Bitcoin Forum

after we heard that the Binance market was hacked, and 7000 BTC was lost from the Binance trade, in your opinion, what were the decisions of traders and investors?
1. Will they stay at Binance?
2. Will they go to another exchange?
3. if they leave Binance, what exchange will they choose?

We don't know what their decision is, but if you ask me, I will still stay at binance as a trader and investor.
I don't think that binance will stay without fixing the problem they are facing before.
But I don't just choose binance for trading or investing because I have the other exchange to trade and invest.
So binance is not my only option to search the profit from crypto.
But I guess the traders and the investors will stay at binance as me because they think that binance can solve every problem they have including the hacking news before.

Not all traders or investors will immediately leave binance after the hack event yesterday, even some of them still give good confidence to binance because I heard that binance will bear all the losses they experience without involving the funds of the users in it.

It all depends on each investor, obviously I really do not know with their thoughts, Binance set aside funds called SAFU accounts, so that the losses will be fully borne at no cost to the user. The security review process, which is estimated to take around one week, will be carried out to prevent further attacks on the Binance exchange.

Everyone has their opinion ,
But for me I would stay at Binance I would still use their site because I am sure that this issue would wake them up and make sure that they would upgrade their security system.
They would surely secure their site and prevent this from happening again in the future ,
So for me it is safe to assume that our funds are still safe in their site but we should always keep in mind that we should also be the one to secure and keep our money.

I guess most of them will stay on binance. cause i'm sure they have learned and will focus on more security. a big plus for binance is also the announcement that all of the stolen funds will be covered by the safu fund. binance is still way more professional than any other exchange.

Even though there definitely has been negativity towards Binance due to their recent security issue, it gave their users confidence when CZ, the Binance CEO, said that Binance will cover all the lost funds, which is something that the past hacked exchanges never did.

So, no. I don't think a significant number of people will leave Binance. If anything, at least it would teach them how vulnerable their funds are when left on exchanges.

every time there is hack like this there is always a large number of users who leave that hacked exchange. you can clearly see this from all the previous hack cases when the exchange comes back but no longer has the same volume. that is normal human behavior to stay away in safety after a disaster like this.
but it is never all the users and the magnitude of the "migration" depends on many factors such as shadiness of the exchange, whether or not they are paying out their users, and a lot more. but basically it depends on how much people still trust that exchange, in case of Binance i don't think trust was lost that much but it was lost.

I believe that the first priority of the traders and investors on Binance would want to know if they are going to getting their cryptos back after the hack. Others may choose other exchanges since they now know that Binance is vulnerable even if they increase their security, people will still be skeptical.

We can not be so sure about it after all this is their decision to make and Binance can not control people that are leaving and staying in their exchange site, Although Binance CEO announce that they have revamped the security of their exchange site, that it will never happen again, And this progress will sure keep phishing, hackers, and viruses away from their site, but I guess the price of Bitcoin wasn't really affected by this incident, And if the number of traders and investor would go out from their site they can not do something about it.

well last time something like this happened was with Bittrex which wasn't a hack but the exchange scamming its users themselves! and by that time they were the biggest exchange on number one rank. Binance was around and was trying to gain users with their referral systems, that scam led to all users migrating to Binance and that helped them grow.
this time I don't know any new exchange trying to grow since I have been away from trading for a while, so if there is any one that would surely see a surge of volume with this hack.

for me, i would still be trading at binance because they had a high trading volume, which for me is good for trading and getting profit

I guess that Binance would decide to repay them from their own pocket and most of Binance traders my decide to stay at this exchange. Well, any exchange may be hacked so even if you change your exchange you would still have all chances to get hacked.
But at the same time remains the chance that people would decide to leave it. For example poloniex earlier was one of the top exchanges but later they had some issues so later they couldn't bring all traders back.

In any case, some of the investors and traders will leave this exchange, but I think the majority will remain. And in general there is a rumor that all this was arranged by the exchange itself.

Anyway, I'm staying there.

As long as no customers lose money trders will continue to use Binance.  They don't make you do KYC unless you are trying to withdraw a large amount and they have decent liquidity on a wide selection of coins.  The biggest concern is that CZ though he could roll back the bitcoin chain to retrieve the hacked btc.

There will be few that will choose to stay away from it because if something already happened like this, it's likely to happen in the future. But there will be more of those loyal traders and will stay.

Yes, I think it'll be Kucoin?

This questions are answerable only by the investors/trades itself, it would be different from one person to another, the incidents happened inside binance will bring good and bad perceptions, bad if they won't secured things like this to happen again, good if they will be able to resolved and assured that every funds of anyone who's holding assets inside will be safe and insured to be withdraw.

No exchange gives with the support of providing the users the funds, if it has got stolen. This way no one will move towards the other exchange from my view. Further the exchange trading volume for each and every asset is kept stable with the reserve fund and users were given with the regular update. The latest being the trading and withdrawal suspended for a week.

The decissions were belongs to the investors and the traders themself but might be some of them has decide to leave binance and some of them will still stay on binance but use other exchange also not guarantee 100% secure and there always be chance to lost our money during use exchange and people should be know this risk and before binance there was several big exchange has been hacked

Probably store most of their coin into hardware wallet but that those that mean they abandoned binance

But for me, even the most safe and biggest exchange like binance could be hacked.
How about the other one , it must be hackable if they can hack the big exchange like binance

In my opinion, if Binance compensates investors, they will remain at Binance but some will go to another exchange. The exchanges they choose are BitMEX and IDAX

Most likely with stay with it, Binance has good reputation like how other top exchanges does and those does respond quicky to victims, in terms of security no exchange is safe until its hacked. All exchange are pretty much the same if you don't talk about UI, reputable has advanced trading mechanism that offer better control. Binance is popular simply because with good volume, promising coins and rewarding, cheaper for BNB holders. Seems like the hack doesn't affect at all when the market is bulling

Binance remains an attractive exchange service to use. moreover they have a warranty if something happens to someone's Binance account. like in the hacking action that happened some time ago, binance provides a guarantee of replacement. so in my opinion, Binance remains an attractive and appropriate exchange to continue to be used as a daily trading activity.

I am sure traders and investors will stay at Binance, no matter if they hear or know about the hacking on Binance in a few days ago. They will ask the support system if they have a problem with their account related to the hacked so the Binance support teams can resolve their problem. Besides that, I am sure Binance will give more protection for their members, and they will not let this thing happen again in the future.

Quite true. But since OP is asking our opinions, if I were to ask about it. I'd rather stay and continue to use Binance exchange. Hacking thing is unstoppable. And the CEO of Binance assured that they will gonna return the lost btc funds. Good step to regain the trust of each investors. Binance is accountable for the hacked btc funds and should really retightened the security to get back their reputation.

all of the options will happen at the same time because not all traders are thinking alike. you should have asked what will the majority do and of course that is going to be only a guess on our part because only the exchange knows his own traffic and how much of it they have lost.
i think initially there will be a large number of investors who will leave the platform. then depending on their plans of "pay back" more people may leave but in a prolonged manner as they have to wait to be paid first to be able to withdraw .

No exchanges are safe from hacker attack. Hacker will keep on their dirty game of stealing money so the first and foremost precautionary measure is not to keep anything in exchange wallet.

Secondly, Binance had created something called "SAFU" or "Secured asset fund for users" to deal with such unforeseen events. Do a little google search and you will find out more about it! Even though I use more than one exchange but I believe, with Binance - you are in safe hands!

An investor will not hesitate to leave the Exchange, how to trust an Exchange that does not offer security and that their trading options are very limited, I would go to another Exchange, at this time I would choose Bitfinex so I have problems with Tether, I think it is one of the safest and where I see that always the great speculators make the movements.

The case of the Investors is very delicate, it is a lot of money that is handled, Binance had an unblemished record, but I think that by letting go more than 7K in Bitcoins, it is something very delicate, because it is a lot of money, the people who lose Money does not usually stay in the same place because they know that at any moment it can happen again, and although all the Exchanges are now available, after this incident it is obvious that they will take all the necessary measures so that their security increases them to the maximum, the ways to access must be changed, because apparently the 2FA system is vulnerable to the algorithms of the Hackers.

good decision.  Are you worried about the Binance exchange? yes. many other exchanges.  but which exchange will you use besides Binance? maybe your answer can help me find another good exchange besides Binance.  but.  is Bittrex still safe today?

how will Binance compensate them?  will Binance give big compensation to users like MTGOX?  I am sure that 60% still trust Binance.  and Binance must repair the system damage again.  especially in terms of security.

Agree, binance will still be among my top exchanges despite of the hacking experience... As you can see the ceo easily divert the issues and yet solve the problems... They are doing their best on their exchange so investors and traders still trust the platform...

Of course yes, because binance have a high volume trading.

It was their choice, I was still loyal to binance.

If that happens, maybe Bittrex will be the best solution.

A few months have passed. And now we can draw conclusions about what people have done. Traders and investors didnt leave with binance. Binanceremains one of the coolest exchanges. Everyone has already forgotten about this incident.

IMHO, Binance is not just another exchange out there and they assured as well as did return most of the funds of their clients till now. Being a trader, I'm fine with Binance as of yet.


Like I said, a trader would definitely use Binance again but as an investor, I'd never keep my money over an exchange as if it's a long term investment in BTC alone and even if in alts, I'll prefer to keep them in a safe wallet of which I'm able to hold the privkeys of addresses stored in it.


It's unpredictable just as the price of BTC and it depends totally on the sentiments of each trader as if they really find themselves safe while sticking to Binance or not. So, it's on a case-by-case basis.


LIVECOIN... /s
With such huge assurance and security available at Binance and the way Binance CEO Changpeng Zhao deals with all the issues that come to and fro, I don't believe anyone can stop loving Binance.

P.S.: I'm not a shill of Binance exchange but just like the way they do their job.

Why are asking the investors and the traders as a whole? They are not that stupid to save all of their Bitcoins in exchange, most of their Bitcoins and other cryptocurrencies in their ledgers and safe wallets.

As said by some, it is not the only exchange on the internet, there are a lot of others out there that you don't even know. Obviously, if they are the ones included in that 7K Btc, they are regretting they saved their Btcs into an exchange. They just need to trade and invest again to get back their lost. This is the internet, you can't really tell how secure or safe you are here.

I like binance because when 7000 bitcoin lost on their platform but they tried to convince their user to keep stay on the exchange. They tried to cover all of money who was stolen by hacker to each users, and they tried to improve their platform in order to the incident didn't come again.

All centralized exchanges can be hacked IMO, can you tell me how many centralized exchange have not been stolen? I guess just a few, most of them already conceded. If this happened, we can see the reputable exchange and an exchange who don't want to be responsible. And this thing will affect the reputation later.

I don't use Binance right now but as far as it appears to me, it seems the supporters of Binance has not dwindled a bit. It seems the team behind Binance handled the incident properly. There appears to be no backlash of supporters. I guess, as compared to the hacking incidents of Cryptopia or Livecoin or even Etherdelta, the one involving Binance is contained in a way that did not drag its name into a nonredeemable situation.

I’ve been using binance for a long time already and good thing I wasn’t affected by the current hack but if I were on the place of those affected, I guess i’ll feel hopeless but with binance step to compensate and handle the matter with ease only means that binance is prepared for anything that may attack them, with this I will still stay using binance because of its good reputation and services.

Definitely will go to another exchange. If they don't have maximum security how will they assure that it will not happen again? Also, I doubt that the exchange really been hacked. They just get the money of their users and will just announce an excuse for hacking. It's very hopeless for those who are valuable users that lost a lot of BTC.

You need to understand that even though binance was hacked, there was no loss to the customers funds. All the loss was insured by the safu funds. This means that binance exchange is the best. I do not think there is any exchange which is as big as binance is now and they are also establishing their decentralized exchange.

I am also still trading at binance even I know that our funds are not safe there. They are the biggest trading exchange and they should have a fool proof system. As a precaution I do not keep extra funds on exchanges and withdraw as soon as I am done with trading.