BINANCE - BIGGEST HACK EVER, $6.3 BILLION WORTH OF ASSETS STOLEN [UPDATED]

[EL MOHA]

I do not think this would happen. I'm sure Binance will be anticipating a massive withdrawal request when withdrawals resume and should be prepared for it. So I do not expect their system to crash. Rather, I would expect the withdrawal process to be a bit slower than what it used to be because of the massive withdrawals request.

That’s why the withdrawal is in batches and also has a time frame which will help the exchange to process the transactions smoothly, there are few chains or network that they have enabled withdraw for and I read others will follow which is a good step if you ask me.

I do not think this will cause any major network congestion on most of the networks most importantly bitcoin since withdraw from the exchange will be actually batched plus it’s not like everyone on crypto space are having their funds on the exchange. I also think not so many of people will even withdraw their funds away from the exchange at the moment they would most likely still leave their funds there something I am seriously warning against.

Take money to self custody and stop been deceived by SAFU

[stompix]

People will get compensated if there are enough to trust CZ with this and lend him the money in deposits; if not...funds are GOONIES!

As things stand, that's not at all questionable - even in this thread I read defenses and justifications for what happened. Those who think it is normal to store so much value in a hot wallet and clearly have no protective mechanisms are living in a great delusion that they are SAFU.

I had a discussion with someone, a 7-year-old account, who was sure that you can store seed phrases online in your "secured" account and that storing coins on exchnges is safer than storing coins in your own wallet.
So, yeah, this world and Binance will never run out of fools funding their operations.

For anyone wanting to track outflows from Binance in the next few days there's a good resource: https://defillama.com/cexs
!
$1.263 billion worth of funds have already left Binance in the last few hours.

Those are misleading metrics.
They only track addresses they know of, so if Binance moves 100 BTC to a new cold wallet of their till they label that one as thei wallet it will be seen as outflow.
Also, Binance has stopped using their hot wallet bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h and is funding two new addresses, probably for withdrawals, none are labeled yet, not even by Arkham.