Binance incident recap causes more questions than answers in my opinion.First they claim they suspended trading in a timely manner. What? It was hours after whatever happened, happened.Also they claim it was trades from the API system. Ok could be. But strangely, unlike last time we have seen no one claim their accounts were emptied. So the API argument is either false or it was a small number of accounts that were compromised since no one went public with it.Since it was a small amount of accounts, jeez the hackers won the lottery. The initial buy order on SYS was for close to 17 thousand Bitcoins! They hacked the right people for sure.Also, these people already had BTC in their wallets, since also unlike last time we did not see across the board dumps (hackers selling alts for BTC then buying VIA to move funds to their account).All of this together make me skeptical about the compromised API explanation from Binance.Now, also this time we have what looks like around 7k BTCs being moved from Binance to a single account across 7 transfers that happened between 15 and 45 minutes after the SYS spike.https://ift.tt/2lSASwn to note that unlike last time Binance does not claim that the hackers failed to get away with any money.Now, the most weird part to me is the "SAFU fund".Binance leaves it implicit that the hackers were able to steal some funds, while making it explicit it was the users fault. And yet the announce that they are gonna "give away" 10% of their revenue to pay back users in case of future events.For all the love CZ gets, he does not look like the kind of person to throw away 10% of his company REVENUE (not profit) because it's user base might be unable to keep their API keys safe in the future.Like I said, I don't know what happened but the incident recap made little to make me easy. If anything it created more questions than answersEDIT: correcting missing word
Submitted July 04, 2018 at 05:29PM
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