Just because Binance was hacked doesn't mean Bitcoin is failing, Binance is a centralized exchange, while Bitcoin is a decentralized network. When users deposit their funds on an exchange like Binance, they are under the control of their authorities, it is mainly because of their lack of security that they are hacked, because of their poor management and weak security that users face hacking. I know that Bitcoin is never controlled by any company or person, if an exchange is hacked it does not mean that Bitcoin's blockchain has been hacked, but rather if an exchange is one, we should never lose faith in Bitcoin. Bitcoin is not owned by any extremist or fraudulent group, we have not found any evidence so far, and in terms of whether the owner of Bitcoin and his identity are hidden, it is not a fraudulent group at all. Bitcoin is a limited supply, no one can increase it even if they want to, besides, I think it is completely unsafe to use a centralized one for the security of Bitcoin.  Rather, using a hardware and secure software wallet is good for Bitcoin, but Bitcoin is not completely risk-free. If you lose your private key, you can lose your assets, and if you send it to the wrong address, you can lose your assets, so be careful about all aspects of this transaction, and keep your investment safe and secure.

What is the connection between Binance and Bitcoin? Does a hack of Binance or any other exchange imply that Bitcoin itself has been hacked? This is truly a strange question; none of this has anything to do with Bitcoin.

The recent successive hacking incidents, the latest and largest of which was the Binance hack, have made many feel frustrated and that there is no absolute security in crypto. On the one hand, Bitcoin has nothing to do with all of this, and on the other hand, we should not despair but rather look for better solutions for protection.

Why would someone change it's views on Bitcoin just because Binance has been hack? There is a big precedence already, the Mt. Gox hacked at the early part of Bitcoin and yet it didn't deter Satoshi's creation to market towards it's 18 years.

So I doubt that there will be changes on the mindset of investors or crypto enthusiast in general who have been in this space for many years. The only thing that will be born out of this is that any services are under threat and should hardened their security protocols.

Previously many exchanges such as ByBit, MT Gox, Bitget and other centralized exchanges have been hacked but we should have the ability to understand that Binance hack does not mean Bitcoin is hacked, because it may be emphasized till today no one may have heard that Bitcoin's main blockchain network has been hacked in fact it is very powerful and decentralized. OP you should probably note hackers can mainly hack Binance and other centralized platforms by exploiting vulnerabilities in wallet, user data, or API security, honestly experienced investors will surely understand this difference so they will not lose confidence in Bitcoin.

Binance worth 6.3 billion dollars hacked so it's not a Bitcoin problem but as far as I understand it's a problem with this company's asset storage and their security systems. Those who still think that the Binance hack might change people's views on BTC should take a look at this tweet.

The fact that something was created for a good and unique purpose does not mean that some bad people will not use that thing and turn it into a tool that they will use to commit their illegal act. For example, was gun designed to be used for rubbery? Was knife created to be used to stabb someone? These two things was created for a good purpose but there are so many people that are using it to hurt other innocent people. Bitcoin was created for a good purpose and you can confirm that Bitcoin has helped a lot of investors around the world, these recent bad incident that has been happening does not make Bitcoin bad, and it doesn't cause me to change my mind about Bitcoin.

No, Binance hack does not change my view on cryptocurrency industry, and if you are specifically targeting Bitcoin, I can say that Bitcoin and Binance are two separate entity.  Binance hack has nothing to do with Bitcoin security.  It is Binance's security shortcoming that led its exchange to get hacked, not because Bitcoin security has a flaw.

 

No, Bitcoin was created with good fate. The Bitcoin creator wanted us to have independence from third-party institutions like banks that control our financial movement.  Anything about fraud, scams and hacks was done by evil third-party players.


Bitcoin and other cryptocurrencies are just tools.  Whether it is good for bad or evil is decided by who holds it.


How about you named these people you said were once credible in the space but  have proven to be deviants?

I was looking at Chainalysis report, and my prediction is that this hack will trigger yet another ban on the mixers.
It seems that the hackers used one wallet funded thru the mixers to initiate the hack. I hope that my prediction is wrong, but I would be surprised if it doesn't play out like I said it will.

Binance problem can't change my view about Bitcoin/other cryptos, it only reminded me that Not Your Key, Not Your Coin. I have my money in Binance since last week that I can't withdraw.


That thought shouldn't be entertained. Satoshi painstakingly created the successful crypto pathway we know, his intentions are selfless, nothing bad. It's not unusual that people will use opportunities to perpetrate evil if they have the chance.

This part is not clear.

No. Just as my opinion remained unchanged following previous hacks of other exchanges, casinos, prediction markets, wallets, or various HW-devices. All this proves is that the methods for storing these currencies are not perfect; it in no way demonstrates that this asset class is "worse" than others.

More often than not, security breaches involve a human factor that effectively "opens the door" to attackers. Take the Coldcard incident, for example: why didn't any of the developers take the initiative to test for, identify, and fix that particular vulnerability? The project team (unintentionally) left the "door open" for hackers.

This situation could well change one’s perspective on Binance. Isn’t that logical? If it is possible to steal billions from an exchange’s balance via a compromised employee laptop, it raises serious questions about how securely their (user's) crypto assets are being stored.

On the other hand, this exchange continues to operate, and the losses resulting from the hack did not affect its users (they did not have to pay the price for others' mistakes).

Anything is possible. But the most interesting part is that we will (in all likelihood) never know. Therefore, any musings on this subject are just idle talk and speculation.

Sensible? I assume you meant "useful". Of course, crypto can, and should, be used for the benefit of humanity (rather than just for the gain of a few individuals).

As for using bitcoin as a form of money, I personally have very serious doubts. If that were going to happen, it would have happened long ago; instead, it has shifted its "course" toward being used as an investment instrument.

That is precisely why decentralization is necessary: ​​to prevent individuals from wielding excessive power and influencing a specific project or the industry as a whole.

If there is a security flaw in an exchange platform, it is entirely their responsibility. Binance authorities have already accepted that liability, but since such hacks are happening so often, investors should definitely take a policy that can provide them with the most security. Rather than worrying about giving their assets to others, it is definitely a good policy to keep their assets with themselves and ensure their maximum security. If someone invests in Bitcoin for their own safety and keeps it in their own cold wallet, then they will have the opportunity to use their assets when needed and will also be protected from hacks. Of all the hacking incidents that have occurred to date, centralized exchanges have been the most common. Although Binance has the ability to compensate its users for their losses, if such an incident had occurred in any other normal exchange platforms, the investor would have lost everything. We have been aware of many more hacks in the past. Bybit $1.50 billion in 2025, FTX $0.477 billion in 2022, Bitget $0.352–0.390 billion in 2026, Mt. Gox $0.473 billion in 2014. There are also many other hacking incidents. Therefore, the user has to take his own decision when it comes to avoiding risks.