How Safe is Binance for Storing my Coins? - CryptoSec
How Safe is Binance for Storing my Coins? - CryptoSec
Binance Hacked: $40 milllion taken from hot wallet ...
Binance Hack: Report Claims Binance Just Screwing Up ...
r/binance - Accidently sent Nano to Binance Hot Wallet ...
Binance Hack Steals $41 Million From 'Hot Wallet'
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https://binance.zendesk.com/hc/en-us/articles/360028031711 Very initial report suggests it only impacted their hot wallet (2% of holdings) and has now been contained, and will be covered by the "SAFU Fund" (presumably that means Binance). Not your keys, not your coins - custodial exchanges need to move to non-custodial models, even if they remain centralised in other aspects.
Hello, I accidentally deposited USDT to the Binance USDT hot wallet. Dumb mistake I know - new to crypto. But it was over $3K USD so I definitely want to do everything I can to get it back. Any suggestions?
A Breakdown on Binance Hot Wallet's 7000 BTC Loss #Binance Original#
Binance, one of the largest cryptocurrency exchanges in the world, announced on May 8th (UTC) that a “large scale security breach” was detected in their cybersecurity system at 17:15:24 May 7th 2019 (UTC). It’s said that about 7,000 bitcoin amounting to $40 million were withdrawn by hackers through a single transaction. Hackers employed various methods, including phishing and viruses, to obtain user API keys, two-factor authentication codes, and other information and to finally “execute well-orchestrated actions”. As a pioneering and professional enterprise dedicated to building a better blockchain ecomodel, We, Beosin(Chengdu Lian’An Technology Co., Ltd.), takes quick action at the first time organizing our technicians to make in-depth analysis. Here’s the breakdown. Attack Scene - Transaction details https://preview.redd.it/igniw3f6w4031.png?width=769&format=png&auto=webp&s=9ee914552c165211187c45ffbb1664dbe59af56a As is shown in the above screenshot, the attack occurred at block height 575013. The picture below shows the addresses where hackers were withdrawing BTC, with the yellow-marked parts being the major ones. https://preview.redd.it/lv4j3509w4031.png?width=935&format=png&auto=webp&s=d95724a419730670dbff711c08a3085062938847 By 14:30 May 8th (GMT+8), a total number of 7074 BTC have been stolen from Binance’s hot wallet which remained a sum of 3,612.69114593 BTC after the suffering, indicating its security of secret keys. Event Study Hackers carried out withdrawal operations by API synchronously at 01:17:18 May 8th (GMT+8). Once a user applied Binance exchange API, API key and secret key would be correspondingly generated. See the illustration below. https://preview.redd.it/q8piepebw4031.png?width=1132&format=png&auto=webp&s=1535f27da6541f4568cba7a9fec8338427608af7 API offers users with IP-restriction-relief option as well as open-withdrawal option, from which open withdrawal means withdrawing tokens directly by using API key and secret key, without the need for SMS verification code and Google verification code. See the illustration below. https://preview.redd.it/3fdztu2ew4031.png?width=486&format=png&auto=webp&s=fdcda4db02d229e0987f42d1f65333d5bccca178 The screenshot below shows part of the demo codes for API Call given by Binance. (Source: https://github.com/binance-exchange/python-binance) https://preview.redd.it/11gwxfkgw4031.png?width=727&format=png&auto=webp&s=62311cc1feed842adf20f5717d44449382fac1b4 By our first-step analysis, we think that the data breaches led to this attack. More specifically, it’s because that the users’ API keys and secret keys are obtained by and exposed to hackers. In the case that a user enables IP-restriction-relief and open-withdrawal function, attackers are able to obtain user’s API key and secret key information and then implement heist. We list 4 possible cases in which a Binance user might leak his/her info:
Ordinary users don’t use API keys, generally speaking, and when power users adopt API keys to code for automated transaction, their source codes are likely to be exposed to attackers before their secret keys are committed to the same.
Users are phished by attackers as their API keys and secrete keys are hijacked.
The computer in which a user’s API key and secret key is stored has been infected.
Cryptocurrency exchanges are easy to breach. Users API and Secret keys are stolen by hackers due to internal reasons of Binance exchange security system. Note that there are only 71 users enabled open-withdrawal function and each suffered loss.
Tips from Beosin We highly suggest that both users and Cryptocurrency exchanges pay extra attention on information protection. Especially, when using advanced functions, strengthen the awareness of security to avoid any latent loss resulting from data breaches.
Why the ~7,000 BTC Withdrawn from the Binance Hot Wallet During the SYS Incident is Not that Suspicious
There's a rumour going around right now that the 7,000 BTC withdrawn from Binance's hot wallet. Here is the link to the transactions under scrutiny. Many people are waving this around as evidence that funds were involuntarily withdrawn from Binance’s hot wallet .So far, Binance has not responded to any of these accusations, which has added more fuel to the fire. This is a clear misconception that I'm going to address. Understanding Bitcoin Change When the output of a transaction is used as the input of another transaction, it must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wishes to pay. In this case, the client generates a new Bitcoin address and sends the difference back. This is known as change. Just like when you spend $20 to buy a $2 ice cream cone Binance intelligently batches a bunch of withdrawals and sends all of them out in one transaction. However, it is not uncommon for there to be large amounts of change sent back to Binance’s change address. https://i.redd.it/9e62u8rfe4a11.png I used the Blockexplorer API to pull a list of transaction outputs from April 30th to July 6th. Then I sorted them by transaction output in descending order. https://i.redd.it/7hiuaj1oe4a11.png As you can see, there a number of large transaction outputs above 2,000 BTC. This is because change is being sent back to the return address. I’ve uploaded all 77,374 transactions from this wallet here. You can look up the transaction hash on BlockExplorerto confirm it is real. I’m not saying I know for sure that the withdrawal was authorized by Binance, but high output transactions above 2,000 BTC are not out of the ordinary and is certainly not evidence of theft. *** I analyze a ton more data about the SYS incident, and compare it against the VIA incident in March. If you want to read more about what I've found, check out the full article here.
Why the ~7,000 BTC Withdrawn from the Binance Hot Wallet During the SYS Incident is Not that Suspicious
There's a rumour going around right now that the 7,000 BTC withdrawn from Binance's hot wallet. Here is the link to the transactions under scrutiny. Many people are waving this around as evidence that funds were involuntarily withdrawn from Binance’s hot wallet .So far, Binance has not responded to any of these accusations, which has added more fuel to the fire. This is a clear misconception that I'm going to address. Understanding Bitcoin Change When the output of a transaction is used as the input of another transaction, it must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wishes to pay. In this case, the client generates a new Bitcoin address and sends the difference back. This is known as change. Just like when you spend $20 to buy a $2 ice cream cone Binance intelligently batches a bunch of withdrawals and sends all of them out in one transaction. However, it is not uncommon for there to be large amounts of change sent back to Binance’s change address. https://i.redd.it/9e62u8rfe4a11.png I used the Blockexplorer API to pull a list of transaction outputs from April 30th to July 6th. Then I sorted them by transaction output in descending order. https://i.redd.it/7hiuaj1oe4a11.png As you can see, there a number of large transaction outputs above 2,000 BTC. This is because change is being sent back to the return address. I’ve uploaded all 77,374 transactions from this wallet here. You can look up the transaction hash on BlockExplorer to confirm it is real. I’m not saying I know for sure that the withdrawal was authorized by Binance, but high output transactions above 2,000 BTC are not out of the ordinary and is certainly not evidence of theft. *** I analyze a ton more data about the SYS incident, and compare it against the VIA incident in March. If you want to read more about what I've found, check out the full article here.
I noticed that since last night there are alot of deposits between 500-700 Vet at the binance hot wallet. Are this trading bots and what is the reason behind all this transactions? And why do they all are the same amount. Maybe some can explain what kind of tactic this is?
Accidently sent Nano to Binance Hot Wallet Address! Please help!
Hey Binance, So being dumb and tired yesterday night, I accidentally copied binance hot wallet address from NanoVault.io (Under Last Transaction) while withdrawing from Kucoin. Its a large amount and I am absoluetly horrified, raised a ticket and waiting for someone to respond but just looking for some assurance here I guess. Please tell me its gonna be back :(, its been 24 hrs since i have risen the ticket, does it take this much time?
Why the ~7,000 BTC Withdrawn from the Binance Hot Wallet During the SYS Incident is Not that Suspicious
There's a rumour going around right now that the 7,000 BTC withdrawn from Binance's hot wallet. Here is the link to the transactions under scrutiny. Many people are waving this around as evidence that funds were involuntarily withdrawn from Binance’s hot wallet .So far, Binance has not responded to any of these accusations, which has added more fuel to the fire. This is a clear misconception that I'm going to address. Understanding Bitcoin Change When the output of a transaction is used as the input of another transaction, it must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wishes to pay. In this case, the client generates a new Bitcoin address and sends the difference back. This is known as change. Just like when you spend $20 to buy a $2 ice cream cone Binance intelligently batches a bunch of withdrawals and sends all of them out in one transaction. However, it is not uncommon for there to be large amounts of change sent back to Binance’s change address. https://i.redd.it/9e62u8rfe4a11.png I used the Blockexplorer API to pull a list of transaction outputs from April 30th to July 6th. Then I sorted them by transaction output in descending order. https://i.redd.it/7hiuaj1oe4a11.png As you can see, there a number of large transaction outputs above 2,000 BTC. This is because change is being sent back to the return address. I’ve uploaded all 77,374 transactions from this wallet here. You can look up the transaction hash on BlockExplorer to confirm it is real. I’m not saying I know for sure that the withdrawal was authorized by Binance, but high output transactions above 2,000 BTC are not out of the ordinary and is certainly not evidence of theft. *** I analyze a ton more data about the SYS incident, and compare it against the VIA incident in March. If you want to read more about what I've found, check out the full article here.
Fungibility Sending 1 "tainted" Nano to Binance hot wallet would "wash" it by making it meld with all other coins in the wallet. Same as Bitcoin. However, up to the point of sending, that 1 Nano had a history which can be used by an exchange or any other entity to treat it differently which is the matter that defines fungibility. When you pick up a dollar bill on the street, you have no idea where it went before. That bill is fungible. When you pick up any cryptocoin other than Monero and it's clones, and move it to your wallet, with that coin (technically, with that UTXO) you have it's complete history: complete history of movement from one wallet to another, from the moment it was mined, to the end of the world (or a coin burning event). Even if coins aren't yours, you can still track their movement. Nano bounds to this rule as well as 99.9% all other coins. NANO had solved the problem of consensus (DAG), the problem of PoW (making it completely distributed), and the problem of distribution. NANO had also solved the problem of coin creation, by (metaphorically speaking) closing the Chamber of Guf, and not allowing any new coins/souls to be created. On the other hand, Monero (XMR) had solved the problem of practical fungibility, at the cost of complexity and practical scalability problems. Non-mining nodes aren't incentivized to waste bandwidth, disk space, and CPU power to decrypt blocks for third parties. Bandwidth use and processing power would impose a great cost on nodes. Using remote nodes breaks some of the privacy. It's not easy to use Monero for quick purchases in close succession. It's impossible to "stream money" using Monero. And it's blockchain always grows. There's no UTXO set, no possibility of storing just the UTXOs instead of whole chain. Bitcoin's Lightning Network is extremely complex and requires paying on-chain fees for opening and closing of channels. The channels themselves are volatile, unstable, and require trusting "watchtowers" not to lose balance. As Bitcoin's usage grows, fees will skyrocket and make using it impossible. Therefore, making NANO fungible, I think, would be the most important thing in history of money. Because we will finally have actual digital cash, where each transaction is immediate, final and irreversible, scalable to the entire world.
Casa Launches In-Wallet PurchasingBitcoin custody option supplier Casa has actually established today it is offering in-wallet bitcoin acquisitions, enabling Casa App people to forgo exchanges once they enhance their particular HODLings. In a launch shared with Bitcoin mag, Casa explained that people could make these purchases using Apple Pay or debit cards, which link them to retail exchanges ... In a concluding statement, Crypto Medication opined that since the address which sent funds back to Binance’s hot wallet holds a huge portion of the illicit transactions, Binance is only screwing up and the fund withdrawal was probably not a hack. Hackers Beat Binance Exchange with Phishing and Viruses, Withdraw Relatively $40 Million Binance hot wallet address is the address we get our coins when we withdraw from binance, its not our wallet in Binance. It's exchanges wallet. I copied it from the nanovault's last transaction address accidentally (which has the address from where u received your last nano to the nanovault). I havent heard back from Binance support. Just after midnight last night, digital asset exchange Binance announced that it had suffered a major security breach which led to $40 million of bitcoin being stolen from its hot wallet. The first sign of trouble came around 8pm BST on Tuesday when CZ, the Binance CEO, sent out a tweet announcing “some unscheduled server […] Cryptocurrency exchange Binance lost $41 million after attackers compromised its “hot wallet” to grab more than 7000 bitcoin. On Tuesday, May 7, Binance, the world’s largest cryptocurrency ...
CZ adresseses Binance HACK 5/7/19 They lost 7000 BTC
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