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[Ben Kempton]

We all know that Binance is the world's leading global cryptocurrency exchange in the world. It is one of the best options and the preferable choice for people when it comes to investing money, trading, buying, and selling coins. However, the exchange also has a really bad history of getting hacked as well. The exchange was hacked in the year 2019 as well when the hackers stole millions of dollars of worth of cryptocurrencies. However, now according to latest news from various news agencies and media companies, the binance exchange has once again been hacked a couple of days ago and the Binance Smart Chain network was also hacked. So, what do you think and what are your thoughts about it?

 

[btaliat]

I have never heard any rumour like that and my account with the platform is still very much functioning. Since Binance has branches in nearly all countries, there should be specification on where this happens. I don't want to believe that it is its headquarters because if it is, it should have affected all members' accounts.

 

[Ben Kempton]

I have never heard any rumour like that and my account with the platform is still very much functioning. Since Binance has branches in nearly all countries, there should be specification on where this happens. I don't want to believe that it is its headquarters because if it is, it should have affected all members' accounts.

@Potuse @Wisdom01 @Omotunde - The Binance exchange indeed got hacked in this month of October, 2022. I have attached an image (screenshot) of various news sites that state that Binance was hacked and cryptocurrencies equalling to the amount of $570 million was wiped away from the exchange. The fact of the matter is that this is quite concerning.

 

[Potuse]

@Potuse @Wisdom01 @Omotunde - The Binance exchange indeed got hacked in this month of October, 2022. I have attached an image (screenshot) of various news sites that state that Binance was hacked and cryptocurrencies equalling to the amount of $570 million was wiped away from the exchange. The fact of the matter is that this is quite concerning.

There is no cryptocurrency exchange that cannot be hacked by the cyber criminals. This set of people focused more on researches to outsmart all the cryptocurrency platforms. They will utilise the loopholes of the cryptocurrency exchanges to gain access to the people's funds. The cryptocurrency platforms should always update their security apparatus.

 

[Wisdom01]

@Potuse @Wisdom01 @Omotunde - The Binance exchange indeed got hacked in this month of October, 2022. I have attached an image (screenshot) of various news sites that state that Binance was hacked and cryptocurrencies equalling to the amount of $570 million was wiped away from the exchange. The fact of the matter is that this is quite concerning.

It have been hacked before tho , I think after that people still didn't stop putting their investment there, they didn't bother that many investment was carted away from the platform , binance exchange platform is a big exchange platform that's why many are making use of it

 

[Ben Kempton]

It have been hacked before tho , I think after that people still didn't stop putting their investment there, they didn't bother that many investment was carted away from the platform , binance exchange platform is a big exchange platform that's why many are making use of it

I think that this is also one of the main reasons why many people prefer Kraken as it has never been hacked before. This makes Kraken quite unique, even though it is not a popular cryptocurrency trading and exchange platform at all. The fact of the matter is that Kraken offers very few trading pairs options as compared to Binance.

 

[btaliat]

@Potuse @Wisdom01 @Omotunde - The Binance exchange indeed got hacked in this month of October, 2022. I have attached an image (screenshot) of various news sites that state that Binance was hacked and cryptocurrencies equalling to the amount of $570 million was wiped away from the exchange. The fact of the matter is that this is quite concerning.

I don't see the image though but I don't doubt the news. I have had the belief that Binance would have learnt from the same ugly incident that happened in 2017. Binance is the largest crypto market. I don't expect it to lose guard for it to be hacked. It should have doubled its security apparatus.

 

[magnus2022]

The news is quite scary. I was quite surprised that I didn't hear the news. I have account with Binance and I will be devastated if anything happens to Binance. Binance popularity and success may have attracted many attacks on its system. There is possibility that other exchange will like to tarnish their image because if they continue like this, they will dominate crypto in no time.

 

[btaliat]

@magnus2022. I also found it difficult to believe and I needed to get my confirmation online. Truly, it happened in the early days of October. But fortunately, it was reported that no user lost any amount to this account. The hackers according to the story lost $570 million when when hackers targeted their DeFi weaknesses.

 

[Ben Kempton]

I don't see the image though but I don't doubt the news. I have had the belief that Binance would have learnt from the same ugly incident that happened in 2017. Binance is the largest crypto market. I don't expect it to lose guard for it to be hacked. It should have doubled its security apparatus.

Since binance did got hacked back then, it would not be far-fetched to think that it could not get hacked again until or unless they update their security system. This is something that KuCoin did when they got hacked. KuCoin now has one of the best security systems when it comes to exchanges.

 

[btaliat]

Since binance did got hacked back then, it would not be far-fetched to think that it could not get hacked again until or unless they update their security system. This is something that KuCoin did when they got hacked. KuCoin now has one of the best security systems when it comes to exchanges.

Definitely, this may have taught the most giant trading platform a lesson that they really need to step up their games except the hack is done among the insiders. I will not have imagine if users lost money in the hacking process, that may have been the beginning of the end of Binance.

 

[Ben Kempton]

Definitely, this may have taught the most giant trading platform a lesson that they really need to step up their games except the hack is done among the insiders. I will not have imagine if users lost money in the hacking process, that may have been the beginning of the end of Binance.

I remember having an account with KuCoin. In order to withdraw funds, you will need to go through various different kind of processes. Even though KYC (Know Your Customer) is not necessary on KuCoin, you will still need to use the QR Code in order to withdraw funds. I have never withdrawn funds on Binance, so do they also require you to go through such steps before you could get access to your own funds?

 

[Wisdom01]

I think that this is also one of the main reasons why many people prefer Kraken as it has never been hacked before. This makes Kraken quite unique, even though it is not a popular cryptocurrency trading and exchange platform at all. The fact of the matter is that Kraken offers very few trading pairs options as compared to Binance.

I think kraken is not as used the way binance platform is used when it comes to exchange platform and others , probably kraken would have to boost up and develop the platform more to by accepting more trading pairs , running launchpool , although they are still trying in the service they are providing

 

[Ben Kempton]

I think kraken is not as used the way binance platform is used when it comes to exchange platform and others , probably kraken would have to boost up and develop the platform more to by accepting more trading pairs , running launchpool , although they are still trying in the service they are providing

There are many reasons why people prefer Binance over Kraken. First, Binance offers more pairs trading options. It also offers you to connect various kinds of payment processors like Payeer. Unfortunately, Kraken does not offer this kind of feature at all. They accept dollars only if you live in Canada.

 

[codescript94]

I find it very strange for an exchange the size of binance to be hacked like this consecutively. There were rumors that there are people who work within the company who hacked the platform, diverting users' money. People who invest there have to keep their eyes open with the platform because you never know what might happen if there is an attack again on the system. I even trusted the platform a year ago, but after that I don't put any amount of cryptocurrency there.

 

[BullyMaguire]

That means there's still a lot of improvements to do in the exchange system as there's still lots of loops holes that hackers can go through. I think it's still rather safe and binance will compensate if someone's money was taken.. it's their responsibility to do so atleast

 

[Omotunde]

@Potuse @Wisdom01 @Omotunde - The Binance exchange indeed got hacked in this month of October, 2022. I have attached an image (screenshot) of various news sites that state that Binance was hacked and cryptocurrencies equalling to the amount of $570 million was wiped away from the exchange. The fact of the matter is that this is quite concerning.

It is indeed concerning, because binance is a very popular cryptocurrency exchange with proven security apparatus. The hackers breaking into the security system of binance calls for concern and it showed that one need to be very careful of investing in cryptocurrency exchangs generally.

 

[Wisdom01]

There are many reasons why people prefer Binance over Kraken. First, Binance offers more pairs trading options. It also offers you to connect various kinds of payment processors like Payeer. Unfortunately, Kraken does not offer this kind of feature at all. They accept dollars only if you live in Canada.

That's kraken as an exchange platform needs to improve on the service they are offering , they have the potential to become the best exchange platform , because I could see that they offer low fee margin when it comes to trading cryptocurrency , the developers are the ones to do something about that

 

[Ben Kempton]

That's kraken as an exchange platform needs to improve on the service they are offering , they have the potential to become the best exchange platform , because I could see that they offer low fee margin when it comes to trading cryptocurrency , the developers are the ones to do something about that

I think that Binace charges a low amount of fees as compared to Kraken, but the fees charged by Kraken may vary depending omn the kind of trading that takes place on their platform. According to Kraken's official website, they could charge you up to 0.26 percent fees on trades and I think that this is quite high.

 

[Horia_10]

Indeed that is high fees and some exchanges like crex24 that may have low volume but only charge 0.05% so it is much better option to put your money there and trade to save more and gain more from the trends of the market indeed .