what do you make out of Binance hack

[indoagung88]

It is replaced 100%, but it definitely has a negative impact on Binance exchange users. For me, whatever the reason for hackers is very worrying and makes many people afraid of losing assets. I hope this does not happen in other exchanges. And the most important thing is that we must remain vigilant with all the hackers' accounts Don't let it happen again.

[Genemind]

It has ruined the reputation of Binance but the exchange still regained the trust of most users.
This has been sad news but the market is too resistant to get shaken by such controversy. It was an advantage for some users who have learned their lessons as well.

[olamidey]

The Binance hack came to many as a big surprise. Wouldn't have believed something of that sort happening to Binance. Yes it has happened but thankfully, they have a system in place that guarantees client's funds. This is one of the disadvantage of keeping funds on exchange. If not for the 10% of fees kept aside, another exchange may have bit the dust.

Couldn't believe for a moment that the roll back option of bitcoin chain was ever thought of. That could have had grave implications on Cryptocurrency.

[Ayiranorea]

Though it was the biggest cryptocurrency exchange available, the hack didn't made any negative impact on the market. If it was some other exchange surely some negative news could have got circulated around shattering the market. With its perfect plan of funding users everything went smooth and Binance has made themselves strong and more secure.

[edisystem]

have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,?  

Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711

Security on exchanges is obviously very important, i'm sure the security team of binance trying their best to make all your coins safe in binance.

[jhongzjhong]

have they released any details of how it happened? I don't understand how is it that difficult for exchanges to keep coins securely,?  

Not in full details but you can see the response from binance here: https://www.binance.com/en/support/articles/360028031711

Security on exchanges is obviously very important, i'm sure the security team of binance trying their best to make all your coins safe in binance.

They are now trying to forget this ridiculous nightmare by them. It is almost ruining their reputations but now Binance was back and it works fine now so I think they are now building up their security system not to bypass by a scammer. Thousands or even millions of traders using Binance and maybe us here majority is Binance users I think they are doing their best to keep us safe even the hacking incidents already happened but doesn't give bad effect to the market.

[Successmaniac4]

It is sad that Binance has been hacked for the sixth time, but I'm also happy that the hack didn't affect customer's funds. The SAFU they created really helped. But I think the team needs to strengthen their security systems to prevent any hacks in the future.

[Shenzou]

The hack that happend to Binance was a mere pebble in their road, Binance probably makes like million if not billions a year and the money that was stolen during the hack only represent a very small portion, they stated that they are going to replace it and the security flaw was fixed, so nothing is going to out of the usual and no one is going to have his balance changed, if anything this shows how trustworthy they are and how big they are, and in terms of their binance coin it actually went up since that.

[Pipdips]

After the Binance hack, I continue using Binance for crypto-currency trading.

[BitBustah]

Its really sad to see Binance get hacked but money is the ultimate motivator in the world and some people will do anything to get more of it.  Luckily Binance has enough saved funds to cover any customer losses so they are good on that part.  The scariest thing is that CZ wanted to do a bitcoin chain rollback to recover the stolen coins.

[Whaletale]

Binance hack is a big lesson to all as that will brought about the security fight and more measures in place to prevent the future occurrence and the lost funds are no where to affect the any user , so every users just need more of security conscious.

[Eraldo Coil]

The only thing that I could make out of the Binance hack is that these big and respected exchange sites are vulnerable in any forms of threats like hacking. It could affect people's trust on the exchange site but I don't think it could affect the market situation.

[yusupjatigumilar]

I myself still don't believe the news about Binance's class exchange being hacked ... my question is that the security system they have is very high according to them. But fortunately the assets being burglarized are only a small part of all assets that are in exchange. For the incident I became afraid to trade in the exchange.

[uray]

Well the binance hack did not even shake the over-all market unlike the recent attacks on other exchange. Instead it pushed Binance to upgrade their whole platform and tighten their security to make sure that all their users will be safer this time around.

If they should have tightened their security long back there would not be an incident like this and for them to take the user funds seriously they need to have a huge set back in the form of a hack, something is not right in this situation and why would people trust this exchange when they were not taking care of security earlier, the problem is that there is not much options for users to trade who have the same volume as Binance.

[Aldrinx00]

It just proves that there no exchanges that are 100% safe from hacking. However the CEO of Binance are professional in handling the hacked when he announce that the funds are safu and immediately conduct an AMA. I really don't think that the incident loss confidence to Binance instead they trust it more.

[Adriano2010]

Well we will continue trading and buy and send coins to Binance and withdraw, i'm glad that they give funds back to users who get hacked, and i think they will take all measures that this never happen again.

[Pipdips]

The Binance hack was a wake up call. I still like Binance. It is a fun, fast, and easy platform for online trading. I admire the ways Binance dealt with the media, it's clients and users, and particularly important was how they dealt with those refunds.

[Odonko]

The hack on Binance cryptocurrency exchange is a terrific incident a huge number of bitcoins were stolen from this exchange and even though their CEO has promised to reimburse users of their funds i think it's high time cryptocurrency exchanges update their security mechanisms from time to time.

[shane]

Binance CEO was able to manage the incident smoothly without damaging their reputation much and having the SAFU fund helped him to recover from the loss. Therefore, we should give them the credits to opening up the precautionary SAFU fund.

According to their findings, the hackers were able to bypass the pre-withdrawal risk management checks which not good. We can see that there were number of withdrawals that exceeded 100 BTC daily withdrawal limit in that BTC block. If they had a perfect pre-withdrawal risk management checking system, the damage would be less as the hackers cannot steal more than 100 BTC from an account.

What they should do is review all of their risk management systems, find whether there are vulnerabilities or loopholes and take action to strengthen them. I hope that they did it when they went for the maintenance mode. They should also review their systems regularly as a proactive action.

[FUD Expert]

As we all know, when this things like this happen, there's a massive dump after and I was expecting the same but only wish that it is not that worse. But I was completely wrong, and it's like the market just ignored it or did not care at all and btc just continue what it wants to do which is rise like a phoenix. But I'm still disappointed on what happened with Binance because they have the image of the most trusted crypto exchange of all exchanges.