Binance Hack - Change Your Views On Bitcoin and Rest of Crypto?

[Mrbluntzy]

The Binance hack is not supposed to make someone have a change of mind on how they view Bitcoin or crypto entirely, but instead, it should make people to have a change of mind on how they trust their coins in centralized exchange, that's my opinion. This year have hard so many complaints about system breach of different crypto companies, not just centralized exchanges, and for the fact that binance exchange have been hacked before, I expect that the team would have been more security conscious than before, knowing that they are a major target for attackers. If someone would have a different view about Bitcoin because of this, it's wise for them to also know that the problem is not caused by Bitcoin, if your security is very tight, it's impossible to lose your coins.

[nelson4lov]

'Oct 2026 6.3 billion
Oct 2022 570 million
May 2019  19 million

The numbers kept climbing.

The numbers are a little misleading. The $570 million hack from four years ago was on Binance chain bridge and not on the Binance exchange itself. Its the 2019 and 2026 ones that happened directly on binance. And the attackers only made away with an estimated $100m from the 2022 BNB Chain bridge hack.

The Binance hack is not supposed to make someone have a change of mind on how they view Bitcoin or crypto entirely, but instead, it should make people to have a change of mind on how they trust their coins in centralized exchange, that's my opinion. This year have hard so many complaints about system breach of different crypto companies, not just centralized exchanges, and for the fact that binance exchange have been hacked before, I expect that the team would have been more security conscious than before, knowing that they are a major target for attackers. If someone would have a different view about Bitcoin because of this, it's wise for them to also know that the problem is not caused by Bitcoin, if your security is very tight, it's impossible to lose your coins.

They were security conscious before the hack, so I know they would squeeze out every last bit of security left lol.


Quick Question: Does anyone feel that there is any connection between this Binance hack and just the last few weeks where there were reports around Europe about potential hacks using AI?

[ovcijisir]

There is a risk that Binance users will seek advice and instructions from various phishing domains and telsgram groups that resemble Binance official website and channels.

This is the list of fake Binance Telegram channels and bots that I found:

Code:

https://t.me/Binanceedt
@Binance_Moonbix_bot
https://t.me/binanceexchange
https://t.me/binancej
https://t.me/binanceh
@BinancSupportBot
https://t.me/binance_frontlinesupport
https://t.me/BinanceRomaniaAnunturi
https://t.me/BinanceHelpUsers
https://t.me/Binance_Recovery3
https://t.me/Binance_Recovery_Team_Official
@assetsrecoverysupportbot
@binance_recovery_monitor_bot

Beware - do not send any funds there or send personal information!

Also there was reported increase in phishing domains that target Binance users:

Code:

cuveda.cc
cc-binance.sh.cn
sup-binance.sbs
zh-binance.sh.cn
binance-pc.cn
m.v-binance.com.cn
leztruvine.click
binancemind.tech
binancehack.com
binanceminer.wtf
page-binance.com.cn
cn-binance.sh.cn
feed-binance.com.cn
kit-binance.com.cn
read-binance.com.cn
text-binance.com.cn
nav-binance.com.cn
immediate-enigma-official.com
community-listings.info
community-listings.top
spakaspipstrade.com
community-listings.xyz
en-web3-exod-feq.pages.dev
zhcdn-binance.com.cn
fmlo-binance.com.cn
kidsgreenay.com
asianmarketa.com
asianmarketa.cc
vastucapitals.com
trxify.info
parik24-casino-ua.com
parik24-casino.lviv.ua
wallat.win
brief-binance.com.cn
topic-binance.com.cn
memo-binance.com.cn
trusttrade.ltd
aquafunded.pro
community-listings.app
roleplaywallet.app
net-rowdex.org
asianmarketa.top
asianmarketa.net
bnb-binance.net.cn
bnb-binance.org.cn
binanceclub.com.cn
binance-com-nk.refers.workers.dev
evolution-zenith.org
binance-hk.com.cn
283745-binance.com

Source: https://phishdestroy.io/brand/binance/

[passwordnow]

Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?

Bitcoin =! Binance
So the hack that happened on Binance doesn't necessarily should point out to bitcoin. If this is the type of thoughts you have for satoshi, then those people who's made a fortune out of it will be the first ones to defend that it's not made by radical people. We've seen how it's changing the world through finance and making people involve more with their own money and investments and putting it to more self custody. If satoshis plan is to scam then no one is here anymore, people flee from harmful and deceptive investments.

[Kelvinid]

Binance has already been hacked numerous times, and there is only one thing I can say, centralized exchanges are more prone to hacks and scams, that's why I don't trust them but prefer more creating my own hardware wallet and take full custody on my coins and private keys.

And let's be clear, Binance is the one hacked, not bitcoin, so I'm not changing my views about bitcoin, but its safer if we trust decentralized exchanges and take full custody on what's ours, rather than relying on centralized exchanges no matter how big and established they are.

[Shinpako09]

No, why would I? Just like others are saying, the one that got hacked is Binance, not Bitcoin or any crypto. So why would anyone change their views on crypto? After Binance resumed withdrawals, they processed about $3.6B in total. Did those who withdrew change their views on crypto? Definitely not, it's just a natural reaction because of fear. For sure, they will just move it to a different wallet or cex. Look, we are even back at $78k and the price of Bitcoin didn't even dive deeper and seems to be getting back again. That just shows how strong the community's trust in crypto is.

[Localhostspeed]

The Binance hack is not supposed to make someone have a change of mind on how they view Bitcoin or crypto entirely, but instead, it should make people to have a change of mind on how they trust their coins in centralized exchange, that's my opinion. This year have hard so many complaints about system breach of different crypto companies, not just centralized exchanges, and for the fact that binance exchange have been hacked before, I expect that the team would have been more security conscious than before, knowing that they are a major target for attackers. If someone would have a different view about Bitcoin because of this, it's wise for them to also know that the problem is not caused by Bitcoin, if your security is very tight, it's impossible to lose your coins.

I don't know why people attribute hack to Bitcoin. When Binance exchange was hack, among the coins that were stolen, only few Bitcoin was stolen, the huge coins were stable coins and Eth which immediately a huge percentage of stables were converted to Eth before Tether and Cycle were able to freeze the rest of the stablecoins. If there should be a coin that people need to worry about, it's Eth that the hacker was using to move money.

Up till now, the Bitcoin stolen are few numbers. I can tell you the number was very few that the impact on the market is not going to be feel even if the scammers want to dump the coin. This hacking thing should be an alert for everyone that is using centralized exchanges, the scammers will get to them before they get to your personal wallet.

[Dickiy]

why should we change our view of Bitcoin?

binance is binance

bitcoin is bitcoin

nothing to do at all.



Without any incidents of binance hacking though my view of not keeping assets on the cex was unanimous from the start. No matter how great the reputation of a centralized exchange when you have bitcoin in it immediately pull out if the goal is just investing. Even experienced traders usually withdraw profits to cold wallets consistently.

[Uhwuchukwu53]

Anyone who has always read and gather information about crypto generally need not to panic, it's not the first time neither second or third scam is always a well deliberated issue that they keep discoursing mostly keeping of fund or one asset in centralized exchange as open as the market is so the danger as many who passed or enter the market is not just for buying but having some mind of scam, even in the fiat market it happens our banks can be scam biance can't be blame much though they need improve their security, but it's another call for those storing it's holding on an open exchange to apply selfcustodian wallet as option, in as much as crypto generally is concerned BTC remain the best and reliable as asset hack can't change the narrative even as it's volatile.

[rbynxx]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

No, even before there was already hacking incidents and being Binance doesn't mean they got an immunity to dodge that one, they're probably more prone to it considering how huge they are and this incident was probably planned well and coordinated I guess. I don't think that was Satoshi's intention inventing it, it was the other way around. I think the notion that it's the perfect to exist is good but there are pros and cons on it and judging by human interests I don't think it will be the one true currency, influential people wpuld probably mean to abolish it.

[Brahmahatyaa]

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

Let's not confuse bitcoin with the failures of centralized exchanges. The binance hack doesn't mean bitcoin is a scam. If anything, it shows why relying too much on third parties is risky. If we really understand bitcoin, we should know that decentralization isn't just a buzzword. It's one of the main reasons bitcoin exists in the first place.

[Jubilee58]

Was it Binance that got hacked, or Bitcoin? Hasn't any exchange been hacked before?

Or is this the first exchange hack you've ever encountered in your life?

You cannot label decentralized Bitcoin protocol a scam based on security failure at centralized exchange. This incident serves as reminder that trusting Bitcoin is not same as trusting any exchange.

Keeping your Bitcoin in your own custody is actual financial sovereignty.

It is true that binance exchange has been hacked and those who kept their Bitcoin in binance exchange are affected, however the creator of Bitcoin Satoshi Nakamoto has good intentions for creating such decentralized cryptocurrency, and is appreciated by those of us who understands the value of decentralization.
There is nothing wrong with Bitcoin, but where we keep our Bitcoin  may be wrong, and our method or attitude towards Bitcoin investing may also be wrong, and that is the more reason why you see some people loosing their Bitcoin asset.

Several attacks on different exchanges have been happening before now, and we also know that exchanges are not reliable to store our Bitcoin or even other cryptocurrency meant for long term investment. There are many Bitcoin investors whose investment are safe, and that is because they kept their Bitcoin asset in a safe wallet instead of an exchange, and have also cultivated good security measures, why then do some people see Bitcoin as scam when they have failed in their own responsibilities as investors.

[BALIK]

Apart from Bitcoin nothing else is worth holding in this crypto space, every other coins are unnecessary to have existed in the first place, their developers made them to make money from people who likes to believe in fantasy.

Well , that's just your own take, and it doesn't mean everyone has to look at market the same way.

I agree that quite few altcoin are created purely to scam people . But writing off all altcoin as useless or saying they should not exist at all is a bit of a sweeping generalization.
Every coin has its own purpose and use case . Bitcoin may be the only asset you want to hold, but that doesn't mean all the others are worthless.

I am glad that something like Bitcoin worked, I can't even imagine a world without Bitcoin right now.

Let's be honest, nothing would change.

Most of us are in this for the profit. If Bitcoin didn't exist, given how far technology has come, we'd just invest in something else and hype it up the same way we do Bitcoin, as long as it made us money.

[Curious T]

What does a company getting hacked have to do with Bitcoin? Why should that change anybody's view on Bitcoin? If Bitcoin gets hacked, then we can have this conversation. The anti bitcoin media have been trying to paint a narrative like Bitcoin and crypto related companies are the only ones that get hacked, but it's far from the truth. Traditional financial services, the healthcare sector, and even government services get hacked. So cyber attacks did not start with crypto, and they won't stop with it. Every other tech sector also get cyber attacks, why is nobody asking if it changes people's view on those sectors?
These attacks cannot change my mind on Bitcoin. It will only show me how careful I need to be. As long as I don't keep my money in exchanges and I keep my wallets and devices safe and secure, I have very little to worry about.

[Lontor]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

Calm down OP, this 6b dollars hack won't be the last, we can see 10b hack in the year 2027, all I am saying is that this won't be the last and it will always happen in crypto space, with or without the existence of AI.

The only problem I have is that this doesn't feel like a genuine attack, some are saying it's north Korea but that's a country that can't even defend itself, they are a good one to put the blames on.

Maybe a big fraud is happening right in front of us all and there is no way to prove it, if I can steal 3billion and tell the world that 6billion was stolen by North Korea but I will pay some money back, probably half of the 6billion isn't it a good plan?

Bitcoin stays out of the mess, it can never be Bitcoin and nothing is going to change.

[maydna]

There is something sensible in the crypto space that could be used for "good" purposes even though we see Binance hack or other exchanges gets the experiences. It is about their security so they must maintain and guard it well avoiding the hack. We don't know when the hack will happen so that makes exchanges or other services should aware and be ready.

The hackers searching for the bug that they can use to steal the asset so it is the exchanges job to make sure their security is active and prevent the hack. They have a security team that monitor the penetrating so they should block it before that damage their system.

[Die_empty]

Do bank robberies change your views on your local currency?  These happen all the time, what we are supposed to do is keep all that value in a safe place only we can have access to.

You cannot change your view about fiat because it is backed by the government. As legal tender, people are under obligation to use it. Many people would have changed thier views on fiat if they had options. The crypto space is emerging, and we might keep experiencing these hacks until the industry matures.

I am now seeing posts after this Binance hack that Bitcoin ETFs are safer. Some are also saying that since users of Binance might get their money back, it is better than Coldcard users who might never get a refund. Regardless of what people say, becoming your bank is safer.

[Fivestar4everMVP]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

Sorry but your way of thinking is a naïve way to think, first and foremost, Bitcoin and binance has no relation and the fact that binance was hacked has not and does not and should not rub off or give people any negative feelings or impression about bitcoin, Bitcoin wasn't the reason binance got hacked, they got hacked because they had a security flaw in their system.

Like the old saying that soldiers will come and go, and the barrack will remain, I will simply say that exchanges like binance and the rest will come and will go, and bitcoin will always remain and this is because bitcoin is not tied to any of this exchanges, Bitcoin is simply a currency that over time have proven itself worthy of trust, exchanges are only trying to make money off bitcoin and whatever happens to any of them (on the norm) does not mean that Bitcoin is flawed in any way, if scammers were the inventors of bitcoin, I tell you it would have been long dead.

[Agbamoni]

Binance is not the first exchange to get hacked, and it won't be the last exchange that will be hacked.

After all, what matters most is that the exchanges that got hacked keep funds on SAFU.

In 2018, Binance created an emergency fund that allocates 10% of trading fees to the fund to protect users if there is a hack in the future.

[goldphysicalbitcoin]

Only things of value get stolen. Grain, gold, Bitcoin...