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

[worldtraveller321]

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?

[eternalgloom]

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.

[Charles-Tim]

My view about most other cryptocurrencies are different before and till now. In one way or the other, they are about gambling and they are highly volatile. Almost all cryptocurrencies are not store of value.

I do not see cryptocurrencies as some things worth holding, only few like less than 0.0001% among them are worth holding and maybe they will even disappoint later.

Bitcoin is worth holding. You should notice that I separate it from other cryptocurrencies.

With the current situation Binance has this change your views on all of crypto?

Binance is not bitcoin.

[philipma1957]

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?

Well binance has been hacked before.

the issue is they had 2 billion dollars in hot online addresses that were emptied in under 30 seconds.

strictly terrible management on their part.

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

2018  a phishing and credential theft this exploit does not have a number attached to it."

note quotes are a short version of ai info.



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kraken has not had a hack since it opened in 2016 but it has had some scandals
"🛡️ Notable Security Events

The exchange has addressed reported security challenges by identifying the specific vectors involved, such as insider recruitment and internal system vulnerabilities.
2026 Extortion Attempt — A cybercrime group attempted to extort the company by threatening to release recordings of internal support systems, following two incidents where support staff were manipulated to access limited client data.
2024 Research Incident — Security researchers from CertiK identified a vulnerability in account balance calculations, which allowed the firm to withdraw approximately $3 million from the exchange's treasury.
Insider Recruitment — Investigations revealed that the 2026 incidents were part of a broader, organized effort targeting employees across various sectors, including cryptocurrency and telecommunications, through insider recruitment campaigns.
System Integrity — Throughout these events, Kraken has consistently reported that its core systems were never breached and that customer funds remained protected at all times."


note quotes are all ai info

[Coyster]

If Mt.Gox's hack didn't change my views, why should this. Crypto exchanges have been suffering breaches for more than a decade now, the scale of the losses might be greater today, but it is still the same event.

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

I'll need to put on my tinfoil hat to answer this one.
Mind you that it was binance that was hacked and not bitcoin.

[Royal Cap]

First of all, you have to understand that no blockchain has been hacked here. Hackers basically a transfer funds from Binance's hot wallet. It is a lot like a bank robbery. The same way money is stolen or robbed from a bank, it happened with Binance as well. Here, hackers could not hack the Bitcoin blockchain or other Ethereum blockchains and never will. Unless it is possible with quantum computing. So in this case, I do not think to have any bad idea about crypto. Crypto is still secure as it was before.

But yes there is an important point here, for example all the funds that have been stolen in stable coins have been frozen. But no organization can ever freeze Bitcoin funds. So we can learn from this that the core of decentralization is Bitcoin. The central authority can freeze stable coins if they wants.

[Sammysmart001]

With the current situation Binance has this change your views on all of crypto?

Having to blame Bitcoin for a Binance hack is just as blaming Gold when a bank is being robbed. The Binance is just a company, this a corporate mistake not a flaw in bitcoins design for an exchange losing funds to poor security.

This incident does not affects Bitcoin or even change what Bitcoin is. This just a prove why we shouldn’t leave our money on an exchange. Tag 🏷️ it : Not your key, not your coins !!!

[coinlary]

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

The numbers kept climbing.

[Bigjoe33]

I would just say that the exchanges are just been too careless with there security. The growing tension emanating from several hacks on exchanges should be a clear sign or warning to all other yet to be hacked exchanges to tighten up there security. Imagine the loss. And now, there restriction from withdrawing by users while they try to make things alright is already affecting users and some have to wait even while they might be needing there funds to handle anything as they wish.

As for the topic title, I don't think it changes anything. Binance is not Bitcoin, and if the Binance has been more careful, the hack wouldn't have happened. The hack is entirely different from Bitcoin's activity.so it shouldn't change anything.

[Upgrade00]

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

There is little correlation between this and your first premise. Binance has nothing to do with the creation of bitcoin.
Satoshi may have been radical but there was no intention to scam.

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.

Scammers have always been scammers. The hack is not binance's fault, not intentional at least, so there are no credible people turning rogue.

[philipma1957]

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

The numbers kept climbing.

three times is pretty fucking bad. actually they should jail the ceo for a year for being truly fucked up.

he simply does not hire and practice proper security or he does it on purpose.

the hack is the fault of binance and they already said they will attempt to pay back at least 90%

which seems fucked up to me.

They should pay 105% which means zero incentive to fuck up.

vs 90% which means a 10% incentive to fuck up.

[standardnepo]

Nothing has changed about how I see Bitcoin. The only thing that’s changed is how I think about keeping my BTC safe in my hardware wallet. I mean the recent incidents have made it clear that even hardware wallets aren’t as safe as we thought. Anyway, I’ll do my best and see what happens.

[philipma1957]

Nothing has changed about how I see Bitcoin. The only thing that’s changed is how I think about keeping my BTC safe in my hardware wallet. I mean the recent incidents have made it clear that even hardware wallets aren’t as safe as we thought. Anyway, I’ll do my best and see what happens.

yeah it may become too hard to hold it with out it being lifted away.

[PrivacyG]

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.

After the Coldcard incident, I saw a lot of people writing on here about how much safer it is to keep your money in a big pocket like Binance.  Well.  I do hope they did not have theirs in that pocket when this hack happened.

[standardnepo]

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.

This is a really good example. I gave someone a similar example, but I used gold instead of banks. This person told me that Bitcoin had been hacked and he knows I’m interested in Bitcoin, and he actually works in finance.

It made me realise something that most people don’t really understand the difference between Bitcoin and crypto exchanges, or even between Bitcoin and other cryptocurrencies. They think they’re all the same thing. I was the same just a few months ago, the only reason I understand the difference now is because I’ve been studying btc for a while. Like a student btw

[ovcijisir]

I would just say that the exchanges are just been too careless with there security. The growing tension emanating from several hacks on exchanges should be a clear sign or warning to all other yet to be hacked exchanges to tighten up there security. Imagine the loss. And now, there restriction from withdrawing by users while they try to make things alright is already affecting users and some have to wait even while they might be needing there funds to handle anything as they wish.

To be honest I thought that Binance has better security and even though  expected more attacks on exchanges with the developement of AI, one of the biggest exhanges being hacked came off as a surprise. Luckily I dont have any funds there for years, ever sincec they started with mandatory KYC crap. Hopefully this hack will be good lesson in self custody... I know that Cryptopia hack was good learning experience to me (lost funds there). Ever since I mostly hold crypto on my own wallet.

[Bd officer]

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

Why? Haven't you seen the Bybit hacking incident in 2025? I think it was probably about $1.5B stolen. So my view didn't change then, so how will it change?
But one thing to learn from this is that you should use multiple exchanges for trading and multiple wallets for holding Bitcoin, so that if one is affected, the other is safe.

[X-ray]

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

Honestly what a conclusion, it jumped right from Binance, a private company being hacked to Bitcoin being created by radical people which is truly baffling.

Frankly speaking, does a cryptocurrency that never got its Blockchain hacked have any part or responsibility to a company that got itself hacked because bad security?

Maybe we should blame the company instead for having a security vulnerability and not blaming Bitcoin.

The logic just doesn't make sense to me.

[General_Bitcoin]

This is a great reminder that storing your crypto on an exchange and wallet is risky. While you do have full control of your funds it is very important to keep them secure. If you loose access to your wallet or get scammed by giving away your seed phrase there is generally no support team to help you.

It is not saying you shouldn’t use exchanges but just to be aware there are risks involved. Try to spread what you’re storing around.

[bitbollo]

With the current situation Binance has this change your views on all of crypto?

No. It has unchanged. Or it's something worst because I was not expecting such a "rapid" decline.
Just imagine DeFi. In one way or another, it is always considered the "state of the art" for the industry and something to aspire in the long term.
There was probably a trivial error in this equation since these coins have acted as was planned...

How would you feel if your coins would be seized despite being a collateral of a legal fund?
The motto "code is law" is unfair in all cases but we it would be something impossible to regulate in a dfferent way.

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

I like your question because it's really rare to read some critique/genuine questions in bitcointalk.
As my 2 satoshi, I would see just a neutral invention - something that could be used as a good/bad tool. Or just for what it is - pure money.
I wouldn't see this as a scam attempt but maybe as a "natural" evolving of the current times.

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.

People change the code not.... unless there is an hardfork
There are some "rules" that have not changed and these are based also on trusting services/coins etc...
Anyway it's evident these are goliath able to create an entire industry from the scratch.  It's really easy to create "influencers" or supposed to.  
In the last years, the plethora of users that are using bitcoin has grown exponentially and has been not uncommon to see such crocks.
Most of innovations we are seeing is just related to some new scam websites or big hacks. All of these issues would bring bitcoin as a viable tool only for exchanging FIAT.
If the services that offers/promote bitcoins are mostly scam/involved with scam - it would be the same to have a coin that can be used for investing in a HYIP.