What's the point of these hacks?

[Pamadar]

Sometimes people just underestimate the hacker and not updating the security, I believe Binance doesn't got any bad intention that can ruin its reputation, the owner need to pay more attention to this hacking one more mistake people will leave and find other exchanges

The security team's maybe relaxed for a while since the exchange is really performing well, forgetting about hackers intentions to go inside their system and hacked their funds, I'm also positive that binance didn't intentionally did this as they already have a good business to facilitate which can lose people's interest and trust.

[1714022867]

1714022867

[1714022867]

1714022867

[1714022867]

1714022867

[1714022867]

1714022867

[1714022867]

1714022867

[Kocret02]

As I remember correctly (post if I am wrong) Binance CEO was suggesting people to hold their coins on most trustworthy exchange and in this situation he was paying attention to binance. Overally suggested people to trust binance and hold their coins here.
But recently there was a hack and 7000btc were stolen. So what was the point?
1. Binance has good security system and this hack is false, they just wanted to give a bad reputation to cryptocurrencies (this work comes from governments and financial institutes) because now there will be a rain of articles about how bad crypto world is, how unsecure it is and etc.
2. They are stupid and really had security issues

the second point becomes one of the things that might really need to be considered, the security problem for an exchange of binance must be noticed and binance should not remain silent for this problem. binance must try to be one of the exchanges with the highest security system and must improve it

[Apes]

I don't know whether binance conducts audits related to network security on its exchange market. because if you do not carry out periodic security audits various security holes can be penetrated by hackers. this seems to awaken everyone that the security gap can be broken if the network security officer doesn't really manage his security properly.We don't want to hear the news about security system breach in the cryptocurrency exchange market. this greatly damaged the reputation of this community.

[BitBustah]

A lot of these hacks you hear about are fake.  Its just an excuse for excchage operators use to run away with customer funds.  Sure real hacks happen sometimes but those are actually rare at an exchange level without an inside employee that is involved.

[ene1980]

As I remember correctly (post if I am wrong) Binance CEO was suggesting people to hold their coins on most trustworthy exchange and in this situation he was paying attention to binance. Overally suggested people to trust binance and hold their coins here.
But recently there was a hack and 7000btc were stolen. So what was the point?
1. Binance has good security system and this hack is false, they just wanted to give a bad reputation to cryptocurrencies (this work comes from governments and financial institutes) because now there will be a rain of articles about how bad crypto world is, how unsecure it is and etc.
2. They are stupid and really had security issues

If someone or a team of hackers could withdraw a huge amount of bitcoin and they could not flag those big withdrawals without being identified how can anyone call them secure, CZ was a fool who gave everyone false promises and like to be in the media often with his challenges and the way in which he handled the hack as if it is nothing major and then trying for a roll back as if it was some shitty altcoin   .
The only solution is, never trust any exchanges or third party wallets, store your coins with you where you hold the private key.

[Adriano2010]

As i know hackers will always try to hack almost everything if there can also get some good amount of money from hack they will do it, and with crypto is hard to track them if they not send their coins to an exchange who report who deposit it, and even on exchanges where is not ask KYC.

[coinnumber]

Binance is a standard exchange with good security, the issue of hackers is not new in the cryptosystem there are real good hackers that can broke into any security and do away with funds or valuable assets in that case I will say not only Binance but all exchanges should work on their security on daily basics if possible since technology grows every moment the best today might be outdated tomorrow. I will say the hack is never intentional beside since it happen Bitcoin has be growing positively.

[Script3d]

As I remember correctly (post if I am wrong) Binance CEO was suggesting people to hold their coins on most trustworthy exchange and in this situation he was paying attention to binance. Overally suggested people to trust binance and hold their coins here.
But recently there was a hack and 7000btc were stolen. So what was the point?
1. Binance has good security system and this hack is false, they just wanted to give a bad reputation to cryptocurrencies (this work comes from governments and financial institutes) because now there will be a rain of articles about how bad crypto world is, how unsecure it is and etc.
2. They are stupid and really had security issues

If someone or a team of hackers could withdraw a huge amount of bitcoin and they could not flag those big withdrawals without being identified how can anyone call them secure, CZ was a fool who gave everyone false promises and like to be in the media often with his challenges and the way in which he handled the hack as if it is nothing major and then trying for a roll back as if it was some shitty altcoin   .
The only solution is, never trust any exchanges or third party wallets, store your coins with you where you hold the private key.

If a hacker is able to access a private key then the exchange wouldn't be able to stop the hacker from withdrawing the coin, there's also a possibility that it's a inside job, People will only store their coins in their own wallet when the hack affected them like me even though it's not a huge amount it taught me a lesson to not store coins at a exchange.

[Mpamaegbu]

I think it's number two. Binance must have been sure about their security, but something went wrong and someone was better at this. I don't think such an exchange would risk robbing their users. They have great income when they are playing by the rules, and the damage to their reputation is not worth it.
It could be the third option, though:
3. Some random smart guy that works for Binance in security issues figured his salary will never give him the money he/she can now untraceably steal.

Your third option is more like what I agree with. I have always felt the hack was an insider job ever since it happened. The OP's first option was way out of the equation. Robbing a bank won't stop people from keeping their cash in the banks.

[pawanjain]

As I remember correctly (post if I am wrong) Binance CEO was suggesting people to hold their coins on most trustworthy exchange and in this situation he was paying attention to binance. Overally suggested people to trust binance and hold their coins here.
But recently there was a hack and 7000btc were stolen. So what was the point?
1. Binance has good security system and this hack is false, they just wanted to give a bad reputation to cryptocurrencies (this work comes from governments and financial institutes) because now there will be a rain of articles about how bad crypto world is, how unsecure it is and etc.
2. They are stupid and really had security issues

No system is Safe! - Read it on somebody's personel text.

As long as a system is connected to the internet and has vulnerabilities, it is possible to hack the system and steal the data in it.
I believe no system is unhackable, you just have to find the right vulnerability to it. Hackers found it out and hacked binance.
Why they did it ? Probably for the money. Nobody can be blamed here. It was just a misfortune that happened.

[ethereumhunter]

I think the point from the hack is we need to always secure our account with activating anything to protect the account from the hackers, and we need to follow what binance said. The hackers are on everywhere, and we don't know who will be the next target, and we need to be careful to use the account and don't trust any links that sent into our email or our phone.

[Kelvinid]

I have always felt the hack was an insider job ever since it happened

I have felt several of the exchange heists were perpetrated by a us federal govt agent who has a lot of nyms and always parrots 'inside job' whenever they occur to try to cast suspicion elsewhere, also that would open him to libel and slander.

It is bad to think of how these known exchanges get tortured from one of their team members. If these can be a false accusation will surely be a subject for a libel case. The investigation is on the process and they'll never say what really the cause of their hack. Although they end up into hacking and the good thing is that it won't affect the market prices and soon Binance will recover their big losses.

[Rooster101]

Hackers according to some reports used more advanced methods or technologies in hacking ang they are always looking for effective ways to penetrate even the most secured sites. The binance hackers obtained user API keys, 2FA codes and other informations to execute their plans so it means they had successfully  found another way to hack the exchange. The hacking of a considered most secured exchange should be a wake up call to further improve the security of every exchange.

[Bdstar]

Binance is such a big and reputed exchange.People trust binance and that's why they store thier valuable crypto thier.So, binance have a huge responsibility to protect user's money anyhow.Hackers are always in search of weakness in your system, so you should hire experienced and correct people to your security system.So, It's absolutely fault of binance Because Their security is weak which we have seen.                       

[antisocial77]

there is no such as %100 secure platforms, not for exchanges, not for anything.there is always a way to hack.another thing is i think binance did a great job except talking about rollback.

[FlightyPouch]

A lot of these hacks you hear about are fake.  Its just an excuse for excchage operators use to run away with customer funds.  Sure real hacks happen sometimes but those are actually rare at an exchange level without an inside employee that is involved.

This is so true. There are a lot of agencies in our country that are scamming people and their escape or route way out is Bitcoin. Last year, when the Bitcoin dumps after the ATH, a lot of scammers run with their client's money and if they asked about what happened, well they will be saying that the price of Bitcoin fell and the blame will be all pointed to Bitcoin.