Funds are no more #SAFU! Binance lied?

[Adriano2010]

As i already read and see some videos, the stolen funds was from hot wallet and not the funds that are on hardware wallet, Binance is not like Cryptopia, who take a lot of time reopen and they also not give all coins back, Binance cover the loss from their funds and users not lose nothing.

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[pawanjain]

No you are wrong. The funds are indeed SAFU because if it was not then all those who lost their bitcoins would never have received it back in their wallets.
Although Binance lied that they are doing an unscheduled maintenance they did reveal the real reason behind it.
What else do you think they would have said when they hadn't even analysed what had happened at that time.
If they would have said anything other than this then it would have created a panic among the people and spread a FUD in the market.
I think what binance did was probably the best thing to do.

[GhostWithin]

To be honest, it smells like a hoax. Perhaps there was no hacking.
I found an interesting version of what happened. (You need an online translator)

https://miningclub.info/threads/binance-opjat-nagrel-xomjakov-istorija-vzloma-kotorogo-ne-bylo.56695/

[SistaFista]

Well, hacking cases in centralized exchanges are not impossible.
But at least, big exchange like Binance will take full responsible of what has happened.
Traders and investors in binance no need to panic, because their bitcoin will fully refund from Binance's SAFU.

[airdropan]

as long as binance cover all investor or user lost i think that still okay.
but for trusting binance again it different thing. being one of the biggest exchange but can't give assure for user if they asset safe there. binance surely need time to get user trus

[shakesbear]

If it's not a break-in, it's not clear why it was done. Some people say that there is a cartel conspiracy between large exchanges.

[peter0425]

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).

Please go back to Bitfinex hacked in 2016, they lost like $60 million, we are in a middle of a bull run that time, but the market wasn't affected as well. So this is what we are seeing right now, no matter what negative news we have, if we are in a bull run, it can't be stop. So it make sense for the price to continue to increase. Binance already confirmed that deposits and withdrawals will resume early next week.

https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

So I don't understand why are there so many conspiracies. 

[tunapa]

The fact remains that no exchange is safe and never trust anyone. Whthere its a too Exchange or not. It’s better to keep your funds in cold wallet or any wallet where you can personally control and monitor it. This of course won’t affect the p ice of bitcoin or maker condition because now we are in an expectation stage where everyone is waiting for bull run no more panic selling.

[Jeborn]

Funds are actually ##SAFU.
The only confirmation form this occurrence is that no matter the amount of security they tend to offer Centralized exchanges are not the best place to save your asset. I believe ist time for DEX to rule the world of exchanges

[Christinebeauty]

Even the binance token BNB wasn't affected significantly, how much more bitcoin itself. This incident is just a warning to everyone who keeps his money on exchanges. Even your personal wallet is not safe

[axel2078]

I think Binance is a good exchange irrespective of what happened. Also, I never thought what happened to Binance can have any effect on Bitcoin owing to the way Bitcoin has been growing since.
Furthermore, this should send a strong warning to all that funds in centralized exchanges are not safe.

[Fredomago]

I think Binance is a good exchange irrespective of what happened. Also, I never thought what happened to Binance can have any effect on Bitcoin owing to the way Bitcoin has been growing since.
Furthermore, this should send a strong warning to all that funds in centralized exchanges are not safe.

Learn from this incident, but in the other way around market become more bullish after this things happened, binance reputations seems to be
affected but the entire community is not paying attentions as the bull brings more rise and it's keeping the momentum to go up further.

[Wittny]

Binance can't be lieing, as will all know Binance token is even affected, due to the Incident BNB since then keeping dropping as Binance team trying to fix up the holes as quick as possible. Is better will all believe Binance is a big exchange that has grown more than lieing.

[Serve20]

The truth is that I don't trust any of the centralized exchanges out there and they can always manipulate things to favor them. Despite the huge profits they are making, none of them is insured and this put all assets holders on those platforms at risk.

[bonker]

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 never said all the funds were safe but all the user funds will be safe if there is any lost they will refund the amount as well.

Even after the hack the price didn't fell because more people are entering into the market and the hacked amount is not much bigger compared to daily volume.

[bitc0000]

First, it is a well known fact that storing funds in exchanges (centralized exchanges to be precise) is a bad idea. The Binance hack has proved that point.
Secondly, about BTC, I don't think the Binance hack will ever have any negative effect on its price, owing to the fact that since this year BTC has been showing good market growth.

[StatesManG]

That's your own view. We are always too quick to judge. The CEO said they will use the SAFU funds to make up the looses. Point is that you are not even working on binance to make this statement

[Pecunia non olet]

Binance is not responsible for this attack I think. Their security is on the highest possible level. But there was problem on the user´s side, when user´s passwords and 2fa authentications.

[AgentZero23]

I don't think Binance would lie to the community. After the hacked in their exchange the CEO did an AMA regarding the issue and that alone is a form of transparency. No exchange is safe for hackers and the users must protect their accounts at all cost.

[seleme]

I don't agree with your opinion. Binance did all the things that should be done by the hacked exchange. Do you remember Cryptopia and MTgox hacking events? I can't imagine the situation after the hack if there was no investment protection funds.