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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?

 

[Dagov]

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.

We are all aware of Binance's position as the top cryptocurrency exchange worldwide. When it comes to making financial investments, trading, purchasing, and reselling coins, it is among the greatest possibilities and the preferred option for individuals. The exchange, however, has a fairly poor track record of being hacked. The exchange was compromised by hackers in 2019 as well, who stole cryptocurrencies worth millions of dollars.

 

[Dagov]

Given that Binance is a well-known cryptocurrency exchange with reliable security measures, this is clearly cause for concern. The fact that hackers managed to breach Binance's security system is alarming, and it demonstrated the necessity for extreme caution while investing in cryptocurrency exchanges in general. Just let's hope the rumours aren't accurate at all.

 

[Jidemania]

I never really heard anything about binance been hacked this year by any hackers. I'm just hearing and learning something like that now from this forum. It was only binance smart chain that got hacked and not the whole binance itself.

 

[btaliat]

There are many controversies that are trailing Binance these days, I read it in a thread where Binance US was listed as one of the platforms that has its activities clouded with fraud. I think it is a time for the platform to step up his image.

 

[Skysaint]

This is really serious as I thought of binance as the safest way to store your cryptocurrency asset without having to worry about your investments even for years but this is proving otherwise.
Well, I didn't notice any changes on my portfolio so it seems my investment wasn't tampered with.

 

[Riberet19]

This is really serious as I thought of binance as the safest way to store your cryptocurrency asset without having to worry about your investments even for years but this is proving otherwise.
Well, I didn't notice any changes on my portfolio so it seems my investment wasn't tampered with.

The best place to store your cryptocurrencies will never be an exchange, it will always be under your own keys. Remember that not your keys not your coins, also Binance is having very suspicious practices and a lot of money is coming out of the exchange by leaps and bounds, since even its auditor left of wanting to work with them for things we don't even know about yet

 

[fiery phoenix]

Never imagined this happening,because it would be a big blow to Binance investors and to the entire crypto space.If it happened I guess,the market did not respond that much to the news therefore less people noticing it,and i guess the hackers managed to steal little that could not affect the crypto market

Binance needs to tighten their security,and their investors funds.If Binance was to fall today,the entire crypto market would crash with it to almost nothing because Binance now holds the largest volume of crypto investmenta

 

[Riberet19]

Never imagined this happening,because it would be a big blow to Binance investors and to the entire crypto space.If it happened I guess,the market did not respond that much to the news therefore less people noticing it,and i guess the hackers managed to steal little that could not affect the crypto market

Binance needs to tighten their security,and their investors funds.If Binance was to fall today,the entire crypto market would crash with it to almost nothing because Binance now holds the largest volume of crypto investmenta

This can always happen when we talk about technology, nowhere is really safe, because it's technology, as I said, and hackers work hundreds of hours to attack their potential victims, it's their job, so any security is low and these events will continue to happen frequently.

 

[a_jerobon]

I have loved Binance since the day I first used it to exchange my cryptocurrency. It is unfortunate that it gets attacked a lot by hackers. But that has never made it less good. I am sure with every attack, they increase their security measures. This is something that every platform needs to do against hackers.

 

[Riberet19]

I have loved Binance since the day I first used it to exchange my cryptocurrency. It is unfortunate that it gets attacked a lot by hackers. But that has never made it less good. I am sure with every attack, they increase their security measures. This is something that every platform needs to do against hackers.

Yes, the truth is that it is something that is good that it helps in these things but it is really a shame that it is only possible when you are someone important or with a lot of money because Binance or others will not really lift a finger for you if you are a retailer and they steal from you, but hey that's really how it works

 

[Ebutech]

I d

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?

I don't think binance exchange was actually hacked, I think it was kind of a system breech, because if it was hacked, that automatically means that people's investment would be wiped off within a twinkle twinkle of an eye, but I think they are actually working towards restoring the system back to normalcy.

 

[btaliat]

The only good thing is that the users were not affected with the hacking. This would have made the platform to lose more of its customers to some contending competitors like CoinTigers and other trading platforms.

 

[Ben Kempton]

The best place to store your cryptocurrencies will never be an exchange, it will always be under your own keys. Remember that not your keys not your coins, also Binance is having very suspicious practices and a lot of money is coming out of the exchange by leaps and bounds, since even its auditor left of wanting to work with them for things we don't even know about yet

Well, there are many people who tend to stake coins and they cannot stake it in their own wallets and this is the main reason why they must deposit the coins on exchanges because it is the only place where staking takes place. This is why people must take the risk and deposit coins. Fortunately, most exchanges are insured.

 

[Wisdom01]

Although I really once heard about the hacking , but I think after the hack , I am pretty sure that binance must have actually place some certain things in consideration in actually making sure the hack doesn't reoccur again

 

[Riberet19]

Well, there are many people who tend to stake coins and they cannot stake it in their own wallets and this is the main reason why they must deposit the coins on exchanges because it is the only place where staking takes place. This is why people must take the risk and deposit coins. Fortunately, most exchanges are insured.

Well there are many tokens where you can do staking on chain like Solana, Tezos Algorand Cosmos Cardano vechain etc... and you don't need to have it in an exchange if not to have them in a wallet that can do staking onchain such as Exodus

 

[Wisdom01]

I d


I don't think binance exchange was actually hacked, I think it was kind of a system breech, because if it was hacked, that automatically means that people's investment would be wiped off within a twinkle twinkle of an eye, but I think they are actually working towards restoring the system back to normalcy.

I really love how they were able to restore the system back to normalcy ,it would only give the people interested in the platform to actually place more interest and that's definitely a very good thing to actually see

 

[gammarays]

I think the hacking was done on binance smart chain last year where the hacker succeeded in hacking funds in staking pools. I don't know if compensation has been made to victims of the attack. Even with millions spent on security, it's difficult to secure these platforms.

 

[Wisdom01]

I think the hacking was done on binance smart chain last year where the hacker succeeded in hacking funds in staking pools. I don't know if compensation has been made to victims of the attack. Even with millions spent on security, it's difficult to secure these platforms.

Thats the thing , I think with millions spent it's actually hard to secure no doubt ,i also feel that most times the hackers actually spends thousands of dollars and more finding different softwares and others to actually hack a site

 

[gammarays]

Thats the thing , I think with millions spent it's actually hard to secure no doubt ,i also feel that most times the hackers actually spends thousands of dollars and more finding different softwares and others to actually hack a site

Yes hackers are smarter these days. The way security for smart contracts is improving, hacking is improving too. It's a high paying job so they take their time to look for loopholes in the system before they hit hard.

 

[Riberet19]

Thats the thing , I think with millions spent it's actually hard to secure no doubt ,i also feel that most times the hackers actually spends thousands of dollars and more finding different softwares and others to actually hack a site

That is why sometimes it is better to have your funds in a decentralized cold wallet to secure your funds and make them much more difficult to steal in this case, because it has been shown that exchanges are not totally safe, you just have to look back to see everything that has happened throughout history both in terms of hacks and exchange crashes...