Binance is hacked and 7,000 BTC are stolen

**sweetbet** · 8 May 2019, 4:28 am

I never thought this would happen, since Binance is one of the largest and most secure crypto exchanges in the world, but yesterday Binance was hacked and 7,000 BTC ($40.7 million) were stolen. The hack only affected the BTC hot wallet which holds 2% of the total BTC held by Binance. While trading has continued as normal, both deposits and withdrawals have been suspended. Furthermore, according to the exchange’s CEO, Changpeng Zhao, all user funds are SAFU and the exchange will cover any user losses.

https://binance.zendesk.com/hc/en-us...s/360028031711

**Sherlock** · 8 May 2019, 6:58 am

I never thought this would happen

It will happen sooner or later to everybody.

Funny thing is that I sent there BTC literally minutes before hack, because now is time to buy alts. I put there low fee so I spent couple of hours thinking how I can doublespend unconfirmed tx (impossible in ledger nano unless I want to bring seed elsewhere). I did not move coins to exchanges for one year with one exception. I always check if everything is ok. Then I hit exactly the hack time. Chance maybe 1:10000 and yes, it is possible to hit it easily

**fullbenefit** · 8 May 2019, 9:12 am

Thanks for sharing. Well it is definitely not one of the most secure ones if this kind of stuff happens right?
Being big does not equal being the most secure.

**eenzoo** · 8 May 2019, 9:18 am

Probably Calvin was pi*** off after de-listing his BSV

**Sherlock** · 8 May 2019, 10:08 am

Originally Posted by PokCas

Thanks for sharing. Well it is definitely not one of the most secure ones if this kind of stuff happens right?
Being big does not equal being the most secure.

I think it is very secure, because only small part of their coins was hacked. This is what the hot wallets are good for - to be hacked

After they survive this and after no funds of customers will be affected unlike at other exchanges (fingers crossed), I think their reputation will be even higher.

**Sherlock** · 8 May 2019, 10:11 am

My BTC were added after the hack, I can trade, just not withdraw.

What puzzled me a bit was their quite stupid CS, that did not understand what I am demanding from them (the coins were not confirmed, I want them to move to secure wallet ASAP, they insisted on some nonsense like that the coins will be returned to my wallet, bc of low fee). Kraken has much smarter people at CS.

**MrDeposit** · 8 May 2019, 12:15 pm

This video can explain why Binance is by far the best exchange to handle this type of stuff. They been prepared for an event like this for years.

**sweetbet** · 8 May 2019, 3:43 pm

Funnily enough, shortly after the hack announcement, Justin Sun tweeted; "To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!" which sent the price of his $BTT token soaring. Very clever man

**Cash Bonus** · 9 May 2019, 1:23 am

It was bound to happen sooner or later, but It’s just outrageous and ludicrous that something so huge like this can happen to Binance. Even their best security system that they had put in place to protect their customers wasn't strong enough to keep those awful hackers out!

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