Binance: Time For A New Market Leader ?

[JollyGood]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

[JeffBrad12]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Even with the hacked case and the daily trade volume on the binance exchange is still stable. I believe there are only a few candidates for that Okex, and digifinex maybe but at this time the brazillian bitcoin exchange site has taken the first spot of the exchange site with the largest daily trade volume. A big business will always create domination or monopoly and i will remove a new start-up to take a chance on this case. Im still holding my binance right now.  it looks so bright. 

[coco23]

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

It seems that not much will happen in the short term. I think it pretty much depends on how they handle the case now. They should make all errors that were made as transparent as possible to regain the trust.
On the other hand they just opened their new DEX. While it is not a true DEX in terms of decentralization, user do own their own private keys which should prevent such grave security breaches in the future.

[go4crypto]

No exchange is impervious to hacks. CZ has tweeted that Binance will make good the loss by using their reserve funds so it should work out fine. 

[AUruHM]

I don't see any competitors for Binance. Can you write some exchange with 100% 'hack' defense and such support from different sides? And I don't talk about SAFU and other sources for returns. I don't think that we saw real 'hack' but at the current conditions Binance don't have replacement

[kodtycoon]

i don't understand because if it's not wrong, in the past binance has also been hacked, then binance got back up carrying a BNB token, is it possible for me to misread that?

this time it happened again and that's the reason i didn't use binance so far, with this incident of course it will have a bad impact on the crypto market. this event seems that binance will indeed lead a new market with sharp decline and chaos

[JollyGood]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Even with the hacked case and the daily trade volume on the binance exchange is still stable. I believe there are only a few candidates for that Okex, and digifinex maybe but at this time the brazillian bitcoin exchange site has taken the first spot of the exchange site with the largest daily trade volume. A big business will always create domination or monopoly and i will remove a new start-up to take a chance on this case. Im still holding my binance right now.  it looks so bright. 

Yes it is true Binance still looks to be a great investment but for many investor confidence has now been shattered.

Of those few candidates that are out there that could take the top spot from Binance, they need to step up their game to show they are better and more secure.

[LUCKMCFLY]

I have seen how new projects for Exchanges have come out, but to match the level that Binance has is very difficult, even though they have managed to Hack the Exchange for so much money, I'm sure Binance will have a way of how they can recover, and everything to improve, because it is necessary to emphasize that they have a big security problem.

The closest Exchanges which can compete with Binance are Bittrex, Bitfinex, Bitmex, because they are Exchanges that have had time and have a reputation. Due to all the problems the Exchanges have had, thanks to the Hacking that happened there, all the Exchanges must have plans of action before possible Hacks, the security in the Exchanges must be increased quickly, but as happened to Binance, It can happen to any Exchange level 1, no Exchange is free of danger, you just have to take care of yourself. But there are many competitors.

[JollyGood]

it seems that indeed now Binance Exchange is a candidate for the exchanger leader, more and more people are supporting the exchanger by depositing a number of BTC on the Binance Exchange.

If it gets hacked just one more time then maybe those same people will not be bothered using Binance again. An exchange is only good if people use it, so far Binance does not seem to be affected but in future we will see.

[perla]

it seems that indeed now Binance Exchange is a candidate for the exchanger leader, more and more people are supporting the exchanger by depositing a number of BTC on the Binance Exchange.

If it gets hacked just one more time then maybe those same people will not be bothered using Binance again. An exchange is only good if people use it, so far Binance does not seem to be affected but in future we will see.

I think their reputation will on edge if they get hacked again. Even they said user's balance is not affected, but people will choose more trustable site for them to trade. Or maybe Binance will make new promotion again to attract users back to trade in them.

[JollyGood]

It seems that not much will happen in the short term. I think it pretty much depends on how they handle the case now. They should make all errors that were made as transparent as possible to regain the trust.
On the other hand they just opened their new DEX. While it is not a true DEX in terms of decentralization, user do own their own private keys which should prevent such grave security breaches in the future.

Will they announce in detail what the hack was? I doubt it. They will lose trust of investors and customers if they do not elaborate on how the hack took place.

They said they need around 7 days before customers can withdraw and deposit but we will see what happens.

[akamit]

<~>

As you said an unthinkable actually happened, so it's too early to comment for a new name to take the position.
Yes, it happened and it was totally unfortunate but we should give some time to CZ to sort things out and do whatever it's necessary to solve the issue.

Most of the big exchanges got hacked at some point IIRC and Binance is not an exception here IMO. Just give some time to CZ to see what he does...

[sunsilk]

There's always time for rise and fall and becoming at the top won't last forever. I had that on my mind that there will be another market leader but it is so soon to think about that. But now, with this incident probably some big traders would actually shift to another aspiring market leader in terms of exchange.

What would that be? I don't know but I have a candidate on my mind. With the situation now, let's all wait and see on how Binance will clean this mess and what will be the reaction of those affected ones.

[albon]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

I was  sad when I read this news, What happened to the binance is a black point in the history of the binance platform, I see that all sites are vulnerable to hacking when its protection is not strong, 7000 BTC is a significant amount was a tough lesson for a big platform like the binance platform, Binance should address the causes of hacking and strengthen security screening of the platform, They must compensate people who have been stolen on their platform, Because this is the fault of the platform in that because it's could not block this withdrawal in time, I think that the future of binance will be very difficult if they continue this poor protection and certainly there will be another market leader, But if they review the mistakes and correct them and returned again with an integrated security system, i think hackers will have no place in this platform.

[Oceat]

That hack was not the fault of Binance, it is more of a human error that's why they got hacked.

This kind of news won't make Bitcoin price go down since it wasn't a direct attack to the said exchange unlike to other exchanges.

And always remember that there is no perfect system here no matter what human do, there is always a human error on it if it fails.

[Indamuck]

it seems that indeed now Binance Exchange is a candidate for the exchanger leader, more and more people are supporting the exchanger by depositing a number of BTC on the Binance Exchange.

If it gets hacked just one more time then maybe those same people will not be bothered using Binance again. An exchange is only good if people use it, so far Binance does not seem to be affected but in future we will see.

Most customers don't care because their funds aren't affected.  People will continue to use Binance like nothing ever happened.

I don't believe CZ will pull an exit scam, he is already a billionaire what else could he possibly want.  Ultimately 7k bitcoin isn't much for a company that is capable of making billions per year.

[mrdeposit]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Kinda tough question
After the recent news, Binance already lost more than 7000 BTC and they should think hard about re-branding to decentralised exchange in order to get bakc the confidence of crypto traders.

[samcrypto]

Only if there’s an exchange who can really beat binance on top, and we can’t control this one since traders will have to choose on what exchange to be use. I still prefer binance and the hack is normal on every exchanges, i believe they don’t want this to happen that’s why they will shoulder that money, investors will decide for the new market leader.

[JollyGood]

No exchange is impervious to hacks. CZ has tweeted that Binance will make good the loss by using their reserve funds so it should work out fine. 

They had no choice but to cover losses otherwise what was the alternative?

In the long term Binance will recover from this incident and as long as another hack does not occur things should continue calmly for Binance and its innovations.

[Pagri]

The problem of the great dominance that Binance is exerting on the current market, is that these vulnerabilities can destabilize in an important way the cryptoeconomy since everything seems to indicate that nobody is safe in this space, and it is difficult to decide to invest before such an uncertain panorama.

At the moment I do not see, however, who can dispute that domain to Binance, although as a Decoin investor I would like to see that new exchange demonstrate all the potential it has through a more aggressive marketing strategy.