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Author Topic: The World's Most Secured Exchange gets hacked, A new side to the hack  (Read 173 times)

twinkle

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Binance is lying outright or by omission. Not ONE person has come out and demonstrated their account was one of the ones that was compromised. The hacker would have had to bypass email authentication, sign in, two-factor authentication, and API keys for enough accounts to get 7,000 bitcoin. There are no unusual trades during this period which would allow a hacker to trade bitcoin out of user wallets into their own within the exchange in order to bypass 2FA/email withdraws on some accounts. If it was really the case thousands of accounts were compromised at least one person would have come out publicly about their account. The way I see it there are three options.

this hack didn’t happen and its an excuse to lock withdraws

it was an inside job from Binance staff member(s)

the entire exchange has fatal bugs in the base code that were exploited.

It is highly suspicious that Binance initially claimed they were doing emergency maintenance, then admitted to being hacked and that they would recoup all losses out of pocket without taking the time to investigate this hack AT ALL. Why would they recoup losses out of pocket if it was the users fault? It is absolutely not a sustainable business practice and it is rife for abuse. Not to mention, the timing of this all occurring as Tether and Bitfinex are being indicted by the NY AG and a bank run is occurring on the Bitfinex exchange. Tether was shown to only be ~75% backed. Remember, Binance is/was the largest holder of tether, and just a day or two before the “hack” they moved ~740M through thousands of accounts/transactions. Now the Binance Tether coldwallet has only ~600M tether. Where did the other 140M go? The move was structured like a blend. Also, anecdotally, I am notcing a severe uptick in Binance astroturfing.
Source: https://www.reddit.com/r/CryptoCurrency/comments/bmou61/connecting_the_dots_with_the_binance_hack/

Rabsul

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It is really a matter of worried that Binance- the best and secured crypto exchange  has been hacked  recently. So We aren't secure anymore. Trading in any exchange is now very risky and it can be hacked anytime as Binance hacked showed us that it is possible. Although my funds are yet intact but i will withdraw after withdraw enabled.

Delgboke

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The issues here is not that binance  is hacked but is there effort for such incident not to repeat it's again I think that's what should be the priority right now to avoid been hacked again in the future, the incident that happen is just a lesson to everybody that have store their coins in the exchange wallet
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dancoiner

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nothing is safe.
as the more secured exchanges exists, so do hackers.

twinkle

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but what if the hack was done on purpose ?
maybe to promote binance dex or xyz thing
All social media platforms are talking about an insiders job..

Just confused whom to trust and go with...

tsakf

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The future of trading, is decentralized exchanges, and atomic swaps. With decentralized exchanges, you have a software, that has a wallet, that you control. So, the coins are safe, as long as you keep hackers, out of your computer. This responsibility comes to you. Atomic swaps, are on chain transactions, that you can exchange coins, on the two different blockchains. Eventually, this will become the norm in a couple of years.
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