Binance Security Breach - Hack ?

in #bitcoin2 years ago (edited)

Im doing copy paste here for the record

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24. Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

If users just got phished that wouldnt be security breach of exchange really imho but we can only nod to what they say in the text.

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true!

original_73422876.png Binance !

Had a good timing of withdrawing my Steem from Binance recently then.

Don't keep too much coins on exchanges, people.

Exaclty, only coin to keep on exchange is what you are actively trading otherwise atleast move it to a dedicated soft wallet at a minimum.

what you send to exchange you have to afford to loose

"Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected" - Cz said.

Hahaha... BTFD don’t get shaken out...btc is going to 6.8k at least...

Wow! Insane! Thanks for the heads up on this breaking news

Posted using Partiko Android

what is SAFU anyway? I'm just curious

Posted using Partiko Android

Logged in and all seems to be in order with my a/c, but just a reminder to all, keeping all but a small amount of crypto on exchanges, no matter how big that exchange, is risky. I've lost more crypto than I now own from exchange 'issues'.

they will cover it all, nobody lost coins. still its scary how one can lose 7k BTC like this.

Indeed! They have deep pockets for a company only formed in 2017.

It is the signal for the bull run and into the mountains.

Thank you for posting this update @kingscrown...

I saw in your previous post advising to send to Binance, hehe.
And now this.

binance, bittrex and bitstamp are imho most secure spots. keep in mind CZ said they will cover this from their wallet. but i cannot predict future ;)

Wild, wild west.

Thanks for the info!!

Posted using Partiko Android

Thanks for this post.

Extremely fishy. Glad I never made an account there.

What if the loss was one or two orders of magnitude of the current loss? I am sure the SAFU fund has a limit beyond which Binance would not be able to cover the losses.

What is important is Binance and the other popular exchanges should seriously look into cryptoinsurance, as Coinbase has done.

Crypto insurances are underwritten by Lloyd's of London and other large insurance companies. These insurance providers would check to ensure that the security provided by the exchange (or custodian) is first class BEFORE providing cryptoinsurance.

It is very possible that Binance attempted to secure such insurance but failed to meet the insurers' requirements on security.

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