decisions of traders and investors

[kamBlanV]

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?

[traderethereum]

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.

[rysea2]

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.

[ahmadinejad93]

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.

[xvids]

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.

[stfN2128]

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.

[mk4]

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.

[talkbitcoin]

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.

[yoseph]

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?

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.

[YuginKadoya]

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.

[Pursuer]

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.

[feryjhie]

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

[Beerwizzard]

1. Will they stay at Binance?
2. Will they go to another exchange?
3. if they leave Binance, what exchange will they choose?

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.

[beliomir]

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.

[BitBustah]

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.

[sunsilk]

1. Will they stay at Binance?

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.

2. Will they go to another exchange?
3. if they leave Binance, what exchange will they choose?

Yes, I think it'll be Kucoin?

[Fredomago]

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.

[n0ne]

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.

[bering]

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

[Padawan007]

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