Binance has been hacked[Updated]

[DubemIfedigbo001]

My friend that wanted to withdraw on Binance said it is not going, I have not tried to withdraw on the exchange because I have no money there. It is not good to have coins in exchanges.

See for yourself the evidence of my withdrawal few minutes ago. You can see the rejected one when they disabled withdrawals and the successful one from recently.

Your friend can go ahead and withdraw if he wishes, he can still convert to USDT or any coin shown in the OP of this thread and withdraw successfully.

[Stable090]

My friend that wanted to withdraw on Binance said it is not going, I have not tried to withdraw on the exchange because I have no money there. It is not good to have coins in exchanges.

It’s surprising that your friends withdrawal is rejected, When did your friend tried the withdrawal? I think everything is now working smoothly, and I don’t think anyone is having withdrawal issues now. Maybe your friend tried to withdraw when it was still suspended, you should tell him to try it out now, I believe everything is now working smoothly. It’s not good to store your coin on exchange, but if you are a trader, you will have to make use of exchange, so you will have to leave some money there which you will be using to trade. Whenever you know that you won’t be trading for some time, then you can withdraw the money back to your wallet.

[JimaGod]

I think that binance has enabled withdrawal now. I have been following them, ever since the incident occurred. I had some coins there which was difficult to withdraw, but now I can confirm that I have made some withdrewal after the suspension was lifted.. and trust me , there was no problem. But we just have to be careful with Cex and focus more on dex because it's the most safest way right now. This is. A very big lesson to everyone who likes Cex because same thing may occur at nay time.

Binance is the only crypto exhange that I know that's being targeted by vast numbers of hackers and after all this years, they've being hit and also, they recovered from this difficult phases. The Binance former CEO, Changpeng Zhao is makig sure Binance users are secured as freed from all this phishing links and scams flying around. Binance is huge exchange and you don't expect them to fold after being hit by hackers recently, they will always recover and come back stronger than they have ever been.

Binance customer service is effective and I believe if a user issued a complaint, within the range of 72 hours, it'd be fixed. Remember you're not the only one complaining about a challenge to Binance, there are over thousands and millions issuing complaints at the same time, how fast Binance react and respond to their users is surprising because it takes only swift custody to fill in these complaints and fixed them.

[Ashawowo(OS)]

Another updates on security risk dealt properly with on a third party provider platform

Binance has removed all Signal Plus APIs as an immediate precautionary measure due to a security vulnerability reported. All affected users were advised to log into Binance directly and review their positions. There's no report of users fund lost. Users are advised to wait until Signal Plus rectifies the issue before they bind their API keys again. Binance also directed that all third party providers should check their security architecture properly to ensure there are no vulnerabilities that could impact customers.

Read more Here

Binance also claims they've replenished about 98% of impacted amount, they've also updated their proof of reserves, more information is in the OP

[Tetu100]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

There is everything wrong in storing your coins in a centralized exchange. If you don’t see what is wrong in it, I can point it out for you freely. The most obvious is that you can lose your coins at any moment. Or get restricted access to your assets. It will be so bad that you can’t access it when you need it. Don’t follow those that are making the mistake of keeping the assets in exchange. What do you think would have been the condition of those that lost their assets in Binance exchange, if the exchange didn’t refund them their money? Mind you not all exchanges do refund in hack related cases. Exchange hacks are more common compared to noncustodial wallet hacks. I prefer going with the one that rarely happens.

I know you wouldn't see anything wrong with this action of yours till you finally learn the hard way. If not tell me why a member of this forum that is surposed to be updated on things that are happening lately, and how exchanges are shutting down, hackers are doing dirties and you have the mind to say such misleading things. I just hope newbies aren't mislead by this your post.

Just incase you don't know, having our funds for too long on an exchange is a very wrong practice and a red flag. Anything can happen to your funds and trust me your money will be gone for good. Self custodian wallet remain the recommendable place to store our assets, don't be deceived so you wouldn't regret your actions.

[CryptSafe]

I think that binance has enabled withdrawal now. I have been following them, ever since the incident occurred. I had some coins there which was difficult to withdraw, but now I can confirm that I have made some withdrewal after the suspension was lifted.. and trust me , there was no problem. But we just have to be careful with Cex and focus more on dex because it's the most safest way right now. This is. A very big lesson to everyone who likes Cex because same thing may occur at nay time.

They already enabled withdrawal long ago as a friend told me he already did made withdrawal from the binance exchange lately. Although they had made official announcement with respect to the withdrawal listing the coin that can now be easily withdrawn including Bitcoin and Ethereum. Even with the fact that they were timely in making compensation easier to affected accounts, it still does not make them more  convenient than self custody. Self custody is still the best any one who cares should take it and do away with saving their assets with crypto exchange that can not guarantee a 100% of their platform safety not to talk of users of their platform funds and assets.

[MainIbem]

Another updates on security risk dealt properly with on a third party provider platform

Binance has removed all Signal Plus APIs as an immediate precautionary measure due to a security vulnerability reported. All affected users were advised to log into Binance directly and review their positions. There's no report of users fund lost. Users are advised to wait until Signal Plus rectifies the issue before they bind their API keys again. Binance also directed that all third party providers should check their security architecture properly to ensure there are no vulnerabilities that could impact customers.

Read more Here

Binance also claims they've replenished about 98% of impacted amount, they've also updated their proof of reserves, more information is in the OP

Although exchanges are not trusted for long term storage of Bitcoin but i love how Binance tackled the issue fastly, there was loss but they didn't lose completely. They also claimed that they detected and stopped 57 other cybersecuruty threats linked with North Korea but then North Korea is denying that the hack was linked to them, who would you believe, Binance/the feds or North Korea? I also saw where they said the hackers used a fake job interview to hack an employee and had access to his internal crypto wallet.

[Rockson1]

Although exchanges are not trusted for long term storage of Bitcoin but i love how Binance tackled the issue fastly, there was loss but they didn't lose completely. They also claimed that they detected and stopped 57 other cybersecuruty threats linked with North Korea but then North Korea is denying that the hack was linked to them, who would you believe, Binance/the feds or North Korea? I also saw where they said the hackers used a fake job interview to hack an employee and had access to his internal crypto wallet.

Binance swift response was a good one, but exchanges remains what they are, and should not be used for storing assets which I may have said in this thread before, irrespective of their response, that doesn't change my stance about exchanges, apart from the fact that they can be hacked easily, once your asset is in exchange, just know that as easy as it for you to get in to do your transactions, that is how easy it is for you to lose you assest without good explanation from the exchange, as for the statement from North Korea, do you expect them to accept that the group that were involved in the hack is from North Korea, I expected them to deny it, but that doesn't mean we should believe them.

[cxtreenal]

Another updates on security risk dealt properly with on a third party provider platform

Binance has removed all Signal Plus APIs as an immediate precautionary measure due to a security vulnerability reported. All affected users were advised to log into Binance directly and review their positions. There's no report of users fund lost. Users are advised to wait until Signal Plus rectifies the issue before they bind their API keys again. Binance also directed that all third party providers should check their security architecture properly to ensure there are no vulnerabilities that could impact customers.

Read more Here

Binance also claims they've replenished about 98% of impacted amount, they've also updated their proof of reserves, more information is in the OP

Although exchanges are not trusted for long term storage of Bitcoin but i love how Binance tackled the issue fastly, there was loss but they didn't lose completely. They also claimed that they detected and stopped 57 other cybersecuruty threats linked with North Korea but then North Korea is denying that the hack was linked to them, who would you believe, Binance/the feds or North Korea? I also saw where they said the hackers used a fake job interview to hack an employee and had access to his internal crypto wallet.

You are right that Binance has been very careful in clarifying their position and has been able to gain the trust of their customers. Hackers will try to do this again and again because they only find the slightest security flaw and when they get the opportunity, they enter through it and steal assets.

North Korean hackers have committed such thefts before and they have repeatedly denied it. Binance authorities have identified the security flaws that were initially present and have increased their security measures. Binance will further enhance their cyber security measures to prevent such incidents from happening again. This should be a warning to other financial institutions around the world and their security should be a top priority.

[Callido]

Binance also claims they've replenished about 98% of impacted amount, they've also updated their proof of reserves, more information is in the OP

Binance will replace every amount that was part of the hack. They made it clear from the start, took fewer days to start responding to customers, and opened withdrawals for many cryptocurrencies. It's fair that they keep to it as the biggest exchange, since they can comfortably recover their balance.

I trust Binance when it comes to holding a small amount of Bitcoin with them, they also have a good reserve for hard periods like this one.

[MainIbem]

...

Binance swift response was a good one, but exchanges remains what they are, and should not be used for storing assets which I may have said in this thread before, irrespective of their response, that doesn't change my stance about exchanges, apart from the fact that they can be hacked easily, once your asset is in exchange, just know that as easy as it for you to get in to do your transactions, that is how easy it is for you to lose you assest without good explanation from the exchange, as for the statement from North Korea, do you expect them to accept that the group that were involved in the hack is from North Korea, I expected them to deny it, but that doesn't mean we should believe them.

Yeah, so far you're futuristic about Bitcoin you should know that exchanges are never reliable based on security and self custody, every holder must be owners of their own coin not leaving it with a third party. As for North Korea, they brought this on themselves cause even if they're innocent no one would believe all fingers would be pointed at them cause they're known for such kind of cyber attacks. I'm not saying they're not guilty but no one would believe them when they're not which gives other hacking groups an advantage.

[osasshem]

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.

The matter of reimbursement of the funds of those clients that are affected has been fixed and they are fully operational now. Binance being able to attend to this matter has earned them the trust of more clients, but it should be safer if proper precautions are put in place by these traders and those who prefer to keep their assets in exchanges.
Imagine if there's no backup plans put in place by Binance, all those affected would have been on total loss.

[DYOR+BTC]

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.

The matter of reimbursement of the funds of those clients that are affected has been fixed and they are fully operational now. Binance being able to attend to this matter has earned them the trust of more clients, but it should be safer if proper precautions are put in place by these traders and those who prefer to keep their assets in exchanges.
Imagine if there's no backup plans put in place by Binance, all those affected would have been on total loss.

Statistically looking at the scams we have experienced outside binance you will notice that its mostly at exchange it happens and not the main investment,  therefore we need to be careful while operating at the exchange point and also binance and others need to take all necessary precautions to prevent this from repeating itself because news like this easily discourage investors from investing.
This refund is a good decision by binance to maintain their reputation, if not it would  been very difficult for people to operate with them because of this incident.