Hacking of binance and implications for the industry

[WhoTookMyCrypto.com]

The hacking of Binance, a top cryptocurrency exchange, proves that no exchange is impregnable. Sooner or later, they are all bound to be hacked. We put together a list of measures users can adopt to protect themselves when dealing with cryptocurrency exchanges. Hope it is helpful to readers of the forum. https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/.

[Obiwankenodium]

Looking at the current Bitcoin price this latest Bitcoin cryptocurrency hack did not have much influence.in the past you would see An immediate drop in price.

[Ewan]

The hacking of Binance, a top cryptocurrency exchange, proves that no exchange is impregnable. Sooner or later, they are all bound to be hacked. We put together a list of measures users can adopt to protect themselves when dealing with cryptocurrency exchanges. Hope it is helpful to readers of the forum. https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/.

So I suppose this was the main reason for the market prices' falling down recently

[WhoTookMyCrypto.com]

Looking at the current Bitcoin price this latest Bitcoin cryptocurrency hack did not have much influence.in the past you would see An immediate drop in price.

That is probably cause users did not lose any funds. Bet it would have been different if Binance hadn't absorbed the losses.

[Jan_Vl]

Looking at the current Bitcoin price this latest Bitcoin cryptocurrency hack did not have much influence.in the past you would see An immediate drop in price.

Yes, I was surprised that this hack did not affect the market. Usually, people start to panic in such cases.

[Pelanavreo]

The hacking of Binance, a top cryptocurrency exchange, proves that no exchange is impregnable. Sooner or later, they are all bound to be hacked. We put together a list of measures users can adopt to protect themselves when dealing with cryptocurrency exchanges. Hope it is helpful to readers of the forum. https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/.

Very useful article, the centralized exchange requires KYC to make withdrawals and I think the solution to always differentiating passwords for each exchange is good. but if the user uses the 2FA security method and can still be hacked, I think it's better to keep crypto assets in the cold wallet for a long period of time and send tokens to exchange if you want to trade.
To withdraw coins or tokens requires a large fee for Bitcoin, but the safest way to see an increase in coin prices is to always withdraw crypto assets from an exchange wallet and make sure the links in the browser are correct.

[olliecrypto]

i dont think much will change.
binance might beef up security, since they took the loss, but as long as end-users aren't losing finances, i doubt many people will change even the most basic security protocol that they engage in

[WhoTookMyCrypto.com]

i dont think much will change.
binance might beef up security, since they took the loss, but as long as end-users aren't losing finances, i doubt many people will change even the most basic security protocol that they engage in

Agreed. Users have to feel the pain before they actually do something about it. Strange human behavior. It's like not taking care of your health until you get an incurable disease and all of a sudden eating healthy / exercising becomes important.

[twinkle]

Why were no legal authorities contacted to investigate the hack of binance ?
If the Binance is making everything so transparent about the hack, people should be made aware of this info as well

[OluwaTosin10]

If binance is hacked; it tells us all centralized exchange can be hacked
Either new, old, popular, famous or the best

The implications aren’t much noticed but it has taught to be more smart and dyor always

[josephabad23]

Yes that is true, all centralized exchanges can be hacked no matter how tight the security is and Binance proves that. The future is decentralized exchange and binance is working on it, hopefully that was the answer.

[Psynthax]

If binance is hacked; it tells us all centralized exchange can be hacked
Either new, old, popular, famous or the best

The implications aren’t much noticed but it has taught to be more smart and dyor always

It has known since ages ago that centralized exchange is really vulnerable to hacking since so many hackers are targetting centralized exchange because their money saved into one or multiple hot wallet but not as diverse as decentralized exchange which all of users have access to their own funds, that's why saving up to your own wallet is really important not to mention if we use additional security like using privacy coin like veil

[Ewan]

The hacking of Binance, a top cryptocurrency exchange, proves that no exchange is impregnable. Sooner or later, they are all bound to be hacked. We put together a list of measures users can adopt to protect themselves when dealing with cryptocurrency exchanges. Hope it is helpful to readers of the forum. https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/.

Have you ever thought about making all your assets safe? It is actually possible with parity if you know what I mean

[Etrilicious]

i really dont think the hack have affected the market in a whole, but rather btc got more green that ever since 2017. not saying the hack is good but it haven't affected the industry in a negative way as expected. 

[AppleTree]

The hacking of Binance, a top cryptocurrency exchange, proves that no exchange is impregnable. Sooner or later, they are all bound to be hacked. We put together a list of measures users can adopt to protect themselves when dealing with cryptocurrency exchanges. Hope it is helpful to readers of the forum. https://whotookmycrypto.com/cryptocurrency-exchange-safety-guide/.

Have you ever thought about making all your assets safe? It is actually possible with parity if you know what I mean

What do you mean?