The suspension of withdrawal should change the mindset and not the hacked

[Bryan jessy]

Mine was Binance and I panicked during the hack but luckily I got back my assets after it was fully recovered, the withdrawal suspension was due to the fact that the system was hacked so they needed to stop every activity in there to be able to tackle the hack and fix the system, my thought because the suspension has been lifted after the hacking has been tackle and everything resolved, after this incident I became scared of this wallets and now I am considering self custody wallet. Binance was able to recover users assets after their hack that was not easy, imagine they were not able to and who knows what will happen next.

[casey15]

I think one thing that is really commendable about Centralized exchnages Is the fact that they are ready to take responsibility. The keys are with them and so it is automatically their duty for them to be kept safe. With decentralized exchnages, losses are majorly handled by the users themselves because it's self custody and you are responsible for your assets... But a centralize exchnage will always look for ways to compensate their uses ... If individual people are really focused and take as much responsibility for their actions, centralized exchanges would have alrwady start becoming things of the past

[Hewlet]

How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

In times when the forum also experience some vulnerability, we all saw that users were not giving access to it till all issues where result and then we all are back to the forum. that tells us that what matters most is the reason for the suspension of withdrawals. because the goal is to protect users funds, it becomes a necessary step to be taken and for that reason,  it should build a sense of trust for users.

When binance deactivated the naira from her exchange, it almost looked like all Nigeria will cease using it but because it is still a good exchange, a lot of people are still using it till now. with the little asset i had in binance, after the hack, i just checked to be sure my funds is okay and while withdrawal was suspended, it did not borther me too much because i knew was the patches are fixed, everything will go back to normal.

[MisFoxie]

Just this year, we have experienced a major hack from two well-known exchanges. First, it was Bitget, and some days ago, Binance. When this incident occurred at these exchanges, users were given the assurance not to worry about their assets; they are safe with them, and any loss due to the hack will be replaced. I know people who use these exchanges, and their assets were safe; I haven't heard of any losses from anyone in these two different incidents. Since these exchanges were able to protect the assets of users, which I don't know if this is completely true, my concern was the suspension of withdrawals and P2P.

Among all the big exchanges now only the Coinbase exchange is left. Who knows when hackers will attack them too. I think Coinbase will be cautious because of all the previous hacking activities and make their security system even stronger. Regular users were not affected that much because of Binance hack but its reputation has definitely been damaged. As far as I know they have stopped withdrawals but have not stopped P2P.

[Chilwell]

Among all the big exchanges now only the Coinbase exchange is left. Who knows when hackers will attack them too. I think Coinbase will be cautious because of all the previous hacking activities and make their security system even stronger. Regular users were not affected that much because of Binance hack but its reputation has definitely been damaged. As far as I know they have stopped withdrawals but have not stopped P2P.

I think you are not following, the withdrawal suspension has been lifted it was done gradually I don't know maybe there are other coins that have not been lifted, but the first that was lifted is BTC then follow by usdt and other related coins. Binance have had in their record and this will make a lot of people to take caution because before now a lot of people believe that they are the best because this haven't happened to them before, many people will lose confidence in them just because of what happened recently.

Coinbase exchange might have learned from all the exchanges that have been hacked, I believe there will take this as a lesson to improve their security system to avoid all these kind of issues, I don't know but they may be after them not even from now, but I am confidence that they are building their security stronger and if they are able to do that I think it will be very difficult for them to get him.

[Antotena]

Just this year, we have experienced a major hack from two well-known exchanges. First, it was Bitget, and some days ago, Binance. When this incident occurred at these exchanges, users were given the assurance not to worry about their assets; they are safe with them, and any loss due to the hack will be replaced. I know people who use these exchanges, and their assets were safe; I haven't heard of any losses from anyone in these two different incidents. Since these exchanges were able to protect the assets of users, which I don't know if this is completely true, my concern was the suspension of withdrawals and P2P.


How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

My people, I believe a word is enough for the wise. The exchanges are not place to keep your coins, this is why you must use your wallet which you control and not another person telling you how to use your coins and when to access them. However, I think there are people that can't avoid using centralized exchange as their place because of you are a p2p trader and a merchant, you have to keep your coins there to be able to buy and sell coins for people to get Naira in your bank account.

I don't know how the exchanges protect users when it comes to p2p suspension and withdrawals. Whatever you see, that's the challenge of that comes with using centralized exchange as a place to keep coins. Thank God the recent ones didn't affect anyone, lesson should be learn though. Withdraw your coins to your own wallet, don't withdraw from one exchange and keep it on another centralized exchange.

[Abu-Naim]

Just this year, we have experienced a major hack from two well-known exchanges. First, it was Bitget, and some days ago, Binance. When this incident occurred at these exchanges, users were given the assurance not to worry about their assets; they are safe with them, and any loss due to the hack will be replaced. I know people who use these exchanges, and their assets were safe; I haven't heard of any losses from anyone in these two different incidents. Since these exchanges were able to protect the assets of users, which I don't know if this is completely true, my concern was the suspension of withdrawals and P2P.


How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

The suspension of having access to your own assets is something very serious, it keep proving to us that centralization is not what we should embrace, if we want to have the full financial freedom crypto promised us, then we should hold our coins in our non-custodial wallets, and we should only use exchanges when we need them simply to swap our coins to fiat as we use p2p, then if we want to buy and send to our non-custodial wallets.
Although, we can use DEX to also buy and send to our non-custodial wallets, so we can just use the p2p to convert to fiat when the need comes and that should be the only reason we use centralized exchanges because they are controlling our money for us.

[Btcdeybodi]

How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

Was there a time that centralized exchanges were reliable? Several exchanges has suffered hacks in the past so none of them is reliable. Own your keys and sleep with your two eyes closed.

Binancee will make sure no customers lose their money just to stay at the top of the food chain so don't expect them to get any bad PR from this hack.

Yeah, Binance won't get a bad PR but they are likely to lose some of their users just like every other exchange that got hacked and later restored their services. Binance is big, we know but for the fact that hackers still got access raises serious concern about their security level. No customers lost their money but if you check Binance database you will see that a lot of funds has been withdrawn out of the exchange after they opened withdrawal.

[DubemIfedigbo001]

Bit we don't have to be this delusional because we're informed and should've understood by now that if it isn't your keys then you aren't in charge so Non custodial wallet should always be where we store our assets not exchange.

People know about this but most are running away from the responsibility of safeguarding their keys themselves, exchange should be where you keep only what you can afford to loose.

Binancee will make sure no customers lose their money just to stay at the top of the food chain so don't expect them to get any bad PR from this hack.

CZ is very good at giving people confidence that their funds are safe with them and he's very fast to resume operations after a hack. We can see that from Trust wallet extension incident from last year, users were reinbursed, Predict.fun and now Binance resuming withdrawal in just 2 days after the hack. They really made a good PR with how they handled the whole situation both with prompt communication and restoration of services. Although the tension was observed as over $4billion outflows from Binance was noticed in just 2 days of reopening withdrawals.

People might think Binance lost from the outflows, but they still made good money from the fees, so it is a win win situation for them.

[Felicity_Tide]

~snip

How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

Well, I guess it happened for real... A few people might have learnt a thing, but I'm pretty sure there are far decent number of users who didn't give a damn about whatever happened. They probably had issues with temporary withdrawal and P2P, but I guess they are cool with whatever happened as long as they can still access their money. A lot of people don't really take action even after seeing signs or warnings, so it's difficult to conclude that people had a changed mindset. I think if they had actually lost their money, and assuming Binance didn't have enough reserves to reimburse them, then they would undoubtedly have a change of mindset because some people only react to things that affects them directly.

[MainIbem]

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How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

Unfortunately not everyone is convinced that saving with exchanges is risky or unreliable, maybe it might take then losing their funds before they'll be fully convinced. Just today I've seen someone in our board talk about having lots of funds in Binance before the hack, well i won't conclude on that person cause he might be a trader but the one that got me suprised is when someone said "people are acting like saving with exchanges is a bad thing" oh my gosh!. Buy i believe many people who value their asset would now understand why self custody is very important.

[Miles2006]

Several times we have had discussions on same matter about exchange, I think those who got their money locked up will be in a better position to answer the question. Experience is the best teacher, practical learning goes a long way. An exchange is not a safe space to store crypto, the name exchange states the purpose without an explanation, honestly after a scam attack I still view the exchange same way as before if only they handled the situation better, well maybe I don’t store my money on an exchange so nothing to worry about.

[CryptopreneurBrainboss]

Even though there I've been speculations about the recent hack on Binance exchange that's some users are taking a media coins from them to other wallets, but I earlier said it already that this wouldn't place any significant effect on the exchange because the already have the reputation and fame that could sustain them all through the period.

Binancee obviously learnt from the hacks that happened to other exchanges and theirs too as I see they have insurance and that's how they're always able to cover up with funds without going down. I can't remember how many times they have been hacked but for sure this wasn't their first and all times they don't get bankrupt. If this was to be others, we know want the stories would've been right now. Bianca has grown too big to fail at this point and unless they're being targeted by the government themselves then we should be ready to see them become more popular as the day goes by. Binancee aren't losing any trust or customers, only God knows the companies/projects they own fully or partially have stakes in so if it's money, they got that surplus but that doesn't mean we should give them control by storing our crypto on their exchange.

[Doan9269]

people should not make the mistake of thinking the platform is invincible and can survive any hack, that's just not true, if the situation was much worse than this, then their creditors might have had problems getting their money back.

Honestly I must applaudd the binance exchange for maintaining their stand against this intended attack to bring them down completely, I really see an exchange that can be affected in this manner and still remain operational, this shows that they are not really being hit to that extent that could make them bankrupt or completely lose on their security system for the hackers to take over the entire platform operation, this shows that they should also be up to task and be more sensitive to more of insider probability in leaking their private information to hackers.

[Coyster]

Honestly I must applaudd the binance exchange for maintaining their stand against this intended attack to bring them down completely, I really see an exchange that can be affected in this manner and still remain operational

Lol, what are you on about bro. The fact is that they were breached, and the only reason they'll survive this is because they are the largest crypto exchange in the world and also because a large part of the money was recovered. I don't know what you mean when you say they stood against this attack, when they were actually attacked and money was stolen.

You should be concerned about how their employees were tricked that easily to download malware that led to this breach, rather than "applauding" them.

[Cryptomultiplier]

Even though there I've been speculations about the recent hack on Binance exchange that's some users are taking a media coins from them to other wallets, but I earlier said it already that this wouldn't place any significant effect on the exchange because the already have the reputation and fame that could sustain them all through the period.

Binancee obviously learnt from the hacks that happened to other exchanges and theirs too as I see they have insurance and that's how they're always able to cover up with funds without going down. I can't remember how many times they have been hacked but for sure this wasn't their first and all times they don't get bankrupt. If this was to be others, we know want the stories would've been right now. Bianca has grown too big to fail at this point and unless they're being targeted by the government themselves then we should be ready to see them become more popular as the day goes by. Binancee aren't losing any trust or customers, only God knows the companies/projects they own fully or partially have stakes in so if it's money, they got that surplus but that doesn't mean we should give them control by storing our crypto on their exchange.

At the first instance of receiving the news of the hack on Binance I rushed to change my receiving address for payments from them to a custody wallet because I didn't know the extent to which they were hacked, I only bothered about my funds and future funds.
So far though it seems they quickly got around the issue and are back in service because I have been getting a lot of messages and even just now I got a message from them with the promise to offer free vouchers to their customers.

It's good Binance is a good and big exchange but the fear of hacks is the beginning of wisdom for those who still rely on exchanges majorly. So this is a story I can never forget but it gets harder trying to trust another exchange even though they exist for convenience and ease.

[CryptSafe]

You have made a good point here. I want to comment on the point of suspension of withdrawal as that alone is enough to semd signal to those who keep their assets with third party exchange that those assets are not theirs as long as they are jot in possession of the keys to the wallet on their dashboard.
This is enough lesson to learn from that the " not your keys, not your coin" slogan means alot to the Crypto community and it serves as a reminder to those who still keep their assets with exchange when their do not have direct access to they private key's yibthe exchange wallet in their account.
This alone is a strong message to the Crypto community that self custody is the best way to keep your assets safe. Even the exchange can not guarantee you a 100% safety to your assets so be warned and be careful.

[Jasmyne]

Bit we don't have to be this delusional because we're informed and should've understood by now that if it isn't your keys then you aren't in charge so Non custodial wallet should always be where we store our assets not exchange. Binancee will make sure no customers lose their money just to stay at the top of the food chain so don't expect them to get any bad PR from this hack.

You will be shocked to still see people leaving their assets in an exchange after this terrible incident, before now the information that investors should not leave their assets in an exchange has gone round and a good investor ought to have known the best thing to do which is to have his or her funds in a Non custodial wallet but because they do not practice what is best for them you will always come across millions of investors who prefer to keep their assets in an exchange because to them the exchange will take care of any loss when it happens just like what Binance has done to all their customers. Binance so far will gain more customers for the fact that they were able to respond and resolve the withdrawals from pending and customers were allowed to continue their transactions on the exchange it will give more investors to continue leaving funds there when they know that they aren't in total control of it.

[SDS11]

Just this year, we have experienced a major hack from two well-known exchanges. First, it was Bitget, and some days ago, Binance. When this incident occurred at these exchanges, users were given the assurance not to worry about their assets; they are safe with them, and any loss due to the hack will be replaced. I know people who use these exchanges, and their assets were safe; I haven't heard of any losses from anyone in these two different incidents. Since these exchanges were able to protect the assets of users, which I don't know if this is completely true, my concern was the suspension of withdrawals and P2P.


How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

Honestly, we have to give it to Bitget and Binance, they handled the situation well in terms of assuring users and protecting assets. I also have people who use both exchanges and none of them complained of losing money, so kudos to them for that.But my major concern, just like you said, is the suspension of withdrawals and P2P. That's where it really hit users. Imagine you have funds there and you urgently need it for something important, but you can't withdraw or even do P2P for days. The assurance that your secure assets funds is safe is good, but funds you cannot access when you need it feels like you don't have it.

And to answer your question, yes, it has definitely changed people's mindset. Many people are now seeing reasons why you shouldn't leave all your assets on a centralized exchange, no matter how big and trusted they are. Today it is suspension, what if tomorrow it's something worse?This whole incident is a reminder of the old saying - not your keys, not your coins. The best practice now is to keep on exchanges only what you want to trade with, and move the rest to a self-custody wallet.

[Odusko]

Just this year, we have experienced a major hack from two well-known exchanges. First, it was Bitget, and some days ago, Binance. When this incident occurred at these exchanges, users were given the assurance not to worry about their assets; they are safe with them, and any loss due to the hack will be replaced. I know people who use these exchanges, and their assets were safe; I haven't heard of any losses from anyone in these two different incidents. Since these exchanges were able to protect the assets of users, which I don't know if this is completely true, my concern was the suspension of withdrawals and P2P.


How did users feel about it? Has it changed people's mindset to see exchanges as unreliable places to keep assets?

They will feel more secured about it, any exchange that is witnessing rapid withdrawals and in large amounts, is a risk to it user's, and once exchange notice any hack attacks on their hit wallet the first thing to do is to stop money movement and if their trading system tempard to generate unrealistic profits for a particular user's, then trade is also important to be stop until everything is identified and dealt with, so when exchange lose millions from the hit wallet, it is the users money that are stolen and when exchange says your funds are Safe they are refering to their own insurance cover, like how Binance refilled it hot wallet afte it was drained.