Binance Hacked | How much was stolen & what can we learn from this?

One thing I forgot to mention, how we can stop things like this from happening:

1. MUCH less money on hot wallets, in fact, you should only have enough to cover 24 hours worth of average retail withdrawals. If and when someone needs more than $1 million worth of bitcoin, they should have an intense KYC withdraw process (video interview with binance rep, multi-layer ID verification, etc.)
2. When multiple accounts are withdrawing all of their funds, well above average, binance should do temporary freezes to see if these are legitimate withdraws from the actual owners of said assets.

Your ultimate solution:

1. Learn how to manage crypto funds and be the sole owner of your private keys. Plain and simple.

Since everything is on a ledger shouldn't we be able to trace who is holding the stolen bitcoin? I thought every single transaction and movement was recorded. From what I understand, the stolen bitcoin will be known to all the minute it is used in a transaction. Right?

With the help of this hacker I got my btc hacked and i was just very happy cause if his fast transaction and honest person his, whatsapp him today to give him a try and see .. +13202044748

wow, I was thinking to get into Binance; I suppose it's one of those cases where too good of a deal is a trap (their supposedly low fees)

I got well had a few hundred $ xrp on there,but no big money thank god

Wow yay Binance, seems like they have everything covered with the safu fundez. Good stuff. Don’t like the rollback idea though, surely no need for that?!

This is what happened to the City of Jericho after the 7th day of its battle.

Be careful Binance with withholding the funds for 7 days!

The wrath of the Lord will come on You, because of this act.

Joshua 6:20-21 New International Version (NIV)

20 When the trumpets sounded, the army shouted, and at the
sound of the trumpet, when the men gave a loud shout, the wall
collapsed; so everyone charged straight in, and they took the city. 21
They devoted the city to the Lord and destroyed with the sword every
living thing in it—men and women, young and old, cattle, sheep and
donkeys.

I wonder if the same happened on bitfinex, the public would go mad… But with binance it's "no need to be negative" lol

I'd be worried about coinbase next

ok.. Here we are at $6k… Where is our sharp rejection?

lol this is not a hack. This is a cover-up. Binance holds the most USDT which is probably pegged at 75% USD at best. They are just stealing from SAFU trust fund and also pumping BTC so they can sell at higher price to have more USD to launch their own stable coin. Even Justin dickhead is selling his 40mil USDT worth to buy BNB TRX BTT etc.. His own coins cuz he knows USDT is coming down.. I think BTC will pump to 8-10K before the big sell off. I have not heard of single person getting their coin "stolen" on binance. If this was the case, reddit will blow up.

btw, like the technical analysis. thumbs up

All I have to say is: 1Pass

Can you buy cryptocurrency with your bitcoin using a cold wallet?

If only everyone listened to me closer they would have their funds liquid right now

Bitcoin has not dropped maybe because they froze the withdrawals?… lol.

Where’s my click? I live for that nick ?

What exchange now??????

It sounds like some whale had 7000 BTC in their hot wallet for an extended period. No?

sounds like the hack is users fault? there's no reason a company should cover users fault

First crytopia then binance. Next CB?

I like your T.A. i would love to watch for iota or nuls

Never hold more cash in your hot wallet than you would in your leather one.

Stealing money by overwriting blockchain data after you lost money (to "hackers") because of your incompetence is retarded. Fucking up the ETH blockchain and deviating from the main currency (ETC) was retarded too. They should never overwrite blockchain data, and people should never support stealing, even if people loose money to incompetence.

Hey Nicholas. Watch all your episodes daily for over a year now! I have a suggestion for the TA side of things. You should feature the handy Trading View market cap instead of the ones from coin paprika. They have the same charts for market caps but you can use all the tools of trading view like the 50, 100, 200 EMAs.

You can chart all the major market caps on trading view.

https://www.tradingview.com/blog/en/new-capitalization-crypto-indices-available-on-chart-10376/?fbclid=IwAR1fN4t3OqXIlTjMlrmT95OTHDzl5JHtlGcFPexpc4TMor2lREV8qFvPATw

If you're KYC on Binance, the daily BTC withdrawal limit is 100 BTC. Not enough questions are being asked in regards to how 7,000 BTC were able to leave the exchange that quickly. Nick, what are your thoughts on this?

STOLEN? BTC? BINANCE?
IT IS A JOKE!
INTERNAL…INSIDE STAFF ACTION MAYBE

'A blessing in disguise'. I love your take on this. No need to be negative

Bitfinex is done. Bwahahahah. Pump that karma CZ :))))) hahahaha

wat i'v learnt , the thing on Binance was probebly a matter of time for it to happen. But wat Doesn't kill u ,Makes u Stronger!

You are amazing as usual with good insights of the hack ?

Hacks like this are good for the future. Shows what needs to be changed. Security will improve and binance will continue to grow. I’m a fan of binance and its methods to protect such as withdraws being stopped adds confidence. Everyone that needs to buy alts will always need an exchange and this could happen even if you move the money bc could happen while making the trade.

Crypto pirates stole some hidden treasure.

I find all this frustrating.

I think you’re too nonchalant about a re-org/rollback, that it was even talked about or the idea that it is possible is extremely alarming!