A precaution warning for newbies and non newbies

[Crypt0Gore]

If you have some funds on Binance exchange this could be a good time to rethink and move them out, give it several months to see how the dust settles or risk losing your assets.

It is now known that Binance is responsible for the faulty internal price oracle that makes USDE, BnSOL and wBETH to all lost their internal peg, thus happened only on Binance exchange.

Multiple whales lost millions due to Binance internal system control, I have been here for many years already and I know perfectly well that something of this magnitude with a known centralised cause will never get brushed under the rug just like that.

So ladies and gentlemen remove your funds from Binance immediately. I was a victim of similar incident on BTC-e years back and It cost me 16 Ethereum, The  exchange domain got seized by the department of justice, it could happen to Binance soon.

It happened to Cryptopia, BTC-e and crypto.nz, I have not forgotten.

[Alpha Marine]

No need to spread FUD. Keeping coins in a centralised exchange is a very poor decision, but no need to cause panic among people. Binance have already returned about $283 million within 24 hours of the issue. It was a glitch on the 10th of this month, and people who suffered any loss as a result of Binance's fault have been reimbursed.

Binance has announced that it has compensated affected users with approximately $283 million following the recent October 10 market meltdown.

The company also shared that the situation had been caused by a brief technical glitch on the same day that resulted in temporary disruptions and de-pegging in some cryptocurrencies.

Look here

That being said, your funds shouldn't be a centralised exchange in the first place. Exchanges should be treated as a marketplace. Go there, trade your coins and leave. Your coins are not safer in an exchange moe than they are with you.

[ROCterm]

Its not going to happen, not now at least.

1. If binance goes down the whole market will go down.
2. The most stupid thing anyone can do is leave their coins on a centralized exchange.
3. CZ or whoever is in charge is Trump lover, for now, if I wrong why pardon CZ?
4. CZ helped WLFI shitcoin of Trump to deploy on USD1 running on BSC chain.

I am not trying to protect Trump, he has done damages to crypto than any leaders before the whole crypto thing became this big, it is obvious that this is a crime season for the trump family, if anyone out there is going to judge them it isn't going to be today or soon, sorry to say but what you wrote is not necessary.

Trump is in office.

Crime is legal, for now.

It is never going to happen while Trump is in office.

[Mrbluntzy]

Keeping of assets on centralized exchange is at the risk of the owners, what happened before that lead to the crash of those past exchange has thought many people an unforgettable lesson because millions of dollars were lost. I was not directly affected by the crash of those old exchange but as I have read about the stories, I just don't see that any exchange is so special and fit for crypto holders to keep their coins on the exchange, there is no certain guarantee that the exchanges such as binance can not face same faith if things goes out of hand. Anyone that is keeping their valuable crypto asset on exchange, should know that they are at their own risk. As long as the wallet that your coins are stored in is not in your control, it's not your coins because you don't have the private key of that wallet.

[Mpamaegbu]

Its not going to happen, not now at least.

1. If binance goes down the whole market will go down.

If you go by that logic, then it's fallacious. Remember how big FTX was. Not many of us thought it could go down that way and the crypto space survived. But it happened and the world didn't collapse with it.

Anyway, I just needed to put that out here. Though I'm not in support of the unnecessary FUD OP is supposedly raising.

Again, Binance is airdropping tokens to its users on the alphas that has to do with its 4 Meme token. I don't have the real details now and couldn't be bothered with that but you can read up the article here: https://www.binance.com/en/square/post/30994116524994

[Way of a writer]

No need to spread FUD. Keeping coins in a centralised exchange is a very poor decision, but no need to cause panic among people. Binance have already returned about $283 million within 24 hours of the issue. It was a glitch on the 10th of this month, and people who suffered any loss as a result of Binance's fault have been reimbursed.

Binance has announced that it has compensated affected users with approximately $283 million following the recent October 10 market meltdown.

The company also shared that the situation had been caused by a brief technical glitch on the same day that resulted in temporary disruptions and de-pegging in some cryptocurrencies.

Look here

That being said, your funds shouldn't be a centralised exchange in the first place. Exchanges should be treated as a marketplace. Go there, trade your coins and leave. Your coins are not safer in an exchange moe than they are with you.

Reimbursed what actually? A China man lost over a million dollars and the reimburse he got is under $2000, he has 40+ followers on X and he is screaming at Binance as scam exchange. I could remember when CZ exposed FTX, it doesn't take too long before he was found guilty too, he did something very well though, he choose to expose FTX after the bull market, let's wait till the coming bear market, it is going to be full of drama.

I don't believe this is FUD, Binance have so many questions to answer, Billions of dollars was wiped out and millions are been reimbursed, it seems many people don't understand figures? They felt pity for a reason, aren't you curious? You think that so called glitch is truly a glitch?  We both know that they won't do this rubbish if the democrats are in position, only trump in power can over look this.

[tabas]

So ladies and gentlemen remove your funds from Binance immediately.

Not only there but for every centralized exchanges that they're keeping their cryptos. It's best if they don't have plans of trading their assets, hold it to a wallet that they're holding the keys.

I was a victim of similar incident on BTC-e years back and It cost me 16 Ethereum, The  exchange domain got seized by the department of justice, it could happen to Binance soon.

Man, that's a lot of Ethereum there but I wonder how much was the price back then when it happened to you. It's a costly mistake and I hope that with your experience, others are going to take heed with your advice of pulling their funds out of these exchanges.

[Bitcoin_Arena]

Its not going to happen, not now at least.

1. If binance goes down the whole market will go down.

No exchange is too big not to go down. Last time around we had even very big banks collapse under the watchful eyes of regulators, then how about just Binance?

Yes the market maybe affected for a few days, but it will surely come back up like nothing happened before (read FTX saga)


This all goes to the basic trading rules. Always trade what you can afford to lose.

[Ruttoshi]

Its not going to happen, not now at least.

1. If binance goes down the whole market will go down.

How is that possible, nothing much will happen to the market because Binance isn't the only exchange in the world with customers funds. However, we might experience a temporary dip at that moment. I believe that people have begin to understand that if an exchange crashes doesn't mean that bitcoin have crashed unlike before.

FTX crashed in November 2022, bitcoin price dipped to $16k+ but look at bitcoin current price. If Binance crash, those that have funds in Binance and Binance exchange will be the ones to suffer it and no one else. This is why you should only keep the funds that you can afford to lose in an exchange and keep the rest in your noncustodial wallet.

[DYING_S0UL]

I do have some funds in there, but not as much as you did, like 16 Ethereum, man that's just too much! I mean who keeps that many in a centralised exchange in the first place anyway ? If I had something like that I certainly wouldn't. Having that much in a CEX is like having a time bomb, anything can happen any moment.

Remembering the old motto, 'Not your keys, not your coins".

[Jegileman]

So ladies and gentlemen remove your funds from Binance immediately. I was a victim of similar incident on BTC-e years back and It cost me 16 Ethereum, The  exchange domain got seized by the department of justice, it could happen to Binance soon.

Sorry for what happened in the past but it’s going ti be a big lesson that won’t make one falter again making same mistake in the future. Your Ethereum must be worth much now if you’ve had them till now. Centralized exchange are not a good place to keep money, so take your funds out immediately and thanks for remembering newbies and everyone here about the need ti stay off them when it comes to saving of our funds.

Trump is in office.

Crime is legal, for now.

It is never going to happen while Trump is in office.

Don’t be too sure of your statement even after saying that CEX are not advised to keep funds in. Who is Trump and how do you think he’s affiliated to the Binance owner or has anything to do with the CEX to keep existing as far as Trump is in office? It is never advised to keep funds in a CEX no matter how strong and good reputation they have. Binance going down will affect the market but won’t mean the whole market will go down or the effect will last for a while. Better to be on a safer side to keep funds off centralized exchanges.

[Alpha Marine]

I don't believe this is FUD, Binance have so many questions to answer, Billions of dollars was wiped out and millions are been reimbursed, it seems many people don't understand figures? They felt pity for a reason, aren't you curious? You think that so called glitch is truly a glitch?  We both know that they won't do this rubbish if the democrats are in position, only trump in power can over look this.

All the more reason why people shouldn't keep their coins on an exchange. No matter how big or secure that exchange may seem. Keeping your coins with a third party takes control out of your hands. They may tell you about how you have control and all, but in reality, you don't have any control over the coins. I use exchanges, but I only use them for trading; no point leaving your coins there.

Be it a glitch or other malicious business from Binance, the point remains the same: Centralised exchange is not the best place for your coins.

All exchanges, KYC and no-KYC, should be treated as public toilets. Get in, do your business, and get out. Do not linger inside.

This saying is what best describes how exchanges should be treated. No matter how big they are.