Binance Has 7,000 BTC Stolen From Hot Wallet
I’m not sure if calling this a hack is appropriate or even correct, which is why I have gone with a factual episode title. We won’t know the full story until they complete the security audit, however right now this sounds like another case of the individual users having their access credentials stolen rather than the security of the Binance system being broken.
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Customers weak security is not an hack ... unfortunately sometimes companies do get in trouble because customers do not care about strong security ... another example i know is hosting , providers get in trouble because customers get haked because so many people use 123456 passwords :o , the other day a guy having pass admin really convinced his password was very strong ... damit ... please care your security will not cause troubles to others ... to be more prepared in this binance case would be to limit btc witdraw of certain amounts to become a human clearance ...
should the safu fund cover a user who looses their own API and / or 2FA secret or code(s)? since the safu fund is paid for by fees that all users pay into, unless it's a hack of Binance servers... why should the many pay for the mistakes of the few? Just a thought.
Sad but happens even to the best.
Always providing accurate information (Primary source), instead of making headlines
Reminder always take complete prevention of security.
Look forward to episode of walk through in using Decentralized exchange e.g. Binance Dex
The rollback or 51% attack solution is pretty stunning. I can understand the emotional reaction to losing ~$40M, but holy cow, it's merely $40M. As you said, it would utterly destroy Bitcoin as a store of value.
Hanging around you for a couple of years has led to my habit of spending about an hour studying security issues for every two hours that I'm actually studying crypto. I never think of myself as secure, but try to hold close to best practices. From that mindset, it is astounding that Binance would help me even if I'm the flaw. Nonetheless, I would readily vote for them to not take on that responsibility.
Good to hear your take too. Thank you Chris.
Ditto the other comments. First rule of security. Dont leave assets on exchanges. Not your private key not your crypto. Given that, cannot believe bailout unless Binance suffered a security breach which helped facilitate theft.
Seems very fishy if u ask me
If there is one exchange that can handle it, it would be Binance. Amazing how coordinated it seemed to be. Not much more could probably be done to avoid attacks like these in my opinion. Just a reminder for us to manage out own keys.
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