Binance has been hacked

[Cryptoprincess101]

I didn’t see many of the users changing their wallet address on the campaign thread, I think most of them don’t really keep money there after receiving payment. They sell them off or move them to a personal wallet. Also, binance is one of the exchanges that their users trust so much, they believe their funds are safe and can continue using them despite the recent hack that lead to this short term withdrawal suspension.

It could be that a lot of persons now use self-custody wallets for their campaign payments because I know the kind of panic it would have created if there were many people that use Binance address for their weekly campaign payments. Binance is a big exchange no doubt but it doesn't mean that people will trust them so much after this unfortunate incidence that just happened. Binance seems to have opened their withdrawal so even if anyone who uses Binance exchange address to receive payments wanted to change their address, they might take a step backward now. No matter how much you have used and trusted an exchange, it doesn't mean that you should lesve your coins in there.

[Yeesha]

Am shocked seeing this, because they have built a reputation over the years and a lot of us still use them including myself.

This is not the first time binance has been hacked, they have been breached at least twice before now. Yes they are a very big exchange, and that makes them a serious target for hackers and they got them this time. Binance are a major player in the industry, so i expect them to recover from this pretty quickly.

Polymarket was also hacked a couple of hours ago. It is one hack after another, and who knows what platform would be next.

Hope they recover quickly, I wonder how many people must have been affected by the situation. Bitcoin is one of the great cryptocurrencies exchange and people place their trust in it. Only God knows for how long the hackers have been targeting it and finally succeeded this time. Since binance is one of the greatest exchanges the hackers will be looking for opportunities to take their chances. The thing is that no one can detect what is going to happen in the future but it is well, because this is another opportunity for others to learn their lesson.

[Karl_3000]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

What kind of post is this. How do you know that the people that are posting that people should use self-custody wallet for holding are using exchanges for holding? If you have not evidence, do not think everyone is like you.

Having your bitcoin on exchanges is not good, the exchange can freeze your account or freeze your coin, disable withdrawal and inconvenience can come up during hack like this. What if you have $500 on Binance and you were about to make an urgent payment of $300 but it was the time the exchange was hacked and you were unable to withdraw?

[New Judgement]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

There is everything wrong in storing your coins in a centralized exchange. If you don’t see what is wrong in it, I can point it out for you freely. The most obvious is that you can lose your coins at any moment. Or get restricted access to your assets. It will be so bad that you can’t access it when you need it. Don’t follow those that are making the mistake of keeping the assets in exchange. What do you think would have been the condition of those that lost their assets in Binance exchange, if the exchange didn’t refund them their money? Mind you not all exchanges do refund in hack related cases. Exchange hacks are more common compared to noncustodial wallet hacks. I prefer going with the one that rarely happens.

[Emjay24]

Large portion of your coin can be stored in the wallet

Not just a wallet, but an open-source noncustodial wallet. The self-custody wallet that was hacked is ColdCard which was closed source by the way, so no one could independently verify it's security and issue warnings. Electrum is open-source and some of the bugs are reported by independent researchers and the team releases a security update on it.

Now withdrawal are open  for some networks and they are working on other ones too.

Binance handled the situation well, but it is not an excuse to store much funds in an exchange. Funds you should keep in an exchange are those you can afford to loose.

[Sunshine1525]

(Snip)

There is a level your company would attain and certain things that may happen may appear to be unbelievable to you at the first notice. It should interest you to know that from records, Binance is one of top exchanges that spends huge funds in just ensuring a topnotch security of their company, so it's possible that when CZ might have felt unbelievable and shock to conclude it immediately that the company system has being hacked and funds moved.

People who store or hold their coins in CEx are just weird people to me, because how can you not finds many reasons to self custody your coins, especially as it costs no cent in doing that. I think these are people thatin reality are scared of responsibility and they take similar habits into cryptocurrency.

Yeah you're making sense, I later discovered that the hackers penetrated their system through a compromised system of one of their devs and had access to service container that enabled unauthorized withdrawals you could see how a little mistake cause md the company so much after spending lots for security, he might probably fire that particular dev.

Let me reply your second statement in pidgin. Our people say "first time foolishness no be big fool na the second foolishness na em make the person real mumu" so anybody we go still get mind store em Bitcoin for exchange especially if na long term holder, that person na the real mumu.

[Agbamoni]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

There is everything wrong in storing your coins in a centralized exchange. If you don’t see what is wrong in it, I can point it out for you freely. The most obvious is that you can lose your coins at any moment. Or get restricted access to your assets. It will be so bad that you can’t access it when you need it. Don’t follow those that are making the mistake of keeping the assets in exchange. What do you think would have been the condition of those that lost their assets in Binance exchange, if the exchange didn’t refund them their money? Mind you not all exchanges do refund in hack related cases. Exchange hacks are more common compared to noncustodial wallet hacks. I prefer going with the one that rarely happens.

Both of you are not wrong and not wrong at the same time. The Binance halt after the hack showed me that 60% of people in our local board, maybe in Nigeria, have their coins stored in centralized exchanges, especially Binance. When the cold card wallet was hacked, Nigerians didn't react this way. People were more frightened by the Binance hack.

So, we frown on CEX, but we use it the most, and that is what Xackie is trying to explain. But you are not wrong because CEX is the worst place to have your coin kept. However, people who practise non-custodial wallets are those holding long-term coins.

[Ashawowo(OS)]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

What kind of post is this. How do you know that the people that are posting that people should use self-custody wallet for holding are using exchanges for holding? If you have not evidence, do not think everyone is like you.

This should tell you that people don't see things as it but as they themselves are, If he prioritizes keeping coins in an exchange, I don't, all my bitcoin are in non-custodial wallets even down to every bitcoin I have earned from this forum. People don't realize that self-custody is the best and they don't own any coin they keep in an exchange.

Anyways Binance is back and withdrawals accross many networks and assets shown below

https://www.binance.com/en/square/post/11-01-2026-binance-news-update-binance-reopens-withdrawals-for-btc-eth-usdt-and-more-across-15-networks-meeting-its-sunday-target-383529401136033

[Decimetre]

As we are enjoying the resumption of withdrawal on binance, we should also be careful not to fall for the following scam which I will say is a cheap scam.

This was acknowledged to be a scam in a recent post by CZ on X https://x.com/cz_binance/status/2117034367763787926

Scammers use the same pattern, every opportunity they see, they want to scam people. Guide your wallets very well. No talk say you no know.

[Sticky Bomb]

As we are enjoying the resumption of withdrawal on binance, we should also be careful not to fall for the following scam which I will say is a cheap scam.

This was acknowledged to be a scam in a recent post by CZ on X https://x.com/cz_binance/status/2117034367763787926

Scammers use the same pattern, every opportunity they see, they want to scam people. Guide your wallets very well. No talk say you no know.

I was expecting this actually. Scammers are opportunists, they always seize any and every opportunity to steal. I knew they would take a chance at defrauding people.
To be precise, anyone who believes that the compensation stuff is real is very ignorant, Those who had funds there should be happy Binance gave them another opportunity to get their funds out and go for open source self-custody wallets.

[EarnOnVictor]

Thanks for the heads up!

I hate reading crypto vulnerabilities these days, as they are too much and it's becoming annoying. More than $6B crypto worth has been reportedly affected. However, Binance is a big exchange, so this will pass. They indicated they would restore withdrawal within 48 hours. Let's see if they would be true to their words.

Definitely this will pass ,they have built a good reputation over the years

Yeah, they are trying, and indeed, they lived to their words again. I was able to move my money out twice yesterday. Kudos!

but as it stand now ,all this exchange are not to be trusted again , especially for those who love saving there

Blame exchanges less, but blame the hackers more; they are doing their best. I am sure that Binance would be spending millions of dollars on security every year, which is why the attackers didn't bother to attack them directly, but finding a smarter ways; I mean the simple/weak ways that's difficult to suspect. Everything was fine with their system until they discovered a compromise. That's a cryptic attack!

[Proty]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

What kind of post is this. How do you know that the people that are posting that people should use self-custody wallet for holding are using exchanges for holding? If you have not evidence, do not think everyone is like you.

Having your bitcoin on exchanges is not good, the exchange can freeze your account or freeze your coin, disable withdrawal and inconvenience can come up during hack like this. What if you have $500 on Binance and you were about to make an urgent payment of $300 but it was the time the exchange was hacked and you were unable to withdraw?

It is mostly those who have not had an ugly experience while using a centralised exchange that won't see the disadvantages or why it is not good to store bitcoin in an exchange. There are people that may consider storing their coin temporarily in an exchange before moving it to a non custodial wallet in other to avoid paying more charges because of withdrawing at different intervals. It may also be that they are into trading and not long term holders.
Yes, using an exchange to store your bitcoin can make you to lose control of your coins, especially what happened with binance where withdrawal was suspended for some days and many investors were not able to access their funds making them to be inconvenience.

[GiftedMAN]

I don't see any thing wrong in storing your coins in exchanges. You guys are just making sound like it's a bad thing to do whereas alot of you that are saying such things still keep their coins in Exchanges.

What kind of post is this. How do you know that the people that are posting that people should use self-custody wallet for holding are using exchanges for holding? If you have not evidence, do not think everyone is like you.

You don't argue with someone when you know that he is sounding so dumb. Imagine him trying to defend people who keep funds in exchange knowing that they do not have control of their funds. I will prefer to ignore such comments and leave those who make the comments in my ignore list cause they have nothing good to contribute that I will like to learn.

A wise investor will never hold their coins in an exchange cause when you don't have full control of your funds, you are already putting all you have in danger because the moment the exchange mo longer exist you will lose everything you had suffered to invest. Self custody is the best.