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

[nightl]

I also just realized why this could happen. as far as I know binance is an exchange that has good security. strange if it can be hacked. and 7000btc but it doesn't affect the price? This isn't strange either. in the past every time there was hacking there was always a dump on the market. so if it matches what OP says. maybe this is just something planned.

It seems to me all this because the head of the exchange very skillfully dismissed this situation and did not cause a strong damage to   exchange. In fact, everything will be restored and the money returned to customers.

[fabuloveu]

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.

If truly Binance was hacked, then may the 7000 BTC was transfer to several wallet at the same time but i doubt it, Binance is hiding something about the whole issued. It is good that it didn't affect bitcoin price unlike last year hacks which actually act as one the bear's instrument.

[BitcoinPanther]

For me as far as they returned peoples money and everyone is safe thats whats basically needed for progress I think so lets hope that never occurs again and as for the 7k transfer thats actually very weird but it might be they got through some of their tracking system unexpectedly

And also, I really don't think that it is self-inflicted at all. This incident have negative impact on their security image so there's no reason for them to do that at the expense of their reputation. But I think, it is one lesson for them. Invest their money also in tight security measures.

Definitely but one thing catch my attention, on this segment of the video by Chico Crypto, it is kinda interesting how he stated that it is not a hack but rather the incompetence of Binance staff regarding the transfer of their fund to segwit addresses.  It imply that the hack is just a mere cover of their failure that almost cost them hundred thousands of BTC.  It happen since during their AMA they were questioned about implementation of segwet address and CZ is obviously unsure of his answer.  If that indeed happen, it is logical that it is better to blame the error as hacked than announcing the incompetency of their technical staff since the latter would impose more threat and worries to their audience.

[redsun114]

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.

I don't think the hacker made the transaction from the platform itself, that limit is set to only the platform and not binance Blockchain, I believe that the hackers didn't hack individual account because it would be impossible to send out 7000 BTC in one transaction, but they send the coin directly from the Blockchain which means that binance should bear all the lost and not put it on any of their members, unless they can explain why a person could be able to withdraw 7000 BTC when the withdrawal limit is 100 btc.

[killat]

Binance got hacked and 7,000 BTC were stolen.

Binance temporarily closes withdrawals and deposits and announces they will buy back their 7,000 BTC (worth $42m at time of hack) using an emergency fund they have set up. Essentially pumping a new $42m into the game.

And then BTC pumps to the sky.

Coincidence?

[roosbit]

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

Self inflicted nah, I would like to think there is some form of sabotage to try and disrupt the upcoming Binance chain which might give ethereum serious competition once it's live. But it's to early to come to a conclusion.

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.

If truly Binance was hacked, then may the 7000 BTC was transfer to several wallet at the same time but i doubt it, Binance is hiding something about the whole issued. It is good that it didn't affect bitcoin price unlike last year hacks which actually act as one the bear's instrument.

Binance now has an emergency fund to compensate it's customers if a hack or anything happens, so the exchange can't really affect the price of bitcoin...our funds are covered.

[OluwaTosin10]

Either ways I think the most important figures is that there are no self inflicted losses on the part of binance users
That would have been the worse of all

But if personal opinion; I think binance drawed the hack upon theirselves

[Iykecollinz]

Seriously I wonder how a $40M lost from an exchange did not affect it much. It appears as if nothing happened, it equally did not affect the general bitcoin price at that time just like a previous news like that had done in 2017. I equally had such scepticism as we have known it is not possible for a withdrawal of such huge amount to happen once. Whatever it is, one needs to be careful an never leave huge amount on these exchanges

[Whosdaddy]

Wow, this is really interesting and I have to say that you did a good job in doing research and stating out reasons as to why the Binance hack might be a fake news, unlike others that will come here to say something and won't even give reasons as to why they believe that is happening lol.

With the facts you've given here, I'm also starting to believe that this is fake, cause I don't really know why they have similar stats, both 7000 BTC. But whatever it is, the most important is that they were able to secure users funds. And this is also shows why you should trust any of these exchanges at all.

[coin-investor]

They should not undermine how the investors and traders think if they find out they are making this out and just try to manipulate people, they are going to protest and look for a better alternative, there so many exchanges in the market and everyone vying to get a slice of the market.

[Cosbycoin]

Seriously I wonder how a $40M lost from an exchange did not affect it much. It appears as if nothing happened, it equally did not affect the general bitcoin price at that time just like a previous news like that had done in 2017. I equally had such scepticism as we have known it is not possible for a withdrawal of such huge amount to happen once. Whatever it is, one needs to be careful an never leave huge amount on these exchanges

Do you know that there are around 300 exchanges out there and more than 90% of the crypto users are using Binance? In other words, more than 90% of the market is captured by Binance and that is the reason of the success of the exchange. It has made enough money to deal with the hack and the loss of the users. Another exchange would not have survived such an attack.

[H1N1]

If big exchange such Binance has been hacked, some speculations about it won't be weird.
Let watch close the bitcoin address that drained 7000 btc from binance wallet, we will know the hack was real or fake.
But we glad all of users funds are safe guaranteed in their possession.

[semobo]

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

[igor.vanyutin.83]

I do not think that they have made such an announcement only to make a bit more hype around their exchange. Moreover, it harmed their image a bit, so it makes absolutely no sense to say that they did the hack on their own.

[raes]

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

an effect might occur, but binance is a large exchange, not many will be affected if the assets they hold are safe. maybe some people had panicked hearing the news, but not many people would leave binance.

[iconoclast]

I don't think they faked the hack. In my experience the only time an exchange would fake a hack is an exit scam where they run off with all the money and let investors take the hit. In the case of Binance, the hack was relatively small and Binance covered all the losses in an effort to make it go away. I am sure they have had people stop storing their money on the exchange and the hack has damaged their air of invulnerability. They would not do that to themselves and I have not seen any explanation of why hacking themselves would serve their interests.

[BitTraderCute]

Why they have to say that they were hacked if it didn't happen at all,they know if there is a hack it will surely affect their reputation and income so its actually happenen in my opinion.

an effect might occur, but binance is a large exchange, not many will be affected if the assets they hold are safe. maybe some people had panicked hearing the news, but not many people would leave binance.

much traders glad to be binance's customer.they provide good services , high liquidity and many products else.although binance hacked , but it not impacted to binance it self and cryptocurrency market.market still going on well nothing bad thing happen.

[anatolij.shishkin]

Conspiracy theories about hacking. I am surprised. Of course it is not clear how the hacking occurred. But it’s not worth spending time on it. And then we definitely can not trust anyone. Hackers, conspiracy theories. Will finance return money to investors? then there is no problem.

[akirasendo17]

its not good to acused someone of doing something without evidence
besides hacking on exchange is very usual this days
but we cannot deny that there must be an inside job, or something
since they are very aware of hacking that is happening before the incedent

[Eraldo Coil]

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.

There is a possibility that the person behind these things is just the same. Or two different people just working together to make it look like there is a hack going on but the real intention as was to make us look dumb. Anyway, this is still a good conspiracy by the OP.