If binanace does not stimulate the market in a positive way, it will have lost years of trust. The reason is that people need a positive boost after what was called the hack. Also, despite BTC being the foundational currency, its balance has fallen very sharply, which may drive investors to seek investment methods that go beyond the monopolistic nature of cryptocurrencies for future investments. ETH, at the heart of the problem referred to as the hack, is still unable to secure its future and recover, and has done little to change perceptions and trends. XRP relies on armies of promoters, while its performance suggests the opposite of what they claim. Trust is at stake, and perhaps its successive crashes reflect a likely trend toward a historic decline that will cost it major segments of traders. The size of its trading reserves also points to a negative trend. Markets are in crisis due to high risks, but no project is challenging these risks, earning trust, and leading the way... Are we witnessing a major shift in the cryptocurrency economy that will lay the foundations for new concepts?
I wrote earlier that the relative rise following the so-called security incident or hack was a way of stimulating a stagnant, cautious market, and a major attempt by the whales to lure the market by making traders think things had returned to normal... Now the crashes have happened, and the whales have started feasting... Despite my warning, I fell into the trap again myself.
Tell us about compensation for those affected... Were you compensated? I was not compensated for the trade on the day of the hack. When they reviewed my case, they said I hadn’t taken sufficient measures to prevent my account from being liquidated... Doesn’t the sudden drop in the index level, rapidly bringing it close to liquidation, count as being affected by what happened? It’s true that I hadn’t set a stop-loss, but I kept adding funds to adjust my liquidation level. Then it all happened so quickly... But they didn’t consider that I had been affected by the event.
I suggest designing the next generation of digital currencies as units resembling banknotes, complete with serial issue numbers, an issue date, and the issuing authority, so that their specifications are closer to those of tangible assets—not code with software keys that can be divided into extremely tiny fractions, as is currently the case. What do you think? Would that be better, or would it serve no purpose?
At the outset: every action has a reaction... A personal opinion on market strategies... and I hope I’m wrong. The next episode in the series of earthquakes and aftershocks in the crypto market will begin with meme coins, because ETH was the launchpad for the hacking quake, as it represented the flagship of trusted assets... Why are meme coins the starting point for the next major quake? Because they’re the most capable of rising and falling, decoupling from Bitcoin, and then returning. As the market is reshaped, aftershocks will follow... And now I believe all these events will lead to major changes in concepts, applications, and strategies, and then to new economic patterns.
I think Binance wishes a hack would happen every day... That’s what its message acknowledging the hack and claiming it didn’t affect traders’ wallets suggests. Technically, perhaps it didn’t... But from the perspective of how money is traded, it affected the trading system and caused most accounts to be liquidated in the platform’s favor... In other words, the platform will profit from the hack because it can legally recover its money, while at the same time legally evading any impact on trading activity... It kept the liquidation proceeds without legal consequences, as if trading had taken place under normal conditions.
This is what Binance posted: Security Incident Update Dear Binance users, Binance’s preliminary investigation indicates that the security incident may have been caused by a DevOps engineer’s laptop being compromised, allowing the attacker to access a service container and submit unauthorized withdrawal transactions. We have found no evidence that the private key of any wallet was leaked. We will publish a detailed technical report on the incident after the investigation is complete and the facts have been fully verified. The total impact is estimated at approximately $6.3 billion. We have worked with our blockchain partners to freeze the affected assets, and approximately $3 billion has been frozen on-chain so far. Binance will cover all losses using the SAFU fund and company funds. User funds are safe. We will also publish an updated version of the Proof of Reserves after the remediation is complete.
The withdrawal caused a disruption in trading... It may not have had a direct effect on users' portfolios, but the result is the same: we lost our money because of an extremely rapid movement in the index... The withdrawal, which you say resulted from a hack, disrupted the trading process and traders' decision-making... This is a disaster... So the statement “it did not affect users' portfolios” may be technically true, but financially, and from a trading perspective, it is not true.
Binance Announcement
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Security Incident Update (2026-10-30)
This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified. The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far. Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete. As an immediate precaution, Binance has: temporarily suspended withdrawals while security checks are completed;revoked the affected address authorisation;engaged law enforcement and blockchain intelligence partners to trace and recover funds. Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice. Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions. Thank you for your support! Binance Team 2026-10-30 Note: This announcement was updated on 2026-10-30 to clarify deposits remain unaffected and continue to operate as normal.
If what happened was a hack, as people are saying now... who will compensate the many people like me? Will they give us our money back? I'm absolutely certain they won't... Personally, I think it was a deliberate operation, not a hack... For about a month, I had been noticing that the network's behavior wasn't normal, and artificial intelligence was definitely involved.
This time... my decision to strictly stop trading contracts is a first step toward quitting trading altogether later... I'll try it and hope I can stop for good...
Once again, my account was wiped out within minutes by a rapid drop in ETH. After it hit the 2236 threshold, it rose again... as if it had quickly caught its prey and slipped away. I had entered at 2428, and suddenly the indicator dropped and kept fluctuating for a week... I thought I’d taken precautions by lowering the threshold to 2235, but to no avail.
Bitcoin #BTC is now the one ruling the market, whether it goes up or down... The rest, even #ETH , are merely echoes of its index moving up or down... How long will this last? Don’t put too much faith in anyone who claims to know, analyze, and so on. The only question you can be sure to ask is: “Do small players have a place in the whales’ battle right now?” In my personal opinion: no, not now. Not even in spot trading... How do you exit an open position without a loss? That’s the question: with both luck and skill... Even so, nothing is guaranteed in this digital storm.
I bought ETH directly on the spot market at 2300, but after I clicked Buy and the order was executed, it showed my cost price as 2407!!!! What is this? No matter what you do, you can't make a profit... neither on spot nor with contracts... This seems like an unfortunate outcome.
Confidence in the viability of cryptocurrency investment continued to grow through more than ten years of promotion, bubble-making, and major surges ... But in the digital world, a second can be enough for empires to collapse or rise, especially in the absence of international arbitration law, enforceable regulations, and a dedicated authority. ... The world of cryptocurrency trading is now in a digital law-of-the-jungle phase, and it seems that progress toward a digital law embodying a digital civilization will never see the light of day, especially given the astonishing advances in artificial intelligence and the prediction that the age of money and work in all its forms may disappear and no longer be needed. ... What will the world of the future look like, and what will its civilization be like?
This is what I wrote more than a week ago... Despite that, I wasn't careful and fell into the trap.
leo_nordi-f2
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I expect Ethereum’s new ceiling to be between 2260 and 2280, and BTC’s between 78600 and 79100. The other coins will fall when that happens, whether they like it or not... The only exception will be the trap coin, which will buck the trend briefly. Just a guess and my personal prediction... I don’t know—let’s watch amid the whales’ frenzy.
The sharp drop in the indices... If it’s caused by a war against Iran, I think President Trump is always a man who makes winning deals. I don’t think he’ll start a war. I think he’ll surprise us by reaching an agreement that restores balance to the world and results in a winning deal too... What do you think? Will he do it? In any case, I personally don’t think the cause is war, despite everything... I think it’s just speculation, because a war would devastate the infrastructure of many sectors of the economy, such as oil, the internet, maritime navigation, and others... Personally, I see a winning deal for President Trump, not a war. And the indices’ steep decline has nothing to do with that.
As I’ve come to understand it, cryptocurrency trading is linked to Bitcoin #BTC and then #TEH , while the other currencies orbit around them and follow their behavior—primarily the behavior of BTC. It’s true that we sometimes suddenly see one currency, for example, rise or fall independently. In reality, this is usually a promotional push for the currency. Before long, once the trend hype is over, it rejoins the herd of currencies and returns to the general behavior based on a relationship governed by an algorithm that sets the criteria for deviations up or down relative to the overall behavior of BTC, and to a lesser extent, ETC... That’s what I’ve concluded. This is neither a recommendation nor advice, just a personal opinion that may be right or wrong.
The largest account liquidation event is happening now... and has been ongoing for 12 hours... The collapse in cryptocurrency indices is wiping out millions of accounts in the biggest downturn... ETH and Bitcoin are no longer safe havens... but traps harsher than meme coins.
The most stable and reliable currency in terms of performance, in my experience since I started trading, is ETH. Despite losing trades with other currencies, I have found positive opportunities with ETH most of the time. This is my personal opinion and not financial advice.
I think ETH offers a historic buying opportunity during this deep dip... Even if another drop follows, those with large long positions will make big profits... Best of luck to those who profit, and to those who aren't so lucky... Be brave, no matter what happens.