Bitcoin Forum

After the $40 million hack last week, Binance has finally resumed withdrawals and deposits. Yesterday, the cryptocurrency exchange announced that it will be performing a system upgrade after which both deposits and withdrawals will be enabled. The official announcement titled “System Upgrade Notice” stated:

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”

The nature of the wording in the announcement is somewhat misleading because saying “Binance will suspend deposits and withdrawals” while they were never enabled in the first place is at the very least confusing.

After extending the initial system upgrade by two hours, Binance announced that the system upgrade was complete and users can now resume using the exchange as normal.

Moreover, the exchange will host a 50,000 BNB (roughly $1.3m at the time of writing) community give away where if you trade over 1 BTC during the promotional period (3 days) you can get a piece of the prize pool, the announcement stated:

“All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance during the promotion period will split a pool of 50,000 BNB.”

Read Full Story: Binance Resumes Normal Operations With A $1.3M Community Binance Coin (BNB) Giveaway (https://nulltx.com/binance-resumes-trading-bnb-coin-giveaway/)

With how the crypto market moved during the past week it would be no wonder if Binance had somehow profited from their current holdings during the bull run. That 40 million dollars that was stolen could easily be recovered with the bull run they have, another proof of that is them having a million dollar giveaway with their own coin. But is a giveaway really what users are looking for? I guess not because what they really want to see is them giving an assurance that a hack won't ever happen again and that their capital is safe within their platform.

the 1.3 mil $ BNB giveaway is nice , but people who had their coins on hold for the period of the grand bull run could have lost way more than that in profits
at least they dealt with the "hack" in a more or less good way , the issue has been resolved now and the deposits and withdrawals are back
but I would have been pissed if I had my assets locked for a week , with btc price going up more than 30% and no pittance of a share of 50.000 bnb coins would have solved that
I imagine we could see some legal cases opened against them by traders 

50,000 BnB to be shared among users who will trade coins worth 1 BTC or more during next week.
There maybe 200-300K users easily who will fall in this category. I don't think BnB worth $6-7 would make any difference to them when they already trading assets worth $8000+. It's totally rubbish giveaway. They could have rather picked 500-1000 users randomly and give them 50-100 BnB each. I personally won't be enthralled by $6-7 giveaway and proceed to trade coins worth 1BTC+.

This is of course good news. But 1.3 million dollars divided into such a huge number of traders means almost nothing. If I'm wrong, correct me. But millions of people trade on Binance. It turns out that everyone will be given about $ 5-20?

I doubt it. Trading was available the whole time that withdrawals were down. Any customers who were holding stablecoins or altcoins were able to convert back to bitcoins.

Altcoins gained quite a bit after deposits came back online. I suppose that's not entirely surprising.

You are probably right that is why Binance is doing the giveaway to make things more excited and users can forget the debacle Binance got into recently. From the standpoint of a marketer, this is actually a good move and I appreciate the management of Binance for that. They know what they are doing and they know how to push their platform so that despite of the hack the cryptocurrency community as a whole remains at their side all throughout. Of course, Binance can issue statement that things are better now and that no hack will ever occur again but we know that only a god can guarantee it. There is actually no safe platform against the genius of today's hackers more so that the prize can be in the millions.

Better than nothing. If a company do a $40 million giveaway then I'm not sure they're really looking for profits.

Binance is not a charity foundation, so of course, they only want to do something that benefits them while minimizing their risk. This giveaway is better than what other exchange does when they suspend withdraw and deposit for a long time and in the end traders still lose their money.

Not saying I support them blindly or whatsoever, but they did some nice trick this time. Hopefully, other major exchanges can compete with Binance so there's no further monopoly.

https://i.imgur.com/gQFLUNa.png

https://coinmarketcap.com/currencies/binance-coin

50 BNB = $1300

100 BNB = $2600

they would not give this value to each user

if they have more than 300K of users probably each user will receive  $3 in BNB and this ($3) if BNB does not fall

Well, this is just crazy, but then crypto is crazy. I didn't get onto the Binance referral craze but I know there were guys who earned tens of thousands of BNB just doing nothing but promoting it. Crazy to think how much they've all become now and then there's all these giveaways happening.

Nice PR move to cover up the hack and losses, they maybe will eventually even make much more than they lost with all this free publicity. Am actually surprised there wasn't a bigger backlash when big boss Binance even suggested a Bitcoin "rollback".

Hahah, I don't trade on Binance but if this is true then is hilarious.

So, after fleecing the customers with a 80$ fee for the trades they make they have a giveaway and send them 7$?
It's like my bank after raising my mortgage by 100 euros is giving me free banking app which is priced at 1e/month.
Besides, those are tokens printed out by Binance, they can award as many as they want.

If indeed the numbers are correct then this is really pure propaganda to cover up for the hack and their latest trouble with regulations.


It's 1.3 million not 40.

A bit offtopic but how much was the stellar giveaway at Blockchain?

I didn't say that they should give 50-100 BNB to every user. I said rather than giving $6-7 to each user, they should have given the bigger amount to 500-1000 users randomly. Users would have better liked that way. What good will 0.2-0.3 BNB do for users?



$25 in Stellar to every user who successfully completes the KYC  :D
I have also read that KYC is still pending for more than 60% users especially for the users of the countries where Blockchain doesn't provide buy/sell service. Can you smell something fishy? I do.

This just proves that the 40 million wallets they claim are pure bs numbers.
Even if we count 2 wallets per person and 1 in 5 trying to get the 25$ it still adds to an insane amount and I doubt they have the money for it.

But, now looking over the numbers Bianance claims, I guess the 300k users with trades over 1BTC is also exaggerated a bit.
If we spread the weekly volume evenly over 1 BTC it would make 1.5 million users.
Taking into account hundreds and thousands of casual traders and the fact that there are people and bot there trading not a hundred but a thousand in that gap, probably the giveaway will be spread over no more than 25-50k accounts.

I do agree with you!

The giveaway would have been more lucrative if they have said they'll randomly pick winners.
If not 500-1000, then 5000 random users still work IMO those who meet the requirement. Then each user would have got 10 BNB = $250+ each.

And if users get $6-$7 worth of BNB then it's dust and it's not worth the time & effort.

LMAO, I think Binance is feeling the greed again from the markets. They know they have to keep on promoting their exchange aggressively after that damaging hack lest they want some other upstart exchange overtaking them in trading volume.

Yeah, I feel the greed increasing too.  ;D

I've pulled out of Binance & will no longer use them - two hacks within two years is diabolical, it's no longer a trustworthy exchange.

As for this BNB shitcoin, it's just that - a shitcoin created for promotional & greed purposes only.

This is one good move for binance to make their clients stay and trust them still after the massive hacking happens to their site couple weeks ago,from this traders might consider earning this amount as payments for their losses since the company closed for week

And also this may lure another sets of costumers and investors to take advantage of this 3days event because of the rising value of binance,and growing popularity (also after the hack)

Is that how you treat a great exchange?what about MyEtherWallet who has been hacked multiple times in just a matter of Quarter year?why still standing and growing after that?binance will stay strong even without you investment,and besides that’s your loss not theirs