what do you make out of Binance hack

[XCANA]

The hackers display the level of the weakness of the security setting of the exchange and this to me serve as a wake up call to binance and every other exchanges to upgrade they security system to a more sufficient level to combat hack and malware.

Definitely "a wake up call", they actually revealed their inability to protect costumers properties within their confer. With this happened, Binance will take extra steps in the protection of digital currency in their confer. Others will take a correction from what hard happened to Binance and hope they will all step up in their security stuff within their reach.   

[1715399529]

1715399529

[1715399529]

1715399529

[leps]

Some people were implying an inside job. I guess we will never know unless solid proof come to surface but in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies. The threat is real for the old financial system.

[shesheboy]

in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies.

That maybe the other reason on why there are hacking incidents on cryptocurrencies  but what about on other business or on other payment methods ?

  There were also hacking and scamming or any other cyber crimes that are present and the motive of the criminals on why they do it is because of the money .

still no matter how many hacking incidents occur in cryptos , people are still courageous to invest and to continue what they already started .

[leps]

in my opinion these hacks are being orchestrated by powerful ententies to discourage the general public to invest in cryptocurrencies.

That maybe the other reason on why there are hacking incidents on cryptocurrencies  but what about on other business or on other payment methods ?

  There were also hacking and scamming or any other cyber crimes that are present and the motive of the criminals on why they do it is because of the money .

still no matter how many hacking incidents occur in cryptos , people are still courageous to invest and to continue what they already started .

I am aware that cyber crime is as old as the internet. Hackers exploit vunerabilities and take advantage of ignorant and naive people especially in a new space like cryptocurrencies where so many don't know how to protect themselves from scams and phishing attemps but either these exchanges are completely incompetent or these hacks are made from the inside. Corruption is everywhere and only time will tell if bad actors are working to discourage the masses from investing or if we just simply need to improve the security in this industry.

[pragna]

In July 2018, Binance setup a secure asset fund (SAFU) for users, allocating 10% of their received trading fees into the fund designed to act as an emergency insurance policy to protect users against losses in the event of a malicious attack.

With the news Binance is covering 100% of exchange user losses from their SAFU fund, for Bitcoin, it was back to business as usual.

https://www.altcoinsidekick.com/blog/wonderwall?

I think this is very well work from CEO of Binance for crypto market. Actually Binance is the biggest one exchanger of crypto market. So it was very shocking news for every investors and traders as well as. But good news is market did not fall such as big stolen so that anything can happen in crypto market and we all have to prepared every time about this.

[Pipdips]

Some people were implying an inside job.

This crossed my mind too.