Quote from: DooMAD on May 09, 2019, 01:13:50 PM

No surprise here. Just another ticking time bomb where the clock ran out. The next one is already counting down. Expect nothing to change. We'll be having this same discussion again soon enough.

Quote from: Slow death on May 08, 2019, 09:03:57 PM

I think you're looking at this tragic event in a very wrong way. They are not incompetent, they are not to blame for have thieves in this crypto world. The biggest problem is the thieves, no one can say that it has an impenetrable security system... there is always some damn thief who will find a way to steal in the system that is considered the safest in the world. We must fight to reduce the actions of these criminals and there must be very harsh penalties against these criminals

If not incompetent, then certainly arrogant. To think you can keep thousands of BTC in a hotwallet where access is enabled via API keys and then pretend you aren't going to suffer the exact same fate as other exchanges that have lost funds in the same manner is astoundingly hard-headed.

historically, this was not a big hack. binance said they had 2% of customer funds in hot wallets. that's not unreasonable IMO and is the same standard coinbase uses. you can't run one of the largest spot exchanges in the world and not have thousands of BTC in a hot wallet.

there's also a big difference between "binance getting their wallets hacked" and what actually happened. from the statements CZ made, it appears these were individual account holders who got phished/hacked and had their API keys compromised who had their accounts all cleaned out at once. it doesn't sound like a server side compromise. i don't think an exchange should be crucified because some users were careless with their API keys and had their accounts cleaned out.

i suspect binance has warded off many attacks that other exchanges in the past failed to. yes they could have had better internal withdrawal controls but no system is perfect nor unbeatable. we should just be glad they are covering the losses if their system wasn't even compromised.