and hybrid exchanges win, when it comes to hacking setbacks.

[pixie85]

The price was unaffected because most of us expected this. There were so many similar hacks that only a fool or a binance user who had money on his account could panic at a time like this. After all it's just money changing hands and it shouldn't impact the price. When somebody robs a bank does the value of the currency change? The money is still in circulation.