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Thoroughly Impressed with Binance

Way to step it up for your patrons Binance. At a time when very few companies take any pride in customer service-and especially in a largely unregulated industry-your response was so impressive. Many will point the blame at you or at those who's accounts were disrupted today but that couldn't be more unfair to either party. Rather than allowing the day to be painted by naysayers as a failure of crypto in general; Binance's industry leading security and customer service really came through for their patrons and the crypto world as a whole. Thank you again for everything, after today my confidence in Binance Exchange has increased significantly and so will my patronage there.

62 comments
92% Upvoted
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level 1

These guys definitely get it. This is how business should be done.

level 2

I can't believe they only launched last July. They just did everything right, while more established and experienced exchanges such as Coinbase, Bitstamp or Bitfinex are now looking like amateurs.

level 3

Bitfinex is at an whole other level, their trading engine and order types and so on is much better than Binance

level 4

Agreed, but many people are not aware of these things. Or that Bitfinex is using websockets for their API so it's much faster and so on

level 4

Unfortunately us U.S. customers are banned from using Bitfinex so Binance is our next best option.

level 5

Yes, I also like Binance, but for doing this fine grained trading and really have control it's not the exchange

level 5

they can use bitfinex with a vpn but wouldn't be able to withdraw or deposit fiat.

level 6

It depends on the bank they're using . some of the banks won't allow people to withdraw from bitfinex or cryptocurrencies involved .

level 3

I do like how they handle their "hot situtations" but for trading I prefer Bitfinex, they UI and tools are a life saver.

level 2

Every scenario of crisis should be trained, and they did.

level 1

Absolutely, well said. This will end up being a positive news event for Binance.

level 2
-7 points · 6 months ago(0 children)
level 1

I agree. I wasn't affected but I found it super impressive. CZ and Binance seem like by far the most trustworthy and competent exchange

level 1

They really must have a top-notch development team to be able to do things like this. I couldn't agree more.

level 2
-14 points · 6 months ago(2 children)
level 3

They back hacked 'em bro.

level 3
5 points · 6 months ago · edited 6 months ago

The exchange wasn't hacked. User accounts were hacked previously and API keys were used to execute a trade strategy en masse. Binance quickly and competently dealt with the problem despite not being the actual exploited party.

level 1

Couldn't have said it better! My account was credited with BTC at roughly the same value as my holdings at the time. Very pleased. Kudos Binance

level 1
Comment deleted6 months ago
level 2

I feel sorry for Binance. People need to try using a password manager, atleast that way it won't autofill their password if the site doesn't match. I don't know any of my passwords and I don't even know the password for my password manager.

level 2

I made it right. My VIA sells were reversed.

level 2

They didn't give back everything to everybody though: "There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.".

level 2

Not sure if you read but many people didn't have bots, or api . They had 2fa and various other security methods . So I'm sure many people didn't do this with their own actions.

Smh..

level 3
Comment deleted6 months ago
level 4

But come on all these people happen to be phised I seriously doubt it

level 4

You need a new 2FA code to create API keys.

level 5

new 2FA code to crea

the fishing site asked for a second 2fa saying the first one was incorect and ofcourse asking to wait a bit (enough for them to log with the first key)

level 1

I thought the creation of API keys involved having to enter the 2FA code again, and that you couldn't re-use the same 2FA code more than once because the system should say "wait for the next code".

I can't 100% remember now if Binance followed those basic security rules.

Perhaps it's other exchanges I'm thinking of that has those requirements. Which would be quite an oversight on Binance's part, if they did not.

level 2

I suppose a phishing website could give some "try again" error to trick people into entering 2 different 2FA codes.

Phisher uses the 1st code to login to the account, then the 2nd code to create the API key.

level 2

You’re right, can’t use the same 2fa you used to login to create the API keys. Good point.

level 2

If its like Google authenticate then you have up to a 30 second window before the 2FA number changes to a new one, more than enough time for the attacker to be logged into the account and activate the API.

What they could do is add an email confirmation as well like they do with withdrawals, though of course if the victims email account is also compromised there's not much that can be done then.

level 1

Phenomenal job by the binance team. I love the communication and transparency from the CEO himself when problems arise. Keep it up!

level 1

I agree. They handled that situation very well and even wrote a detailed report of what happened to keep us all apprised. Kudos to them.

level 2

My ethereum was used on some shitty altcoins, but not on VIA. Stil no money back so not that cool...

level 3

If you're saying you were victim to phishing that got the API keys added to your account, that's on you. Binance can only do so much.

level 4

I did not provide my API Keys, got 2fa. I only use mobile Phone and my desktop to trade on binance and only at my Home internet.

level 1

I get your point, but you should try more advanced exchanges like Bitfinex.

level 1

Yup, must say I'm more confident in Binance than ever now. I'll never consider an exchange as a safe haven to store crypto on, but as far as exchanges go, Binance is now at the top for me.

level 1

I wasn't affected by this event but Binance gives me hope for the crypto world! Very professional and with constant communication.

level 1

Couldn't agree more with you!

level 1

Wasn't affected but this resolution was better than I could've imagined. Why couldn't we have these guys run Mt. Gox?

Bought some BNB because I really believe and trust them now.

level 1

MY 2FA is not working now, cannot even login to account. Anyone else?

level 1

Good work Binance Team.

level 1

Yeah im so impressed with the way binance handles everything coming at them. So professional

level 1

I was hurt pretty badly by this, but I commend the work and comms from Binance in rectifying the situation.

I am slightly concerned as to how this happened in the first place, as I'm not convinced account phishing was the only culprit. I would also like email confirmations for API key creations.

But, all being said... nice work Binance.

level 1

The exchange we need but don't deserve. Absolutely A+ performance by Binance on all levels. A true industry leader others have to look up to.

level 1

This is why I dropped Poloniex and joined Binance. What a world of difference when it comes to customer service. Thanks Binance!

level 1

If they keep it up I see no reason why I'd ever use another exchange now. The only complaint I've ever had is their web browser can be a little rough on high volume but I suppose I'd be just overly critical there. They really do a good job with their customers.

level 1

That's how I realise how Bitgrail managers are amateurs from the very beginning

level 1

Nonsense, I contacted Binance as far back as the 5th Feb to warn them about this, as I was the first to pick up irregularities on thier platform... They called me and I quote "A Conspiricy theorist" and refused to look into it. In the weeks that followed their replicated database crashed and had to be restored from the Master. Then shortly after the so called "phishing scam" which I belive is utter BS. But they were warned well in advance, they did nothing.

level 2

Proof?

level 2

I don't think you understand how this "hack" went down. I say "hack", but this was not a hack (thanks media), this was just a good ol' case of social engineering taking advantage of the unsuspecting, careless, ignorant, or whatever. The phished accounts had API keys added, and then those keys sat there dormant, doing nothing, so there would've been no irregularities, as you call them, in this time. The irregularities occurred in one big move yesterday, and Binance locked that down in moments. Carry on watching Mr Robot though, it's a cool show.

level 3

What he's saying is true, although I don't think he was the first I believe someone told them about it even earlier back in January, I will try to find the link.

level 1

Take my upvote

level 1

where are the dudes claiming binance was behind all of this???

level 2

Crypto has attracted a lot of noobs and a lot of non savvy computer people which is good and bad, but a lot of people shouldn't be using exchanges as they don't know basic security principles. People shouldn't know any of their own passwords and they should use a password manager.

Binance is left to clean up their mess, luckily they were able to identify the naughtiest accounts and give people back BTC.

level 1
-2 points · 6 months ago

Guys, friendly advice: don't buy back in! I don't want to spread any FUD but please, make sure that you have the below in mind before buying any crypto today or in the next few days.

  1. the hack happened and is still not fixed. All funds are not restored. There will be new dips and hyper volatility in the next few days! Instead, short sell and buy back cheaper later!

  2. Check the charts on Binance: price is gradually and slightly moving up but based on ridiculously low volumes. Purely artificial recovery then. When the bears come back massively, this artificial growth is going to crumble again in 10 minutes.

  3. Believe me, remove your assets and put them in safer exchanges for now.

  4. Binance is buying coins ATM to artificially sustain market caps. When they stop doing that, prices will drop again.

Wait a couple of more days buy when the dips. And don't forget to thank me when this happens.

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Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, and Info. Binance Exchange is one of the fastest growing and most popular cryptocurrency exchanges in the world. Founded by a team of fintech and crypto experts — it is capable of processing more than 1.4 million orders per second, making it one of the fastest exchanges in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike.

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