Funds are no more #SAFU! Binance lied?

[milewilda]

Binance lied? You should say this thing if they wont able to compensate the loss yet they do say that they would patch it up by SAFU funds.So what are you bothering around?
Atleast they do have that kind of emergency fund yet 7000 btc isnt really a small thing.Judging too early is no good.

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

I dare say that a hardware-wallet (= personal wallet) should actually be safe as the private-key is isolated from the internet as long as you're storing you're recovery-seed offline in a secure place.
But I agree - an exchange is not a wallet and should only be used for trading.

Yes, it should really be intended for trading but storing up your coins on an exchange will have that easy accessibility and less hassle when you do see
profitable trades and making some positions quickly rather than transferring back and forth came from your hard wallet to exchange anytime you do make trades.

[Jating]

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.

Exactly, at least Binance has done some control after the hack that makes all investors calm after the attack. After so many years, even those Mt. Gox who is claiming their money can't still get it up to this time.

So we should appreciate what Binance has done after that hack and they are willing to refund everyone through their SAFU.

[ukloon]

Funds are not totally safu, binance is no longer the safe haven we all thought it was. If hackers can get to binance then they can get everywhere hence do not leave your funds on an exchange. Dump BNB before it hits the floor, try kucoin 2.0 which is much safer

[Akoldi_ibk]

Crypto users are better informed now than a year ago when a breaking news will spark massive dump. And to add to that, the market is quite healthy and less people are concerned by the binance hack. No CEX is safe, not even Kucoin that some guys are recommending as a better alternative. Simply keep off your assets from centralized exchange except you day trade.

[nutriagrigia]

Funds are not totally safu, binance is no longer the safe haven we all thought it was. If hackers can get to binance then they can get everywhere hence do not leave your funds on an exchange. Dump BNB before it hits the floor, try kucoin 2.0 which is much safer

Kucoin is definitely not a safer exchange than Binance. Hackers can hack it if they want, but the fact is that the Kucoin have a very small volume and therefore they are not interested in it

[sngwinner]

I certainly agree with you. Our funds are not as safe as they came to tell us. Who even knows whether tos wouldn't be the end of it. It is still hard to accept I left my btc on that exchange

[Gab20]

Apart from being an advocate of DEXes, it is obvious that CEXes are not too safe for our funds. We need to start giving decentralized exchanges some considerations, because it us the way forward.
If Binance can be hacked, which exchange among the sdo called big ones is now safe?

[Eildosa]

It is certainly very sad that such a well-known and reputable exchange has been hacked. This will definitely undermine the credibility of all exchanges, because we cant be sure that our funds are safe. But as far as I know, Binance cares about his reputation and they're going to make up for the loss.

[crwth]

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/

I didn't read the link you gave but it's somehow related to what I read (hoax stuff). I do agree with this. I have read somewhere that they might be avoiding some sanctions or whatnot. Having a "hack" could make it better for them or something. They can somehow transfer it all now to the DEX.

[robelneo]

Funds are not totally safu, binance is no longer the safe haven we all thought it was. If hackers can get to binance then they can get everywhere hence do not leave your funds on an exchange. Dump BNB before it hits the floor, try kucoin 2.0 which is much safer

This is a lesson learned for Binance, I'm pretty sure they will do all they can, for this scenario never to happen again, they are one of the top exchange in the market, I agree if they can be hacked what more with smaller ones, Kucoin is a good alternative and we have not read any hacking on their platform, if they can keep up, they are on their way to the number one spot.

[malcovi2]

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.

Still its not safe because hacker were able to steal money from the exchange. What if they were able to steal more like %50 of Binance funds then they would have trouble paying-up their customers.

[mr_random]

I certainly agree with you. Our funds are not as safe as they came to tell us. Who even knows whether tos wouldn't be the end of it. It is still hard to accept I left my btc on that exchange

Binance already promised to review the hack event and CZ promised to recover the affected exchange balances. SAFU is a great example if such a thing happens to other exchanges. Funds are safe and no need to worry anymore.

[efxtrader]

I certainly agree with you. Our funds are not as safe as they came to tell us. Who even knows whether tos wouldn't be the end of it. It is still hard to accept I left my btc on that exchange

Binance already promised to review the hack event and CZ promised to recover the affected exchange balances. SAFU is a great example if such a thing happens to other exchanges. Funds are safe and no need to worry anymore.

I think binance recover investor funds with SAFU funds and its already announced by CZ. This process getting more transparant and i think we should appreciate with what binance did in this hacking event. Security always become big issue in crypto industry and i think exchanger will improve their own security

[Menawi12]

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!

I am agree, our funds are not safe in exchanger even in big exchanger with SAFU fund allocation. Its much better and relaxing if we store our coin in our own wallet. But i am not agree that binance lie because they already admit the hacking and recover all investor funds

[jacafbiz]

The most disturbing thing about all this Binance hack is the way it was done, it is different from other hack and there are suggestion this could be an inside job, this is something I would not write off, maybe someone need a pay day and feel this is a golden opportunity, remember COinDash hack also there were suggestion this could also be an inside Job. The SAFU thing is just a marketing talk, don't be sold to it 100%

[giletto]

Frankly speaking, no exchange or any platform involved with funds Is above hacks. The routine maintenance done monthly or weekly is to ensure there's no harmful bug in the system and whilst they do the checks well, they are still not 100 percent safe. Let us look forward to how Binance will improve from this than rather go all critique on Binance

[misterjo]

I think the ceo de binance said that the funds were safu not to generate a panic in the market, it could also be that he did not know the situation while the inspection was being carried out and then realize that the funds had been hacked. Anyway, I feel safe in binance, I think this hack will make it stronger

[CryptoGosu]

I think that there is no reason to worry. With great likelihood, Binance compensates for the loss of users. Binance is a very large exchange and it will not spoil its reputation because of 7,000 Bitcoins. I think everything will be fine.

[kickdapa]

I think Binance CEO lied many times already. Once he said a secure (Binance) exchange is safer than hardware wallet! And, Now we can see what can happen even in the biggest exchange! Funds are totally not safe in any kind of centralized exchange, that's why everyone should ignore exchange wallet instead of a personal wallet. But Binance's safu thing is not a lie, it is like a fund.

[Cosbycoin]

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

I dare say that a hardware-wallet (= personal wallet) should actually be safe as the private-key is isolated from the internet as long as you're storing you're recovery-seed offline in a secure place.
But I agree - an exchange is not a wallet and should only be used for trading.

Could not agree more but there are options on these exchanges and since you are using their service, the users might want to just use the options available to them. Like you put your money in a bank without thinking about a possible hack, same goes here. Binance has been great in announcing that it will cover the losses of those who suffered but yeah, they need to upgrade things and work really hard on the security thing.