Update on Binance hack as per CZ

[spadormie]

This is how you see through if somebody is true to their business and dead serious to it. It would be nice if Binance will add another wall of defense on your wallet. Just follow what they want you to do because it's for your own safety. There would be no second hack this time guys .

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[vv181]

No matter what they do there will always be some hackers that are one step ahead.  The scariest thing about this whole situation is CZ was talking about rolling back bitcoin.  I know ethereum was able to do it but bitcoin would completely lose credibility if the miners were able to pull that off.

re-org/ rolling back was a completely bizarre idea stated by CZ, But the word had been said and can't be undone. I'm sure most of the community will have a different opinion about him since he stated that awful things. Even though, the idea isn't being done. It is a disgrace to even think about it.

It is sure any hacked exchanges as a whole will completely be revamped their security system, and double, triple checking about it. The problem is nature centralized exchange technologies aren't sustainable for cryptocurrencies ecosystem. Personally, we need to urge the decentralized exchange developments.

[Kakmakr]

I don't think they are just doing this to calm the public. Didn't they said they'd refund the loss?

But then maaybe they should prolong the suspension of the deposit and withdrawal because when they did that, the prices of BTC and altcoins started shooting up. I bet when they finally reopen everything the prices will all drop and back to $3k. Well this is just my observation. What I can assure is that trading volume rise and prices will keep swinging sideways for a long time in the current price range.

No, they are doing this to save their reputation and the survival of their business. If a financial institution drop the ball like that, they have to do some serious "recovery" and "preventative" actions to please the existing and future customers or their business.

Would you continue using an exchange if they lost millions of dollars of their customers money... and then not react with "big" changes to close all the holes in their security? They should also beef up the security checking of their own employees to see if they have criminal records or if they are in financial difficulty.    <How can they manage other people's finances, if they cannot even manage their own?>

[yoseph]

CZ is supposed to say all those things in order to calm down the public.
Anyway,reacting after the consequences is better than no reaction at all.
Despite all those security improvement announcements,I think that many noobs will refuse to join Binance and deposit their hard earned coins there.

That's actually true, less and less people are going to trust them with their cryptos now but i believe that what most people want to know is if they are still going to get their cryptos because at this juncture, that's all that matters to them.

[ethereumhunter]

This is how you see through if somebody is true to their business and dead serious to it. It would be nice if Binance will add another wall of defense on your wallet. Just follow what they want you to do because it's for your own safety. There would be no second hack this time guys .

I am sure they will do that after they got hacked. They will serious to protect their member and make sure that it won't happen again in the future. They will use everything to make sure the website is secure, and if necessary, I think they will make another protection from the hacker. I am curious with what binance wants to do related to protect the members, and I hope that they can give the news about what they do to secure their website.

[Johnzky]

i dont like cz but cz and binance stayed strong and give trust to market.its almost zero effected to market if it was a real hack the worst thing was talking about rollback.in the future if there is a hack on any market, rollback will be an option now.

Don’t worry mate CZ not like you either lol

But we must go on since the binance team is not stopping and as what CZ said they are fighting and working round the clock so this is enough reason to trust and support them still

Go binance,you are still the most and best exchanger of this time and forward

[NeuroticFish]

That's actually true, less and less people are going to trust them with their cryptos now but i believe that what most people want to know is if they are still going to get their cryptos because at this juncture, that's all that matters to them.

Actually if the users will not have missing funds, they will not care much. It's like they are insured. And I think that this is what CZ tries to achieve. Because any other option means disappointed/leaving customers.
Bitcoin history is full of hacks, still people keep huge amounts of money on exchanges. Some are trading, OK. Some may be lending (does Binance have lending actually?). The others ... well, the others I just don't understand...

[Artemis3]

I do like something a lot though. They are trying to innovate in the phishing protection department, that is something really hard to do, since it's user/employee error. Most companies would state that there's nothing to do about it but they are trying.

If they get to some positives results about it they should publish it for sure because that is certainly a very big problem the internet is facing right now.

Well i can sympathize as this is a tremendously difficult problem because, it involves humans who can be deceived.

Take for example Electrum, it recently has been a non stop spree of people losing money and its not even their fault in the first place, but people foolishly downloading fake wallets because they are too lazy to verify a signature.

From an engineering point of view, its programing to fight bad human habits. Not saying its impossible, but its a big challenge.

How do i make you, the foolish typical windows user, from stop you from clicking on any random popup telling you to upgrade, when people using that OS have been conditioned like Pavlov dogs to such behavior of receiving popups they have to click away to get "work done".

And this is only the tip of the iceberg. It seems that this "hack" combined both technical and social aspects, and given the "prize", I wouldn't be surprised the perpetrators committed lots of effort, resources and patience to pull it out.

[jak3]

Let's see what does binance do this time. because we have seen some exchanges got hacked again and again for like 7 times. those where dark times and those things also result in the Suicide of the CEO and now the Binance hack. This is one serious issue with the security and people just don't want to lose any more money now.

[TimeBits]

They still don`t have a queue on massive withdraws.

It is 1 line of code.

[suzanne5223]

i dont like cz but cz and binance stayed strong and give trust to market.its almost zero effected to market if it was a real hack the worst thing was talking about rollback.in the future if there is a hack on any market, rollback will be an option now.

CZ and Binance team done an excellent work in making the hacking situation having almost zero affect on the market price because the price of the crypto are usually affected when such attack happen big crypto exchange but I heard Justin Sun (CEO of TRON) was the one the created the strategy and assistant to Binance.