> dumb binance users gave away their 2fa and api keys by clicking on viruses and phishing sites made by the hackers
> hackers waited until they got enough users with large enough amount on the accounts
> hackers initiated all obtained user withdrawals at once
> binance engine processes withdrawals every N minutes. it processed all BTC withdrawals in the next batch and send it out. 7k btc transaction: blockchain.com
> binance alarms get off, because this amount of btc withdrawal is abnormal
> binance closes withdrawals
> binance infrastructure was never hacked
> the remaining btc on the hotwallet did not move (4k btc); unlike at nicehash theft for $65M, where hackers actually hacked the infrastructure and got to the hotwallet, because the company was incompetent
> dumb users got lucky that hackers initiated all withdrawals at once and binance decided to cover the theft. they were in no way obligated to. it was 100% user fault to get phished or click on a virus
> theoretically, if you had withdrawn btc during the time that hackers have withdrawn it, it would seem like hackers took it and binance would credit your binance account + you would get the withdrawn bitcoins to your personal wallet. sadly they would be flagged like they are from the hackers
> everyone blames binance for being hacked
> time to fill those bnb bags goyims
thank me later
Binance "hack" explained
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CZ faked a hack to take Safu funds money and bail bitfinex. There is fixed.
bullish
so the hackers made thousands of calls to Binance from all the user api accounts at the same time...and binance didn't notice? how? from a technical perspective, there should have been a number of red flags that could have triggered an alarm. this isn't even the first time someone has made this kind of attack. seems Binance didn't learn enough the last time it happened.
I mean, are we to believe that they spun up thousands of instances to call from different IPs, then had all the withdraws pointing to different addresses to avoid detection? cause that doesn't seem reasonable.
Why the 1 week freezing, why the checking systems, why CZ's 29 hours without sleep?
SAFU had like a tenth of that bitfinex lost. Why would CZ give his own insurence to a sinking, probably main, competitor?
so basically CZ paid off those stupid users mistakes.
you should be grateful to that chink-ceo. any other exchange it would be just their users fault and they should lose everythig because theyre stupid and alsdo perma-banned from the website.
nevermind. just looked at the transaction. there's a few dozen addresses is all....but how many account withdraws were pointing to the same addressed? hard to believe only a few dozen accounts were compromised in a 7000BTC hack. Binance should have caught that.
Finally a good thread on Jow Forums, thanks OP. Monitoring BNB.
But why did he refund them if it was users fault? It doesn’t seem like the chink way. Does he know something we don’t?
>> everyone blames binance for being hacked
Binance was hacked. an account being compromised is not Binance's fault, but lot's of accounts being compromised and used to exploit the withdraw system is absolutely a Binance issue. THIS ISN'T EVEN THE FIRST TIME THIS HAS HAPPENED TO BINANCE! what a fucking joke
I'm confident they have better internal security systems than any other exchange.
Thousands of API calls is a drop in the bucket relative to the millions which occur every few minutes. And they could have used some type of sequential time lag to avoid detection. BTC was transferred to a stolen whale account which already made large withdrawals regularly
Give them some more credit. They didn't even bother to differentiate between an internal and external breach. Even though critics would have had far less ammo if they had. Most exchanges would have told the users to fuck off
Hmm should I not be watching boot leg movies on sketchy websites on the same computer I log into Binance? I haven't logged into to see if I got robbed or not, probably did honestly. I guess we will see what happens.
So it was 3rd worlders that fucked up
what? the BTC was transferred to a stolen whale wallet account, on Binance? what does that even mean?
I'm not up on all the details, but the more I think about this the less it makes sense. So the hacker phished api account login credentials, as well as 2fa and emails?
having this information, why even need to try to go all out at once? any account could have been compromised and Binance would have had no idea that it wasn't the regular user withdrawing. When the user complained, there's nothing Binance could do, probably wouldn't even believe them.
thousands of API calls from the same IP using multiple accounts all withdrawing to a small handful of BTC addresses.... they should have caught it. this isn't a very sophisticated attack. If Binance was thinking about how to secure the site from attacks through compromised api account, this stuff would have been obvious. they've seen large scale attacks involving compromised api accounts before. remember the viacoin hack pump?
>Why would CZ give his own insurence to a sinking, probably main, competitor?
binance is the biggest holder of tether.
2fa generation keys were compromised through Binance, they wouldn’t have had too shut down the exchange for a week if this attack wasn’t perpetrated using systems within Binance.
you have no way of knowing whether or not it was done through a single IP
holy fucking shit based chink CZ is actually based
but then what about the email confirmations? how did the attacks manage that?
maybe they are trying to figure out if there was a breach instead? better than let them take more bitcoins
I don't, you're right. but it's not reasonable for me to assume that all that many instances were spun up to avoid IP detection on a large scale. I mean, only a handful of addresses were used to withdraw to, so you can't say these guys were super careful about avoiding detections. how many compromised accounts are we talking about here?
also somebody fucking tell me if i need to put in a new 2FA and change my password. thanks faggots.
Wouldn't you want to be COMPLETELY sure there are no bugs in your system after this? A complete security audit is totally understandable in this situation
One IP logging into and using more than one API account at a time is a red flag. Multiple accounts withdrawing to the same address in the same block is a red flag.
fuck off you retarded fuck. If you are smart enough to still 1000's of wallets, you are smart enough to get and distribute 50 VPN IP's across wherever you are initiating the fucking calls
I love all of you fucking loser NEETS who took HTML in 8th grade that think they are both an expert in security and an expert in hacking....fucking kys
Do it anyway
you're proving my point retard. If someone stole thousands of accounts and was able to sneak by Binance's security system using 50 IP's its a Binance issue.
I write software for a living dipshit, that's why it's weird to me. There should have been a number of red flags going off from a technical perspective. that there wasn't just reveals that Binances security logic is dumb as fuck.
thanks for your feedback goy
Wrong. A freaking shitcoin developer was able to find the bug that likely caused the hack.
>thinks hes smarter than chinks at being smart
will CZ dump 7000btc worth of BNB?
This all makes no sense , Binance sends confirmation emails for withdrawls , am I supposed to believe all of these users email accounts were also compromised ?
You are one god damn retarded mother fucker. There are thousands of services that have 10's of thousands of accounts using the same fucking API key from the same IP...e.g. Cryptowat.ch
I'm an Enterprise software architect consultant for "The Big 4", now fuck off faggot idiot with 1 year experience in jquery
it was a zero day exploit
exactly! why the fuck is no one else even talking about this! also, binance says
>Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info
a large number of user API keys.....
but there's only a small handful of withdraws initiated? they also happen to be from a number of accounts that have > 100BTC withdraw limit.
McAffee is on Binance's side, we can't lose.
At what price should we accumulate? 18.5?
fair enough. i've never heard of cryptowatch before.
the details just seem weird to me. so what actually happened was a few whale wallet accounts (and email accounts) were compromised and withdrawn from, and an alarm went off after a 7000BTC block went out because that is enough to trigger the alarm? that's it? that's not what Binance said happened though
It would have to be exploits from inside Binance, I do not believe that all of the accounts were compromised outside. If it was an API key abuse we would have seen unusual trading activity on some pairs, and effected users speaking up. AFAIK none of this has been discovered. This issue is more serious than it looks, either Binance straight up just stole 7,000 BTC or their entire platform is unsafe.
listen here you retards. they executed trades to transfer $ from mini accounts to those that can withdraw 100+ BTC daily. why do you think there was a spike to $9999 in LINK. it was a transfer to a bigger account to be able to get it off the exchange.
yeah, so someone someone found an exploit that would allow them to withdraw without confirmations, and then hacked a number of whale wallets to take advantage.... or Binance is lying. Which is more likely? the way they've worded the announcement doesn't make me think its the latter.
I don't believe it though. They caught the Viacoin hack before the account could withdraw because they were able to flag abnormal trading behavior in real time.
Who is she? please sir, please
>Binance sends confirmation emails for withdrawls
Unless you have your API key enabled. Usually for some shitty apps.
The accounts were owned by Binance execs. They 'hacked' themselves to justify liquidating the fund.
or maybe he needed a reason to freeze USDT without causing mass panic
>thousands of calls to the API
>better shut it down
No idea, you should reverse image search it.
Brap N' Brap
>You must have withdrawn to the address through the website and approved the withdrawal via email before you can withdraw using the API.
so the withdraws weren't even called via API. Also, any whale wallet that doesn't have whitelisting enabled is dumb as fuck. everything about this hack is fishy
from the same IP I meant. no bully. another user already mentioned cryptowatch.
Have anons been hacked?
Do anons know someone that has been hacked?
>all that work
>just for 40million dollars
>not reasonable
>soooo much work...
If there's one thing i've learned in life, is that only the truly stupid thinks there's an easy get rich quick idea.
And those people are all into crypto, clicking on everything they see, replying to every mail hinting about untold riches
if you've read the thread you can see how the story unfolds. I started with the assumptions given to me by OP and the announcement, but that's not even what happened. there's only evidence of a few dozen accounts being compromised. lucky for the hackers they were mostly whale wallets with the ability to withdraw greater than 100btc at a time.
the question is how was it withdrawn? 2fa and email confirmations failed as security measures.
just like last year
because you're retarded and that doesn't matter. learn about API keys