Update on Binance hack as per CZ

[Baofeng]

Rest assured, our team is making progress. We are taking this opportunity to significantly revamp some of our security measures, procedures, and practices. With the goal of resuming deposits and withdrawals as soon as possible, some of the changes will be done within the window of this week, and many further changes will be added afterwards.

We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.

We will be adding hardware device support, such as YubiKey and other devices, very soon. We will run an event and give away 1,000 YubiKeys as soon as that feature is implemented.

Tentatively, we are looking to resume withdrawals and deposits early next week. We still have a large number of tasks and tests to do, and we are working around the clock on it.

Once again, we thank you for your unwavering support during these tough times! We will fight on.

- CZ

https://www.binance.com/en/blog/333497959022997504/Binance-Security-Incident-Update

So there you go, there's a lot of things going on behind the scene and it looks like they will revamped their security measures. So as early as next week maybe we can see deposit and withdrawals resume and back to normal operations again.

[CryptoBry]

So there you go, there's a lot of things going on behind the scene and it looks like they will revamp their security measures. So as early as next week maybe we can see deposit and withdrawals resume and back to normal operations again.

I am expecting that this time Binance can be stricter in many areas of the exchange. Hopefully, they can be able to fix the vulnerable areas so as to make sure that the unfortunate hack will not happen again. Binance is a strong platform and the whole cryptocurrency community as well as users are standing firm and  supporting it now. I am expecting that other exchanges small and big are now also looking at ways they can strengthen their own defenses as hackers are working 24/7 to steal millions and millions of coins and tokens.

[antisocial77]

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.

[Ailmand]

Well, it is to be expected in Binance that they will take fast action and update regarding to what happened to the recent security breach. I hope this time they will have a tighter security system since most traders are keen in using their platform due to the massive volume and it's convenience. They should really have a good check and take necessary measures to ensure users security.

[davis196]

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.

[Haunebu]

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.

I disagree. These hacks happen all the time. Lesser known exchanges which get affected by these hacks usually tend to disappear completely since no one would bother with them anymore while the popular ones like Binance will retain their user base and become even more popular since they are able to give back the stolen funds through SAFU fund etc.

[bittraffic]

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.

[Artemis3]

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.

Unfortunately they should do it in either case. If its true, or if its false, it does great damage control and it is working. They could be lying, but by calming the people, they can sort the problem without going bankrupt. Or they could be saying the truth, in which case its already solved.

But others have already offered enough money to cover the loses, which might or might not be part of the damage mitigation.

In these cases only time can tell.

[edisystem]

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 way the bitcoin price dropped back to $3k once binance reopen everything. In my opinion it would be same, maybe just drop a little bit.

Yes they said they'd refund the loss using SAFU safety fund to cover the loss.

With this hack incident, i'm sure binance will upgrade their security more.

[stadus]

Next week?

I need my funds this week because I need to pay something.

I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.

[samcrypto]

We have to give the second chance for Binance, they are doing everything to make the transactions safe again and we need to have more patience. Everything will be fine, the refund can still happen and Binance will handle this one properly. Thanks for the update OP, this can help the investors to calm down and trust binance. This hack is very crucial for binance, but I know they will be more secured in time.

[Pursuer]

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.

I disagree. These hacks happen all the time. Lesser known exchanges which get affected by these hacks usually tend to disappear completely since no one would bother with them anymore while the popular ones like Binance will retain their user base and become even more popular since they are able to give back the stolen funds through SAFU fund etc.

smaller exchanges disappear because their business was small so they didn't have that much money to back things up and didn't have that many operations running. on the other hand a big exchange like Binance has multiple operations running so even if majority of their users leave they will continue earning money! for example they have already created a token out of thin air and have sold it to the public making millions out of it. that is not something a small exchange does or even can do!

[ranman09]

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.

I disagree. These hacks happen all the time. Lesser known exchanges which get affected by these hacks usually tend to disappear completely since no one would bother with them anymore while the popular ones like Binance will retain their user base and become even more popular since they are able to give back the stolen funds through SAFU fund etc.

smaller exchanges disappear because their business was small so they didn't have that much money to back things up and didn't have that many operations running. on the other hand a big exchange like Binance has multiple operations running so even if majority of their users leave they will continue earning money! for example they have already created a token out of thin air and have sold it to the public making millions out of it. that is not something a small exchange does or even can do!

I agree its because they have all money needed if incase hacks like this happens. So mostly, people using their exchange won't feel these problems. And as seen the exchange is most likely faster solving the problem and reacting. This just made people's trust to the exchange stronger.

[virasog]

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.

I think the Roll back of transactions on blockchain network in order to neglect the loss, was sure not possible and it was just a slip of tongue from CZ. If bitcoin network can be rolled back ,then this is system is not good and can be manipulated. People would have lost faith in bitcoin if ever a roll back happens on transactions. CZ should only recover funds from the Safu trust and should not give statements which bring bad reputation to bitcoin itself.

[Harkorede]

Next week?

I need my funds this week because I need to pay something.

I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.

I suspected they'll do this, If not It might have triggered a huge withdrawal requests from their users and if indeed the hackers were still in possession of those API keys and 2FAs, It would be difficult for Binance to make proper investigations or stop the hackers from continuing their exploits.

[Artemis3]

Next week?

I need my funds this week because I need to pay something.

I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.

Not in your wallet, not in your control. Did you learn your lesson yet?

Even if you wanted to play trading, you shouln't have put funds in there that you "need" tomorrow. The saying "don't invest what you can't afford to lose" exists for a reason. Be thankful your funds are (apparently) not gone. You should always expect that tomorrow, Binance could be no more. This is more or less how Mt.Gox vanished, and back then, that was the exchange, everyone put their trust with, not in any of the other suspicious little ones... Only Mt.Gox had a "proven" reputation, being the "number 1" probably made people feel better...

Oh, who is number 1 today? Hmm I wonder...

There is also spreading, not just coins, but trading platforms, and investments. Don't put all your eggs in the same basket...

Whats next, demanding a bank your money after a bank run, while knowing well in advance the bank plays with your money and even pays you interest for letting them to? The reason bankruns exist in the first place is called fractional reserve banking. Serious exchanges should never do do that, that is why you pay them instead of the other way around.

If Binance survives, it might have gained some reputation credibility. Did you know what happened when Nicehash were "hacked"? People weren't paid back in full... two thirds or so, and only over a long period of time (presumably time it took them to recover).

Yes it can be worse, much much worse. Not in your wallet, not in your control.

[veleten]

next week it is , I guess there is no other way to be getting your funds anyways
hope is not just a simple delay tactics to not cause panic and everything is under control
otherwise the bull run we experience could be well hampered by Binance's failure to keep their word
yet another reason to never store coins on any exchange , even the ones too big to fall

[okala]

Next week?

I need my funds this week because I need to pay something.

I really thought they would resume the withdrawal processing in just days, but it's taking so long.
This hack really happens with a bad timing, most of my coins are traded in Binance and in times of bull run like this, we also have to enjoy a bit of reward.

Well the did has already been and binance need to provide some security measures to prevent future hack and also protect your found in they, it sims they have not gain full protection of the affected wallets the hacker stole from. I like the measures they are applying in this situation but the prolonged paused on withdrawal and deposits will effect many of us trading on binance but we just have to wait and show our support.

[xWolfx]

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.

[BitBustah]

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.