Binance hack, Self inflicted or it didn't happen at all?

[BitcoinPanther]

Binance hack, Self inflicted?

Its been a week since Binance was hacked, lucky it does not affect the Bitcoin Price that much.  As I was watching several reaction on the youtube, I found it interesting that some of the streamer does not buy that Binance were hacked but rather thinks that it is some part of Agenda.  Among these streamers are:

Binance hack doesn't make sense! THE TRUTH about accredited investors in Bitcoin! by Mr_Kristof

Experience.. Base of what little they told us there is only one of two possibilities. First, possibility is it is an inside job, only way I can see that happening.  Second possibility is that it didn't happen...

..there's so many things that you can throw in to the mix.  Coincedentaly this hack is happening the time that binan.. ahh.. Bitfinex is found guilty in New york.. coincidentally this happen at time when New York state is weighing  down heavy on this..and we really know that tether is in serious jeopardy...

Was the Binance Hack Faked?!? (Some People Think So... Find Out Why) Jacob Canfield

.. if let's say tether does collapse, what.. whats the outcome while you got 2.4 Billion dollar market cap pegged cryptocurrency to US dollar that is currently trading at .... ...  they maybe ahh. working to keep the ecosytem from collapsing so that people can't arbitrage out of Binance but Binance able to sell else where...

IInteresting topic on twitter that is started by Bitfinexed regarding the Binance hack:
Here are the chances that the 'hack' on Binance, is really a hack. 0.000000000%]


Binance Hack Scandal. Truth Revealed! Funds #SAFU? Theory You Haven’t Heard.. by Chico Crypto

So this is what we are looking at.  If this was due to phishing and viruses, where hackers have API, 2fa codes, passwords, why is the exchange letting trading to continue on their exchange?

 Back of July 2018 the exchange who should not be named eperience its first hack which have some uncanny resemblance to this one

Now let us examine the hack transaction and see what is suspicious about it.  As we can see Bitcoin came out in multiple of a 100+..

Funny how CZ made this statement:



later announcing that their exchange was hacked.



Though there are theories that these hack is either self made or non-existent at all.   Other said that there is actually no hack but that was the incompetence of Binance that almost lost hundred of thousands in the transfer process from Binance hot wallet to segwit address. Others think that it is just a mere stunt to showcase their SAFU or present their newly found DEX.  Whatever the reason is, whether it is faked or not, it is a good thing that funds of their client are safe.  

[ikicha]

Why always 7000 BTC ? lol
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.

[BitcoinPanther]

Why always 7000 BTC ? lol
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.

That is indeed suspicious here.  Then thing is during the 2018 hack, they only suspend the the exchange in just a day.  While it took them a week this time.  Some theory thinks that they did that to keep the value of BNB from dropping. Others think that it is to avoid the colapse of tether since they are holding around 74% where they have the luxury of arbitraging it to other exchange while they disable theirs.

[smyslov]

That was a good theory, it also crosses my mind too, because of their coming DEX, and they want to show to the community that whatever happens, coins are all safe and they guaranty that, anyway, whatever happens, they are still the number one exchange, but it does prove if the hacking is true that no exchange is safe.

[Adriano2010]

Is weird also because this happen, and i think how they "hacker or hackers" could put all bitcoin at one place if they steal users data and login on single account and after to withdraw 7000 bitcoin?

[rjp55]

It really seems fishy.

Also, he says he will be transparent but not telling how did this happen so far.

[rijaljun]

Why always 7000 BTC ? lol
I dont know what happen, why someone can transfer 7000 BTC in single transaction? binance limit 100 BTC withdrawal if you a verified users.

Hackers don't need that kind of permission, it's limitless to send Bitcoin. Why bother to follow Binance rules while they can just send them in a single transaction? Also, the hacker spreads the funds into seven different addresses, not a single address.

What if actually Binance team did this by theirselves to make people move to their DEX? So, their new product will have its volume as well.

[Herbert2020]

most of these youtubers and others on the social media has been causing drama and seeking attention. in some cases they have even been trying to spread FUD to cause a bitcoin price crash so that their shorts could be filled and they could make money which they failed at it miserably.

but generally speaking in every exchange hack there is always a strong chance that it was either an inside job or a shady lie that the exchange told the public to get away with a large amount of money overnight. usually there is no way we can figure it out without actual investigation performed by the authorities in real world with them kicking their door down and demanding real transparency not the nonsense they post on Twitter!

[n0ne]

Most of the hacks that have taken place till date were almost the same, we don't get the perfect information about the hack. There will be more arguments going on, and no conclusion will be achieved. Same as the Binance hack getting indicated as a self inflicted Quadriga exchange owner death and the missing of private keys were also mentioned as a self inflicted and there is no news on it further stating the truth.

[StatesManG]

The binance hack came quite unexpected and as a shock to everyone. Although you are right that there is something they might not have told us, but let's wait and see how it goes.

[tomahawk9]

What if actually Binance team did this by theirselves to make people move to their DEX? So, their new product will have its volume as well.

Pretty risky move if you ask me.

On one hand, people don't seem to care about exchanges getting hacked nowadays, it's like it's become the norm to see at least one exchange getting hacked every month, people fall for 'optimism bias' because they're simply too lazy to own their privates keys, thus why you don't see an exodus of users jumping from one exchange to another after suchs news, let alone a brand new DEX created by the ones who just got hacked,

On the other hand, the consequences that this could've had were immense. I say "had" because, even though Binance's reputation took a big hit, I feel they got off easy thanks to the bull market and the minimal impact that the news had on the prices, otherwise, this could've been a major disaster, for both Binance and the cryptosphere.

Overall, I would discard this theory, to be honest.

[sri.bima]

I hope that what happened with binance (HACK) for the last time, this is very detrimental and makes me worry. You are right, that does not affect the price of bitcoin, but raises many real questions. Hopefully not many people are turning to using other exchanges.

[Mrsparks]

I have gone through some comments on this thread and seen so many conspiracy theories but the one that got me thinking deeply is the withdrawal limit of 100 btc.. I am now of the opinion that of a truth this was an inside job.. Because I doubt any user can do that without having access to codes and other integral components of the binance exchange..

[mahibul49]

there was no hack but a drama !binance ceo is a clever person and he just transfered that btc to his dex wallet.
i am sure.

[bonker]

Binance believed that they will never get hacked but in the eyes of hackers it is not something different from other exchange so it got hacked as well but binance was prepared for that so they did't lost their reputation much.Why they need to ruin their own reputation?

[Ailmand]

Nobody wants to get hacked especially Binance itself.
There are different theories and statements regarding the hacking incidents which blame and telling that Binance is also behind the incident but nobody can prove it. I guess hackers are just smarter these days so we couldn't put all the blame in Binance.

[kindbtc]

I agree to the point that if someone has really stolen and transferred that much amount of bitcoins from binance then binance should be more transparent and share all the details with the public especially the tracking link of the transaction where hacker was able to transfer 7000 btc.

[Uju4real]

Hmmmm, I don't really believe that binance was hacked, saw it as a false belief that is meant to be true. But even if they were truly hacked, binance on the others hand was well prepared for it

[proTECH77]

There are many questions that one can possibly ask in regard to the recent Binance hack. Although, there's the possibility that this hack never took place, and just Binance tried to play their games on Tether saga, Another issue is that, if the hack took place, it will be as a result of an insider and amount not upto such huge amount mentioned in the hack.

[pushups44]

I'd say if this is a conspiracy to play victim, it's a highly risky one given the transparency of the bitcoin ledger and the need for record-keeping in whatever jurisdiction they are at. I see no reason why Binance would fake a hacking theft given that it tends to diminish public trust in the platform, and given that they were insured by themselves anyway.