[Binance] Address expiration? | Bitcointalksearch.org

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Quote from: sheenshane on April 17, 2023, 06:36:20 PM

By the way, OP thank you for the heads up but it seems I didn't use these altcoins mentioned in the announcement and it might be the reason I didn't receive an email.

You never deposited any Ether in to your Binance Account?

The type of address is actually one. All the coins mentioned have a similar format of addresses as Ethereum's, so deposits from the different networks listed in the email were using the same address on one's Binance account.

About 10 hours ago, I received another email stating that they are retiring the TRX addresses too. So Members please take note when sending those TRC20 tokens

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Quote from: Oshosondy on April 16, 2023, 01:38:01 PM

Quote from: Hispo on April 16, 2023, 11:34:02 AM

The message (in Spanish) suggests that those funds sent to the old address won't be credited automatically, so maybe there is a chance to recover any money sent accidentally to the old address if we contact customer support.

According to the email that I saw today from Binance:

Which means that you can go to history to manually do it and it would appear on your Binance account, but it is said that the manual credity can be removed at any time. Anyone that also contact the Binance customer care would be told to do it manually for now.

I have seen this message from binance and as such so many persons. No matter how safe you think it is and how manually it can be done, you would still be surprised that people will fall for some scams that comes with this format.
People will tend to replicate this type of message for other platforms and also on binace to defraud people. You know how sensitive it is because it's dealing with change of deposit address due to expiration.
Although it is the responsibility of everyone to be smart online and take care of their funds.

NotATether

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People should not be directly funneling money that people send to them directly to an exchange account. It's better to hold it in a non-custodial wallet first so that you can manually verify the deposit address your exchange gives you.

Some people will object on the grounds of transaction fees, but that's a poor excuse to me. If transaction fees must be small to justify moving around your money only once, then that means you are moving around just a tiny amount of money like $20.

ImThour

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Just logged in to my Binance account to check it and this is indeed true, had to generate a new address for deposits. I am not sure why they decided to do this however I am sure there will be many people who have their Binance Deposit Address on the Whitelist and use it to deposit to Binance creating a lot of support tickets in the upcoming weeks just because of this change.

One piece of advice is to always copy and paste the address from exchange instead of copying it from your past history transactions and doing a test transaction of 5% will save you from losing your everything, I know many of you love to send all in one go to save your time but you will thank me later for this in the future.

Also, just go to the website directly by typing the URL instead of clicking on any direct link even on this forum, you never know when somebody sold their account.

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Quote from: sheenshane on April 17, 2023, 06:36:20 PM

However, I'm confused now, how long is the expiration of the address after getting renewed?

Notice email states the expiration will be on May 13th but these old/retired addresses 'could' still work even after that as long as binance has not closed their "click to credit" function.

Ideally, you shouldn't use your retired addresses anymore because it is best to not take your chances Cheesy

sheenshane

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I checked now my email account linked to Binance but why I didn't receive a notification about the expiration address?

By the way, OP thank you for the heads up but it seems I didn't use these altcoins mentioned in the announcement and it might be the reason I didn't receive an email.

Lazy people who didn't check the sending address before making the transaction might face a terrible issue in the future. However, I'm confused now, how long is the expiration of the address after getting renewed?

The Cryptovator

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I received an email about changing addresses, but I didn't click any links to avoid falling for a spoof. Instead, I checked the app and verified that the email was legitimate. Binance updated the addresses in accordance with the mentioned chains, which is great because I was curious about creating a new address, and now I got what I expected. It's a good practice for centralized exchanges to frequently change addresses to protect users' privacy, despite already having provided KYC. Changing addresses from time to time doesn't hurt.

Husires

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The problem is to wait for the assurance times that make the person lazy. Instead of going to the platform and verifying the address and sending money, it sends the money address saved in notepad.

This reminded me of a scam, which is that the hacker creates an incorrect transaction with your wallet, and therefore when the last address you was copied, so you copy the hackers address without verifying it.

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Thanks I just checked my email

Usually, I dont copy my address again when I transfer to Binance, but I will be doomed if I don't see the email today.

But I think there is dozen of user who didnt notice this and what happen if they keep transferring to the old address

Oshosondy

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Quote from: un_rank on April 16, 2023, 02:33:47 PM

From research it seems to be a security move. They could be changing deposit addresses which they suspect have been compromised to more secure ones.

Yes, it can be for security move, but I do not know. Although not because Binance wallet has been compromised. If the exchange wallet or one of the exchange wallets is compromised, this would lead to loss by the exchange and what people will notice next would be from Binance saying the exchange has been hacked or people to suspect that.

Quote from: bittraffic on April 16, 2023, 03:56:07 PM

Don't you think they will ask for a fee to recover the amount sent accidentally to the old address?

If you send coins to the old address, go to the history, you can manually make the crediting occur. I believe Binance would give enough time before that would no more function. But I do not know what would happen if the click to credit is no more there again on the history.

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Quote from: bittraffic on April 16, 2023, 03:56:07 PM

Don't you think they will ask for a fee to recover the amount sent accidentally to the old address?

This doesn't seem to be the case right now but I could see it changing when an ample amount of time has passed and binance had already disabled their "click to credit" function for deposits coming from old addresses since it will become an extra work for them.

bittraffic

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I also received this email but didn't really check it. If there is a chance that the tokens sent will not be credited, it's best to just use the new ones that they actually give to us. It's interesting to know what is the difference between the new and old though.

Don't you think they will ask for a fee to recover the amount sent accidentally to the old address?

khaled0111

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I just logged into my email account and can't see the notification email. So, thank you OP for notifying us about this important update!
It looks like binance is changing old ethereum addresses with the new TSS (threshold signature scheme) addresses which are supposed to be more secure.
Anyone interested to know more about TSS and how this new technology works can read this article:
https://academy.binance.com/en/articles/threshold-signatures-explained

un_rank

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Quote from: Hispo on April 16, 2023, 01:40:16 PM

I am also curious why Binance would need to do this, by the way.

From research it seems to be a security move. They could be changing deposit addresses which they suspect have been compromised to more secure ones.
They did something similar a year ago^[1], this appears to be routine activity now to shore up the stability of their wallet infrastructure.

Do not store your funds there regardless.

[1] https://www.binance.com/en/support/announcement/existing-deposit-addresses-memo-on-selected-networks-to-be-retired-c8d82e9c6c694be8b8d2cd88227ae1ea

- Jay -

Hispo

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I am glad you find this information to be useful. It would be a hassle if any of us needed to deposit because were planning to sell for FIAT urgently, just to find out we would need to deal with the costumer service to solve the problem with the crypto.

I invite you to inform your family a friends that use Binance to check their deposit addressed and update them, since I am sure some people may be used to transfer directly from their wallets without checking each time on Binance.

Please notice that Binance has an anti-fishing feature which allows to tag the incoming mails with a code of your choice, so you can tell easier it is an official one.
It may not be a silver bullet, because that information can leak, but still helps!

I am also curious why Binance would need to do this, by the way.

Quote from: Little Mouse on April 16, 2023, 12:31:42 PM

-snip-

It may be that my wording was not completely correct when came to translating what Binance wanted to express, but we all know that the point is to be careful from now on with our addresses, thanks for pointing it out anyways.

Oshosondy

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Quote from: Hispo on April 16, 2023, 11:34:02 AM

The message (in Spanish) suggests that those funds sent to the old address won't be credited automatically, so maybe there is a chance to recover any money sent accidentally to the old address if we contact customer support.

According to the email that I saw today from Binance:

Which means that you can go to history to manually do it and it would appear on your Binance account, but it is said that the manual credity can be removed at any time. Anyone that also contact the Binance customer care would be told to do it manually for now.

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This often happens to Binance they usually announce it on their latest news but right now it seems they didn't publicly post this on their blog or announcement but they directly contact customers through email.

Here's the old announcement before below

- https://www.binance.com/en/support/announcement/existing-deposit-addresses-memo-on-selected-networks-to-be-retired-c8d82e9c6c694be8b8d2cd88227ae1ea

It seems the reason why they often change deposit addresses is to upgrade their wallet to enhanced security.
This is not good if you are using Binance as a wallet if you deal with someone outside and going to receive coins make sure that use a proper wallet that you fully control before you send it to Binance to reduce the risk in the future in case one of your friends accidentally sent coins to your old address you can recover it.

Little Mouse

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Quote from: Hispo on April 16, 2023, 11:34:02 AM

The message (in Spanish) suggests that those funds sent to the old address won't be credited automatically,

The English email says "may not be". Confused lol. It seems the old address is still valid but it may not get you an automatic deposit.

Quote from: Potato Chips on April 16, 2023, 12:17:43 PM

There are certainly some people out there who are saving their deposit addresses in their wallet contacts or in some kind of notes app and completely relies on it. This is another reason why you should check with your exchange first Cheesy

I was almost doing that mistake yesterday. I was about to send $1500 USDT to the previous ERC20 deposit address as I have saved it in my wallet address book but I got busy for a while and didn't execute the transaction. Later, suddenly I remembered what the hell I was doing lol.

Quote

Also, I'm guessing the old addresses are no longer accessible from the deposit page? I can't check this as I don't have a verifed account with them.

No, there are no more old addresses on the deposit page for the coins listed below along with any other ERC20 tokens.

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AMB, ARBITRUM, AVAXC, BSC, CELO, CHZ, CTXC, ETC, ETH, FTM, GLMR, KLAY, MATIC, MOVR, OPTIMISM, REI, RON, RSK, THETA, TOMO, VET, WAN, WTC, XDAI

royalfestus

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Quote from: Potato Chips on April 16, 2023, 12:17:43 PM

Thanks for the heads up!

There are certainly some people out there who are saving their deposit addresses in their wallet contacts or in some kind of notes app and completely relies on it. This is another reason why you should check with your exchange first Cheesy

Also, I'm guessing the old addresses are no longer accessible from the deposit page? I can't check this as I don't have a verifed account with them.

I find it hard to believe that there would be any Binance account owner without an email address, unless they are using BinanceUS. This news is crucial for those who have saved their address on other wallet or exchange platforms. It is important for them to change their address as soon as possible because impulsive coin transfers can happen. Even with the messages, some may still fall victim to this.

mk4

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Yea I've been seeing a lot of these on Facebook and Twitter, with people being skeptical if the email is legit(better skeptical than careless!). Fortunately no one is required to click any links on the email to perform the new wallet address generation so people can just go straight to their browser/app and check the update themselves.

Topic: [Binance] Address expiration? (Read 278 times)