Is Binance Hacked ?

[blockman]

I reckon the whole Binance episode is pretty much over now. They covered the damage and compensated users in a fairly short time, which shows what they are really made of. That is proof, and reason enough for users to stay. It's not like Binance still has to restore anyone's confidence.

FUD can trigger short term outflows, but liquidity, and the trading experience and trust are what keep users around for the long haul.

I wouldn't be surprised they continue to dominate market.

Not fud triggered the outflows but the situation that they've been in, they've been hacked and that's normal to see outflows as people who's got no more confidence in them withdraws. Although if the inflows or those funds that have never been moved due to how they've handled it are still there, not everyone is satisfied with it. They might have handled well the hack and covered all of the funds that were stolen, but it's not the majority who think that they're still trustworthy for safekeeping their funds. While the enthusiasm is still with them as a good exchange for everyone but, that's no fud if the outflows are speaking for its volume too. I think that it will also neutralize soon now that this coverage is almost done or is it already done.

[Abiky]

Then what's your advice for the folks who lost everything keeping their coin on coldcard or ledger?

As for people using bybit, bitget and binance . They may have had their share of scares, but at least they still have an exchange they can turn to for support and compensation if something goes wrong .

Don't get me wrong , I'm not saying everyone should go use CEX. Im just saying we should be fair here, since every option carries risk. There is no such thing as 100% safe in this space .

Store your BTC in a cold storage wallet. A wallet that's generated 100% offline in an airgapped PC, using proven wallet software (such as Electrum). If you're keen on spending BTC on a regular basis, then choose a hardware wallet that's fully open source. A wallet that's been tried-and-tested like Trezor.

Of course, there's nothing 100% safe in this world. We should always remain vigilant of the latest threats in cyberspace. Follow thorough OPEC, and you'll have nothing to worry about. Fortunately for Binance, customer funds were recovered with the "SAFU" fund. It could've been worse, right? Let this hack be a lesson for Binance to further strengthen its security. Maybe it will turn into a full-fledged DEX running on top of Binance Chain (powered by BNB)? That would be great.

[TastyChillySauce00]

Absolutely, the biggest or hardest task for Binance now is to restore user confidence and prevent a bank run and in the current market situation, its impact has been neutralized to a large extent. However, the threat of selling SPCX and stopping Elon Musk are the most talked about topics, which I don't think have any relation to reality. Another important update is that Binance has reported that about 98% of the affected assets have been replenished. Now let's see how this affects ordinary investors.

I reckon the whole Binance episode is pretty much over now. They covered the damage and compensated users in a fairly short time, which shows what they are really made of. That is proof, and reason enough for users to stay. It's not like Binance still has to restore anyone's confidence.

FUD can trigger short term outflows, but liquidity, and the trading experience and trust are what keep users around for the long haul.

I wouldn't be surprised they continue to dominate market.

Pretty much and after the withdrawal open everything goes back to normal. Right after the 48h wait when withdrawal open, I withdrawn my crypto and it only need around 5 minutes to arrive, probably shorter now. An exchange with billions of revenue don't go down easily if they managed their AUM properly and considering the fact that their current year revenue is already enough to make the users whole is an assurance.

I just checked their SAFU fund address with 7500 BTC in it and it's left untouched, maybe they make up for the losses purely from their revenue.