Binance has been hacked

[Shadiq]

This unexpected incident may have surprised us all. This is nothing new for Binance, they have been hacked before. This is the second time they have faced the same incident and it was the largest hack in crypto history, with losses amounting to $6.3 billion. Although they are still assuring that they will recover the funds very soon, they have already started working on it.
What surprised me the most was the inclusion of North Korea. It is believed that there may be a possibility of North Korea being involved.

The incident also affected me. Although there is not much money in the Binance account, about 60% of the funds of Shadiq's Interest-Free Loan Service are frozen as a result of this incident. Unfortunately, the funds are mostly spread among the borrowers, and only a few days ago the funds were returned to me. Today, when I opened the fund to make another loan, I found my funds frozen. If this incident had happened a few days ago or a day later, it might not have affected me, but for now it is affecting me and Shadiq's Interest-Free Loan Service. Hopefully, the situation will normalize very soon and our funds will be intact.

[sokani]

Large outflows amounting to possibly $2b had been noticed from Binance hot wallets and they've temporarily suspended withdrawals.
Read more Here

Omo, dis one nah sad news o. E be like say dis time nah all di popular exchanges dey collect woto-woto. First, e start with Bybit, Bitget follow and now Binance and I know say as usual dem go pin am for Lazarus group head.

I'm making this post to alert those that use it in receiving signature payments, especially as Rainbet payment is expected anytime soon. You can reach out to your managers and tell him to hold or provide a new wallet address. We don't know for how long withdrawals would be disabled.

Dis one nah one of many downsides of using a cex to receive campaign payment. Any person wey dey affected, I hope him go learn di hard way so that next time him no go do am again.

[Obari]

Thanks for the heads up!

I hate reading crypto vulnerabilities these days, as they are too much and it's becoming annoying. More than $6B crypto worth has been reportedly affected. However, Binance is a big exchange, so this will pass. They indicated they would restore withdrawal within 48 hours. Let's see if they would be true to their words.

I don't use to doubt their words because I know binance is already a very big company and if you noticed, the price of bitcoin was affected as a result of the news as it dropped but according to the news, the $91m was frozen by Tether but I don't know if Binance have been able verify the news but since they said withdrawals will be restored after 48 hours, then we just have to keep our fingers crossed and see if they would keep
To their words but for the mean time, I think internal withdrawals are still going through and p2p services are still available so users can as well explore those other options.

[Xackie]

This unexpected incident may have surprised us all. This is nothing new for Binance, they have been hacked before. This is the second time they have faced the same incident and it was the largest hack in crypto history, with losses amounting to $6.3 billion. Although they are still assuring that they will recover the funds very soon, they have already started working on it.
What surprised me the most was the inclusion of North Korea. It is believed that there may be a possibility of North Korea being involved.

The incident also affected me. Although there is not much money in the Binance account, about 60% of the funds of Shadiq's Interest-Free Loan Service are frozen as a result of this incident. Unfortunately, the funds are mostly spread among the borrowers, and only a few days ago the funds were returned to me. Today, when I opened the fund to make another loan, I found my funds frozen. If this incident had happened a few days ago or a day later, it might not have affected me, but for now it is affecting me and Shadiq's Interest-Free Loan Service. Hopefully, the situation will normalize very soon and our funds will be intact.

I am even hearing that it could take up to 48-72 hours before the withdrawal options becomes available again. The only thing I am glad about is that CZ and binanace on X assured the people that their funds are safe. Hadn't been the funds weren't safe , there would have been alot of uproar from people on the Internet.  I don't know how North Korea are always the alleged culprit for this hacking activities.  How do they go about it? And always go scot free without any punishment. I know that they are isolated and kind of cut off from the rest of the world. Now big Exchanges and wallets are now vulnerable to hackers , no one looks safe again.

[Odogwu-Blockchain]

I'm surprise that bitget, bybit and binnance have all been hacked in just a year.  This doesn't speak good of these exchanges because it seem their security systems are weak and repeatedly vulnerable to hack.

Binnance is the biggest exchange among them, so I expected it to be more secured but it seems they're just a big name and not what I thought they truly were, they aren't as secure as their reputation speaks.  Centralised exchanges are a death trap, so we should all avoid holding our coins on them because it has been shown that they are not reliable in terms of security.

They are all playing with people's funds and call themselves reputable exchange while failing to spend huge amount of money in their security systems, I am disappointed in all centralized platforms be it exchange, DeFi or casinos, they are all fucked up and playing with user's funds. I trust them no more.

They are only milking on user's trading fees, making profits and doing nothing to secure users. Binance had experienced the second hack, the first was $40m, and now records the highest in history.

I think they know what they are doing, I am begining to suspect these exchange, the hackers are working with them, the secret code to make them vulnerable had been given to the hackers from the Binance insider. I can't trust them again. I am highly disappointed. They aren't doing their job.

Hacking a centralized exchange do not take one day, it had been a process that had occurred long time ago, the IT expert employed by Binance must have track the progress of these hackers and stop them from the beginning. IT experts checks every vulnerable point daily to secure an exchange as part of the routine checks. But they failed or pretend or leaks out to hackers to penetrate through them.

[Exitoral]

This hacks are becoming too frequent already. What seems to be the underlying issue with the security. In the past, you hardly hear of hack as frequently as this. This hacks seems to be targeting the cryptocurrency space more.

Bad actors are now the once ruling. The good once seems to be lost following old patterns that's why I think more frequent hacks are happening.

The security infrastructure need a serious development fast or people will loose faith in this era of digitalised money system.

[EarnOnVictor]

Thanks for the heads up!

I hate reading crypto vulnerabilities these days, as they are too much and it's becoming annoying. More than $6B crypto worth has been reportedly affected. However, Binance is a big exchange, so this will pass. They indicated they would restore withdrawal within 48 hours. Let's see if they would be true to their words.

I don't use to doubt their words because I know binance is already a very big company and if you noticed, the price of bitcoin was affected as a result of the news as it dropped but according to the news, the $91m was frozen by Tether but I don't know if Binance have been able verify the news but since they said withdrawals will be restored after 48 hours, then we just have to keep our fingers crossed and see if they would keep

We don't need to strongly hold Binance for their words, as this can change at their own discretion since they might not be aware of the level of the total damage yet; investigation continues, and they might just convey a reason to the public. I think people would understand; $6.3 heist is no joke. But from business standpoint, I believe they would not delay unnecessarily.

And about he $91m you mentioned, I don't think it's accurate. The news have it that it has frozen at least $3B asset now.

[Antotena]

I am even hearing that it could take up to 48-72 hours before the withdrawal options becomes available again. The only thing I am glad about is that CZ and binanace on X assured the people that their funds are safe. Hadn't been the funds weren't safe , there would have been alot of uproar from people on the Internet.  I don't know how North Korea are always the alleged culprit for this hacking activities.  How do they go about it? And always go scot free without any punishment. I know that they are isolated and kind of cut off from the rest of the world. Now big Exchanges and wallets are now vulnerable to hackers , no one looks safe again.

It will likely reach Monday. When Bitget was affected, they later made an announcement on how withdrawals will go Henceforth and now the same attack has befall on Binance. They will also reach Monday considering the fact that multiple coins were sent out from the exchange hot wallet. They will make sure all of those are check and the reserve is fill back with report of the money in their custody. Funny thing is, I never expected Binance to be this fragile with such attack.

I know there are people with stuck funds waiting for the exchanges to open withdrawals so they can take their money and leave he exchange. Hopefully, they don't move from frying pan to fire, many people will withdraw their coins from Binance to another exchange that has not been hack not knowing the exchange might be the next attack.

[Nwada001]

Binance is a big fish in the industry and this isn't the first time they are being attacked and I hope they recover quickly from this one too, over the years binance has managed to build a good reputation for themselves and I have been using it too so I'm not going to badmouth them now because being hacked was inevitable but I hope it ends well for everyone using binance, let's not panic until we see an official message from binance and even CZ said that users funds are safe and I'm counting on that.

They said funds are safe and they can cover up everyone who is affected. Their first hack, which I’m aware of, was around 2019, which was when the exchange was not as large as it is now and the loss was not high, maybe around $40m; it’s just a matter of days before they come back fully active and all operation restarted.

[CryptopreneurBrainboss]

I'm making this post to alert those that use it in receiving signature payments, especially as Rainbet payment is expected anytime soon. You can reach out to your managers and tell him to hold or provide a new wallet address. We don't know for how long withdrawals would be disabled.

This is wrong, you shouldn't receive any signature transactions directly to your exchange address but instead use your personal wallet to receive then you can send them out for exchanging later. Exchanges shouldn't be used as personal wallets or you might find yourself in a situation you didn't plan for. Check out now some people are stuck with no access to their funds they kept on Binance which is it didn't recommended to not trust exchange to hold your Bitcoin for you. Those that had their Bitcoin in their self custodial wallets can trade IN other exchanges and get fiats. Beside you don't know what might happen that your coins gets frozen because of your address being associated directly with a flagged casino address or just unnecessary problem that this platforms brings up. Not your keys, not your coins, always put that at the front of your mind.

[Curious T]

This is wrong, you shouldn't receive any signature transactions directly to your exchange address but instead use your personal wallet to receive then you can send them out for exchanging later. Exchanges shouldn't be used as personal wallets or you might find yourself in a situation you didn't plan for.

I don't know why people do this. I always see posts and discussions on how exchanges shouldn't be used as private wallets, but the same people still go ahead and use exchanges to receive signature campaign payments. The fee to transfer coins from a wallet to an exchange to sell is very small, especially now, so I don't see why people can't just use a wallet. So if they want to sell the coins and they want to hold it for a while, they will leave it on the exchange? Despite how much we discuss not leaving your funds on an exchange? It's almost like people don't learn anything at all.

[Stormisover]

Binance is a big fish in the industry and this isn't the first time they are being attacked and I hope they recover quickly from this one too, over the years binance has managed to build a good reputation for themselves and I have been using it too so I'm not going to badmouth them now because being hacked was inevitable but I hope it ends well for everyone using binance, let's not panic until we see an official message from binance and even CZ said that users funds are safe and I'm counting on that.

Yes the most important thing now is that of their  assurance of users funds being safe, hopefully they will come out of this again just that the whole thing is a huge inconvenience, no where that is completely safe so there is no need to badmouth them especially when you are being assured that your funds are safe. For now, let's not panic, it is just a thing of time and I believe everything is going to be normal again. Binance is one of the large and reputable exchange and the reason why they are getting this attack this often, am hopefully they will handle everything correctly and as not to lose this reputation they have made so much efforts to build.