Topic: Binance Issues Important Warning as It Plans to Perform Wallet Maintenance - page 2. (Read 245 times)
December 17, 2023, 07:53:12 PM
Binance or any exchange for that matter is always coming with some sort of risk event possibility simply because you are online and u less you have taken all of the right protocols to ensure your network and devices are secure then you could possibly be at risk. Always use caution when on the exchanges!!
December 17, 2023, 07:01:44 PM
..assuring them that “funds are safu”,
There's no real SAFU, that's a part of their marketing ads. However, this isn't new for them. AFAIK, this Binance was implemented before changing the user's wallet address for safety.
I think Binance did this for their customer security, but if you're going to ask me, I'd rather store my coins in a wallet that is under my control than a centralized exchange like Binance. Don't give full trust in SAFU.
December 17, 2023, 06:50:24 PM
In the past I will be somehow worried if I get an information like this, but due to the knowledge and more insight I have gotten from this forum, it's like an offense too me now, to keep my assets in a centralized exchange like binance.
I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
There's nothing wrong with the update if you have the Binance app on your phone you will always see this announcement about maintenance they usually do this to keep their wallet safe from hackers.
Only selected coins are temporarily disabled/suspended for withdrawal and deposit and the maintenance should not be long.
If you want to check all wallet status you can check this link below
- https://www.binance.com/en/network
December 17, 2023, 06:34:58 PM
If you left funds on Binance after the FTX & Gemini fiascos, you are beyond lucky to still have access to them. If you left money in there after the settlement with regulators about their illegal behavior, you are tempting fate. If you still have funds in Binance after seeing them boost their interest rates on stablecoins to try and get more customer money to shore up losses and keep themselves from being exposed or liquidated, you are literally begging to have your funds stolen from you.
Remove your funds from Binance immediately if you want your funds to be safe. They are certainly and most definitely not safe on Binance, in spite of whatever you're told. Sure, they may get away with it and keep BNB afloat to avoid liquidation, but they're playing games with your money. Don't for a second think they aren't.
Remove your funds from Binance immediately if you want your funds to be safe. They are certainly and most definitely not safe on Binance, in spite of whatever you're told. Sure, they may get away with it and keep BNB afloat to avoid liquidation, but they're playing games with your money. Don't for a second think they aren't.
December 17, 2023, 06:31:15 PM
This topic should be moved to the service discussion-> exchanges section of the forum.
They are giving this update because they do not want their customers to be worried when they see large funds moving from Binance wallets, but how do you not worry when you have funds stored in a centralized exchange; your funds are not safu with them, move it into your own self custodial wallet and be responsible for your money.
They are giving this update because they do not want their customers to be worried when they see large funds moving from Binance wallets, but how do you not worry when you have funds stored in a centralized exchange; your funds are not safu with them, move it into your own self custodial wallet and be responsible for your money.
I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
Great. This is just how it should be, your coins in your custody only. 
December 17, 2023, 06:21:39 PM
The biggest cryptocurrency venue Binance tweeted that it intends to perform a standard operation on their wallet maintenance over the next few days.
The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.
Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.
It would be great if you linked where you found the information - but I had read it the day before. Panic may arise everywhere and FUD creators will be happy to share lots of wild speculation to keep trader psychology and prices crashing. Considering Binance is one of the biggest exchanges - it's hard not to see panic if something strange comes from them.The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.
Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.
Always consider not keeping your assets in exchanges or other online accounts - that's good enough to avoid a lot of problems. If you haven't seen the announcement yet - check it here:
When you log into an exchange, yield platform, or other site, and it says that you have a balance of "1 BTC" or "1 USD", this does not actually mean that you have 1 BTC or 1 USD. Rather, it means that the company showing you this balance owes you that money. In other words, you've given a loan to the company. Maybe the company will pay you back, but history is littered with defunct companies which accepted deposits and were widely trusted for years, but which ended up not paying back their depositors in the end.
To the greatest extent possible, you should always avoid keeping BTC (or anything else) in online accounts. This is especially important right now because a very large exchange went bankrupt recently; this has already caused a contagion effect which has taken down other companies which accept deposits, and this contagion may continue to spread and affect more companies.
Ideally, you should keep as large a percentage as possible of your crypto assets in a wallet where only you control the private keys. Electrum for Android or desktops is one good option. For iOS, there's BlueWallet. If you have a large variety of different crypto assets that you need to store, there's Unstoppable wallet. If you have never used your own trustless wallet before, using a mobile app is probably safer than using a desktop app. An even safer option, which you should definitely consider if you have a lot of crypto assets, is to use a hardware wallet such as Trezor.
Also, note that many altcoins, tokens, and DeFi projects are either fundamentally centralized and therefore about as risky as online wallets, or they are still potentially vulnerable to the recent wave of insolvencies due to the way that they're designed.
To the greatest extent possible, you should always avoid keeping BTC (or anything else) in online accounts. This is especially important right now because a very large exchange went bankrupt recently; this has already caused a contagion effect which has taken down other companies which accept deposits, and this contagion may continue to spread and affect more companies.
Ideally, you should keep as large a percentage as possible of your crypto assets in a wallet where only you control the private keys. Electrum for Android or desktops is one good option. For iOS, there's BlueWallet. If you have a large variety of different crypto assets that you need to store, there's Unstoppable wallet. If you have never used your own trustless wallet before, using a mobile app is probably safer than using a desktop app. An even safer option, which you should definitely consider if you have a lot of crypto assets, is to use a hardware wallet such as Trezor.
Also, note that many altcoins, tokens, and DeFi projects are either fundamentally centralized and therefore about as risky as online wallets, or they are still potentially vulnerable to the recent wave of insolvencies due to the way that they're designed.
December 17, 2023, 06:07:18 PM
In the past I will be somehow worried if I get an information like this, but due to the knowledge and more insight I have gotten from this forum, it's like an offense too me now, to keep my assets in a centralized exchange like binance.
I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂
December 17, 2023, 05:41:46 PM
The biggest cryptocurrency venue Binance tweeted that it intends to perform a standard operation on their wallet maintenance over the next few days.
The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.
Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.
The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.
Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.
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