Binance case shows that crypto community is stronger than ever

[uneng]

Good that crypto community knows to deal with this kind of incident nowadays. I can't assure if those guys offering help were being opportunist, but that is welcome anyway, although I think Binance can overcome this issue without external help, as they have lost just 2% of the total funds.
Thanks to crypto community support and other events happening consecutively (new big management funds firm adopting btc), bitcoin price didn't feel too much negative consequences of this hacking.

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[TopTort777]

That hacking incident even made the crypto situation better. Bitcoin's price is increasing and despite the controversy,
traders still trust Binance. It only means that Crypto enthusiast couldn't get affected by negative news that fast.
Crypto foundation is standing firm during this situation.

You think that two events "Binance exchange being hacked and Bitcoin price growth" are connected ? Doubt that.
Traders still trust Binance, because they have a SAFU (secure asset fund for users). Without that fund, many will abandon this exchange, but thanks to insurance like SAFU, they still use it.

You misunderstood his point. He was trying to state that Bitcoin price was mostly unfazed by recent negative news like the Binance hack, Bitfenix and Tether controversy etc which proves that BTC has improved drastically over time.

I see now. I didnt think that way. I almost forgot about tether recent issue.

[kryptqnick]

I've read quite interesting article on BlockChain24.co, with a very encouraging view on Binance case. After exchange hacked, many people from crypto world decided to help it, in the name of greater good. I think this is a strong message that crypto community working together is an unstoppable force. What do you think?

It's nice to see that important people decided to help out the exchange, rather than accuse it of scamming people or anything. Like I thought, though, 7k BTC is not a terribly big amount of money for the exchange. As I see from this article, Binance will even provide full compensation to users who lost their funds. Now, that is encouraging.
Another sign of maturity of the community is that the news wasn't followed by a decline in price as it typically would. And that's in the time when the price was at big risk. since Bitcoin just managed to reach the $6k barrier. I guess the times when people go in the FUD mode are fading away.

[Jackrodwell]

For me binance is a strong exchange and no matter what haters do can't bring it down,they will continue to strengthen the security and so no panic at all for buyer & seller on the exchange.

[ccryptopark]

I couldn't agree more. CZ did a great job by acting prompting to the crisis by saying he will reinstate lost funds and by hosting a AMA to the community. One of their compliance companies ciphertrace also released a statement regarding the hack how it had to do with 2fa authentication which I think makes the community think more deeply on protection and what to do moving forward

[dark1234]

this is good news, because no matter how strong binance they have to collaborate with other crypto communities to become even stronger, but I was disappointed because binance was the biggest exchange in hacking and this made users feel worried but they were calm and believed in binary

[Eildosa]

It's really great that the crypto community is so good and willing to help its own. Exchange Binance very famous and favorite to many traders and so there were many willing to help. I also like this exchange and I trade only there and the news that it was hacked very upset me.

[kickdapa]

Binance is not that awesome as you would think. They might be 1st in alexa rank as they are hyped. but volume wise, they are at 10th place.

so not everything revolves around Binance, there other exchanges that drive Bitcoin price, not Binance.

Sorry to interrupt. Because Binance is the number one exchange according to the real volume. I would suggest you do not follow the CMC rank anymore, most of those high-rank exchange has a big percent of fake volume. No one can deny that Digifinex, oKex, Cpinbene, IDAX, fatbtc, BW, ZW exchanges have a higher percent of fake volume. But in binance, 100% real volume. That's why people love Binance and the whole crypto community wanted to help Binance together! And what about Bitfinex, Bittrex, Kucoin? Their ranks are not good anymore in CMC, but people support these exchanges than others! However, by seeing this incident, I feel the same that the crypto community is stronger than ever!

[Irvinn]

While I do find that support a good thing to hear about, I'm wondering on how will that impact the BTC prizes. I mean - about 4% of the total bitcoins were stolen.

As we can see, this did not affect the price of Bitcoin and other cryptocurrencies. Over the past two days after the theft of bitcoin, on the contrary, it has greatly increased in price. Possibly, the decision of the administration of the exchange to compensate the damage caused to those who suffered from this hacking affected. In this regard, I think that Binance will not lose much of its position, and will soon continue its work as usual.

[Kwansimaa]

Yeah the crypto community can only grow if we support each other in times like these. I am highly impressed by the words of John McAfee, Justin Sun and all those who have offered to help Binance cover up this loss. Crypto can only stay if we stick together and push for one common cause which is the "Adoption of cryptocurrencies as a means of making payments for transactions"

[virasog]

That hacking incident even made the crypto situation better. Bitcoin's price is increasing and despite the controversy,
traders still trust Binance. It only means that Crypto enthusiast couldn't get affected by negative news that fast.
Crypto foundation is standing firm during this situation.

Bitcoin price increase is not related to Binance hack as bitcoin was independently moving good in upward directions from the last one month or so. At the day of binance hack, there was some downward movement in bbitcoin price, but binance told that they would recover the funds from SAFU funds make the situation normal. If the hack was big and no backup plan from binance was annoucnced, bitcoin could have dump hard on that momnet.

[Aldrinx00]

This is true once binance got hacked people from the block chain community offers to help, this is something we didn't see in the past and it shows community is stronger than before. Even tho binance gets hacked people still trust the exchange because the CEO handles it professionally by doing AMA and disabled deposits as well as withdrawals.

[rodskee]

Binance is not that awesome as you would think. They might be 1st in alexa rank as they are hyped. but volume wise, they are at 10th place.

so not everything revolves around Binance, there other exchanges that drive Bitcoin price, not Binance.

I'm aware of this, and I don't state that this is the best one (I don't even trade there). But the willingness to help and solidarity of community is something what I highly appreciate

You have a point op your idea is very powerful solidarity of one community is helpful to protect from the bad guys.

I didn't see massive panic from existing account to close down their account so yea it still strong

Well obvious no need to panic not the reason to close  their account
Binance can handle it to protect the users to stay investing
Especially today bitcoin going into skyrocket
Cheap amount they get of the hackers it's easy to replace that from the one most rich exchange herein crypto

[CryptoBry]

I've read quite interesting article on BlockChain24.co, with a very encouraging view on Binance case. After exchange hacked, many people from crypto world decided to help it, in the name of greater good. I think this is a strong message that crypto community working together is an unstoppable force. What do you think?

The case of the Binance hack is quite interesting. We know that Binance is not that affected financially because the leader of this group had the vision of securing the business no matter what via the fund set-up for such a purpose. Now, instead of people losing trust and confidence with the exchange due to security breach, instead we are sensing that people here are uniting for the cause of supporting Binance. Soon the exchange will be back into its feet stronger and definitely wiser. This is just telling us that the cryptocurrency community remains to be in love with Binance.

[traderethereum]

Cryptocurrency user now becomes smart, and they don't think that panic will be the best thing to solve the problem.
And related to binance hack news, you said that many people from crypto world want to help it and it shows to us that crypto user has grown to a better community and we become stronger than before.
It is a good sign for cryptocurrency because if this could be big, then we will see a growth in the cryptocurrency, and there will be more people who will join in the cryptocurrency.

[Fu2013]

The case of Binance's hack is quite interesting, as you think. Because the leader of this group has a vision and mission to secure his business no matter what the funds are prepared for such purposes.