The first phase of withdrawal on binance is now open

[blockman]

I don't know why people still keep bitcoin in exchange when the bitcoin forum warns users not to keep their funds there and there is high possibility that people here are telling others who are not in this forum to avoid using anything call centralized exchanges because it is not your coins and not your keys. Well human being is difficult to deal with.

I only use exchange for instant p2p. Binance approval of withdrawal after the hack is even very fast compared to bitget hacked time. Bitget took almost two weeks plus to reopen the withdrawal but Binance is within the week.

That's for the convenience that they're keeping it there. No matter how many and plenty of times it's been said not to keep funds there, the only guarantee they have if the exchange is honest and will refund the funds if attacks like that happened again. But when they say that no refunds, no safu and no everything will be taken cared of, it's the end for those folks that continue to keep their assets in exchanges. For some, it might be no hassle at all because not only they're going to trade, they're also using the facilities or those features that they have. I remember the bitget hack as well, they've scheduled each asset of when they'll allow its withdrawal and when they do, a lot of outflows came. And with Binance, it's different because they say that majority of its affected users chose not to withdraw. Not sure if I'd believe that.

[Patrol69]

Since their system has been hacked like this, they may have temporarily stopped withdrawals to ensure the security of their users' funds, but it is a relief that they have resumed their operations on a small scale. Especially since they first allowed Bitcoin withdrawals. Now those who were worried about their funds have their worries removed to some extent because now they can withdraw their funds from Binance if they want. However, since this exchange has been hacked like this, they may learn from this incident and make their system more secure, and if they fulfill 100% of the promises they have made, then there will be no reluctance among users towards this exchange.

[Aliciaworld]

The amount of withdrawals and outflow from Binance is a testament to the fact that a lot of people were waiting for withdrawals. I think Binance is handling this like pros because this helps boost confidence in their promise and reinforces their place in the cryptocurrency ecosystem.

[PostQuantumBTC]

However, since this exchange has been hacked like this, they may learn from this incident and make their system more secure

Do you think that Binance owners did not try their best when taking about security? What happened was that there is no exchange that can not be hacked. If anyone think that there are exchanges that can not be hacked or Binance can not be hacked again, the person is only deceiving himself.

[5W-KILO]

Is this a Pr that you can trust exchanges ?

I'm not falling for this p honestly. The biggest crypto hack involving Exchanges never saw reimbursement fully back to the victims. Not even Ftx and Mt Gox could do it, I'm keen to see if it happens with Binance. But then,  if this is a pr then we shouldn't forget in a rush that if it is not your keys, it can never be your coins. They will try to return to a little few bit completely?! I harbour doubts truthfully.

I have two friends who lost fund on this Binance latest attack and they have gotten it back, I think that's all that matters to me as I can't say about others, do you have friends who use Binance exchange? Why not ask them if they got their money back?

You can create topic and ask members on here if they are a victim to that hack and also if they have gotten their coins and funds back, I want to believe that the reimbursement did worked because no single complains on X so far.

Unlike the older Binance exchange attack that causes people to lose their lives, although it's never a attack but something that was done on the inside, I don't believe whatever they claimed to have happened at the time.

[Just Say]

Is this a Pr that you can trust exchanges ?

I'm not falling for this p honestly. The biggest crypto hack involving Exchanges never saw reimbursement fully back to the victims. Not even Ftx and Mt Gox could do it, I'm keen to see if it happens with Binance. But then,  if this is a pr then we shouldn't forget in a rush that if it is not your keys, it can never be your coins. They will try to return to a little few bit completely?! I harbour doubts truthfully.

The hack shouldn't be enough to make a major exchange like Binance completely go out of business.

This shouldn't even be a major problem as long as users can still withdraw their coins. The only issue I can think of is that the exchange may experience heavy traffic, causing significant withdrawal delays because many people will rush to move their funds out.

The lesson here is simple, not your keys, not your coins. People should never have left their funds on a centralized exchange in the first place.

Certainly a major exchange like Binance should not be completely out of business because of this hack, as we believe that the theft of $6.36 billion is the biggest hack in crypto history, but the platform has been able to withstand this shock due to their financial strength and swift action. Even the reasons why the business of this exchange did not stop completely are: they have given full compensation to customers i.e. you should observe this exchange has managed to cover up to 90% of already affected tokens from their emergency fund or SAFU and own funds.

They even block or freeze huge amount of funds so that the hacker could not withdraw their full amount. Another important point is that they stopped withdrawal services for the safety of users but they have already started them. In this case, it should be understood that even if these exchanges are not closed, we should all keep our Bitcoin holdings in self-custody.

[PVequalNRT]

The amount of withdrawals and outflow from Binance is a testament to the fact that a lot of people were waiting for withdrawals. I think Binance is handling this like pros because this helps boost confidence in their promise and reinforces their place in the cryptocurrency ecosystem.

They are handling it like the way any company would have. They don't have any choice but to do it and regain the investors trust. As it looks now, I don't think people will trust them like they do, it will take years before people will want to keep coins with them, importantly the institutional investors.

I see some people are saying Binance will not experience high net outflow and I doubted them and I see the numbers has increased since 2 days they opened the withdrawals, there has been a massive withdrawals from the hot wallets because people are not just going to sit and watch one of the biggest crypto exchange experience a hack and it wouldn't move people. I believe some people have their entire net worth on the exchange and have never considered moving it until this happened.

[SilverCryptoBullet]

They are handling it like the way any company would have. They don't have any choice but to do it and regain the investors trust. As it looks now, I don't think people will trust them like they do, it will take years before people will want to keep coins with them, importantly the institutional investors.

I see some people are saying Binance will not experience high net outflow and I doubted them and I see the numbers has increased since 2 days they opened the withdrawals, there has been a massive withdrawals from the hot wallets because people are not just going to sit and watch one of the biggest crypto exchange experience a hack and it wouldn't move people. I believe some people have their entire net worth on the exchange and have never considered moving it until this happened.

Binance are under huge pressure of user withdrawals that are in a bank run but they have proceeded withdrawals well with massive volume for their customers. It is excellent and can be very helpful for Binance to calm down their users and reduce pressure of further massive withdrawals in coming days. I have to say there are good signals that Binance do right things and they might be able to continue that and avoid a collapse like FTX but it's still too soon to conclude anything.

Many things can change in coming days and if any Binance users have money there, it's safest to take action and withdraw money first, then observe what's happen next with Binance.

Events made you scare about custodial wallets, centralized exchanges.

[moneystery]

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Binance has said the withdrawal would be in phrase, So if you have been waiting for when binance withdrawal would resume this is a reminder that the first phase is open and the first batch is Bitcoin

Withdrawals have indeed been gradually opened by Binance, but the process doesn't seem to be like usual; it's taking longer on my end. However, considering that they only restored their services, that's still understandable.
So for people in a hurry to withdraw their assets, it seems they'll need to be a bit more patient because the queue might be longer.

[Joy_learns_crypto]

...
Binance has said the withdrawal would be in phrase, So if you have been waiting for when binance withdrawal would resume this is a reminder that the first phase is open and the first batch is Bitcoin

Withdrawals have indeed been gradually opened by Binance, but the process doesn't seem to be like usual; it's taking longer on my end. However, considering that they only restored their services, that's still understandable.
So for people in a hurry to withdraw their assets, it seems they'll need to be a bit more patient because the queue might be longer.

This is more than 24 hours since they started their withdrawal and people have been withdrawing, I don't know if you are just hearing about the withdrawal now, even this thread has a date to show that the withdrawal restoration did not just start today.
I think the withdrawal has flowed well, and there have been few complaints about the withdrawal.
I will be locking this thread now because this is now an old news.