Funds are no more #SAFU! Binance lied?

[blokklanc]

Funds were never SAFU on exchanges as they are not for storing your funds there. On the other hand when trading  I am confident to hold my funds on Binance as I am sure they would refund my funds  if they were hacked. In that sense our funds are  SAFU on the biggest exchange and greatest and more trusted exchange.

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[passwordnow]

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.

It's true that if they feel comfortable and safe, they won't do something to upgrade and make their security better. And now that the hack has happened, they will take precaution and would look for the faulty side of their security. I've read some people said that this isn't an actual hack just like what others did, it's more of an inside job. Well I won't believe those hearsays, I'll believe more what BNB itself would say on this situation. I just wish that they will recover soon.

[CENX]

Binance earned billions with just BNB coins,leave alone the listing fee and transaction fee
It can easily compensate the loss for sake of credibility ,so that it will not lose customers and business

[Furious 7]

I appreciate binance to gain full trust. SAFU is part of a binance strategy to prevent worries about possible bad situations. Lying or not I think must be proven, and this hack case is an opportunity for binance to prove it.

[vit05]

When he says that the funds are saved, it means the resources of the users. The exchange has sufficient resources to cover these failures

[Itsmylife]

What we need to care is:
How can they solve their problem after be hacked?
Does the balance of users affected when they published hacking information?
And what I see they have been disabled  withdraw and deposit functions and cleared API key. So we must wait what would happen in the next time.

[Bitcotalk]

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).

I knew that one day binance would be hacked, because this hackers are not sleeping for hours looking for all method possible to hack the biggest exchange in the world, though they said that what the hackers were able to just get the api keys and details of individual account and not the central wallet itself, this means that binance is shifting the blame to the holders of this api keys I think, though let's here the final conclusion they have about the hack and so how they handle it.

[veraro]

Hacking Binance is very sad news, but it is only proof absolutely every exchange can be hacked. So no matter how trustful and secure exchange looks it is better keep your funds on your own wallets.

[jessyj48]

These means absolute nothing ,I trust binance exchange and frankly do you expect 7000 btc to drag down bitcoin price ? Or you expect binance to run after the hack ? Of cos not ,binance is still one of the best

[Caladonian]

What we need to care is:
How can they solve their problem after be hacked?
Does the balance of users affected when they published hacking information?
And what I see they have been disabled  withdraw and deposit functions and cleared API key. So we must wait what would happen in the next time.

Everything is still suspended, and traders and  investors need to wait for the updates coming from the team. For investors who are in need of their funds, it's a hassle seeing your funds stuck and you can't do anything but only to watch and wait till further announcement will be provided by the owner of the exchange. It will take some time for the investigations and the possible solutions to cover those hacked amount of bitcoin.

[BlueStackz]

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).

Wow, this is coming too early than I thought, I was just having discussion with a friend recently about the security challenge we are being faced with in the crypto world and we talked about Binance as probably being the safest for now, but someone made us understand that because it is Binance doesn’t mean they are perfect and doesn’t have their own lapses too.

If an hacker can successfully hack a whole US account to steal fund, then what can’t they do, everything that has to do with this security being mentioned is about coding, and coding level has degree too, these hackers are great software engineers and there is no company they cannot hack once they see a little lapses, but I am sure this will be the last of them, because Binance would have seen their mistake and amending it immediately, that is why they could probably assure other wallet holders of a secured wallet.

[hdclover]

Some months ago CZ challenged in a tweet that their exchange is impossible to hack. He even challenged the hackers to penetrate through the system. And now? Someone hacked the exchange! Lol.
Anyway he accepted that his exchange was hacked. That's enough. No lies here I believe.

[Nolimitz84]

Hacking Binance is very sad news, but it is only proof absolutely every exchange can be hacked. So no matter how trustful and secure exchange looks it is better keep your funds on your own wallets.

After this case, I think many people really think about where it is better to store the funds.If such large players are exposed to hacker attacks,then naturally the level of people's confidence in the storage of funds on the exchange will decrease.

[Sacramentus]

I suggest you read up some other articles that was published after that and understand what the SAFU was for. The hack of 7000btc was from the hot wallet and he said they will use funds from the SAFU to make up the loses. Also Decentralized exchanges can be hacked too

[Mpamaegbu]

Either binance lied or not is out of question

I don't know why anyone would hold it against them that Binance lied. Were we actually expecting them to come out with the truth in such a frontal manner and cause panic? Hell no! I expected a damage control sort of strategy first. That is what every reasonable organization does.

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 ??

That incidence hasn't even crashed the price of the BNB coin, let alone Bitcoin. The effect of that theft isn't anything.

BTW, I checked my funds with Binance and everything is intact.

[asder250]

Either binance lied or not is out of question

I don't know why anyone would hold it against them that Binance lied. Were we actually expecting them to come out with the truth in such a frontal manner and cause panic? Hell no! I expected a damage control sort of strategy first. That is what every reasonable organization does.

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 ??

That incidence hasn't even crashed the price of the BNB coin, let alone Bitcoin. The effect of that theft isn't anything.

BTW, I checked my funds with Binance and everything is intact.

And what about BNB speculation? BNB lost around 20% of its value with this hack. Maybe we will see soon retracement?

[wenwen]

Why do you keep a large amount of your funds on the stock exchange? It is not safe. Because of this, there are various purses. No exchange in the world is safe from hacking. There is always a professional group of hackers who can do it. I think Binance dont took extra responsibilities.

[BitcoinPanther]

Hacking Binance is very sad news, but it is only proof absolutely every exchange can be hacked. So no matter how trustful and secure exchange looks it is better keep your funds on your own wallets.

After this case, I think many people really think about where it is better to store the funds.If such large players are exposed to hacker attacks,then naturally the level of people's confidence in the storage of funds on the exchange will decrease.

It is always been advised that we must not use Exchange platform as our bank to save our coins.  Those who leave all their coins on an exchange and use it as a bank will blame no one but themselves if that exchange is hacked and their coins gone.  Lucky Binance have SAFU were it insured the fund of the user if ever unexpected things happen like this current hack.

[raven7886]

Hacking Binance is very sad news, but it is only proof absolutely every exchange can be hacked. So no matter how trustful and secure exchange looks it is better keep your funds on your own wallets.

We really need to be responsible for the safety of our funds, experts and analyst has already seen every means hackers can use to steal our money and that is why they have suggested we do not store money on any exchange, even if the exchange is our own.

The safest means of storing coins is actually on hardware wallet, but because of the cost attached to it, there are still other ways of storing our coins and protecting it, especially if we store it on wallets that can give us our own private key, so it now left to us to protect our private key from hackers and also securing wherever we store our private key very well.

[nikola22]

Binance will refund their users so you can count that the funds are safe. we must understand that every exchange and wallet may be hacked.