Quote from: FauxHammer on May 08, 2019, 03:13:37 PM

Quote from: TryNinja on May 08, 2019, 02:41:03 PM

There was no hack invasion. The article says that the hacker got a big number of API and credentials from users by using phishing attacks, virus and other methods. Thus, the big problem wasnt on the exchange, but on the users. The part which was Binances fault is that they couldnt block the massive withdrawal of 7k BTC before it happened.

Exactly, but this is what Binance is saying, this is their official statement. I don't have any reasons to distrust them, but such it's very fragile situation. I agree with the fact that they should block this withdrawal or be prepared for it.

Phishing and malware are not even Binance's fault. But, the reality might be different.

As for funds still showing, well the thing is you can't move them (in or out). So they may "show" there but that is always true in all bankruns until people actually want to withdraw at the same time. The point of damage control is to calm people so they don't do this, so the bank can cope with the withdraws.

An exchange doesn't really use fractional reserve (or shouldn't) but arbitrarily restricting withdraw does send an alarm, even if everything is fine.

A full reserve bank (or exchange) has never nothing to fear should their clients decide to withdraw. If it is what they claim only 2% is lost and their earnings are well above that then sure no problem. The fear is of course if they are telling the truth, because if the situation IS worse i doubt they would disclose it, precisely to avoid the run.

For the time being everyone has to renew their API keys, trading within the exchange is the only thing you can do for now.

We can only hope they are telling the truth and are not going to pull another nicehash stunt. But the community has every reason to be concerned.

Thankfully the vast majority of the funds are protected on cold wallets, as they should, and only a minuscule fraction (2%) was hot for daily transactions, which is what they claim was stolen.