On October 31, Binance issued its second recovery update. Let’s start with the numbers. At 20:05 UTC on October 29—that’s 4:05 a.m. Beijing time on October 30—about $6.3 billion was transferred out of hot wallets. Most of the transactions were completed in around 20 minutes, across 10 chains. Binance says it has prepared more than $6.34 billion in company funds to cover the losses, including about $5 billion in the same tokens, and has already replenished roughly 80% of the funds. About $3 billion has been frozen on-chain, including nearly $1.57 billion frozen by stablecoin issuer Tether and more than $800 million by Circle. Withdrawals are currently suspended and will resume in phases over approximately 34 hours, subject to security checks. Binance will update its proof of reserves by November 2. The platform also says there is currently no evidence that wallet private keys were compromised. User losses will be covered by company funds and the Secure Asset Fund for Users, so users won’t have to bear them.
This update is good news in itself, but for retail investors, the real trouble often comes afterward. Scammers are experts at showing up at times like this, posing as customer support, offering fake recovery channels, or setting up fake compensation registration. Their pitches are tailored to the latest developments. You’ve just seen the news about $3 billion being frozen, and they tell you that you need to register separately to claim your share. You’ve just seen that withdrawals are paused, and they say clicking their link will give you early access. You’ve just read that the proof of reserves will be updated, and they tell you to pay a verification fee first to get on the list. It’s always the same playbook: make you panic, then get you to click a link, connect your wallet, hand over your seed phrase, or pay money upfront.
So here are three things you can do right now. First, anyone asking for your seed phrase, private key, or verification code is a scammer—regardless of whether their profile picture has the Binance logo or their name says “Customer Support.” Official customer support will never ask for these. Second, only use the official announcements and links within the official app for recovery, withdrawals, and compensation. Don’t click links in text messages, private messages in online communities, or search ads. If you’re feeling rushed, close the message and verify everything through official channels. Third, check which apps you’ve previously authorized to access your wallet. Revoke access for any you don’t use, and reduce any permissions that are too broad. This doesn’t cost anything, and you don’t need to connect to any new website—you can do it through your wallet’s built-in authorization management.
One more thing to remember: Binance says users won’t bear the losses this time. Since you don’t have to cover them, there’s no reason you’d need to pay upfront to get your money back. Any recovery process that asks you to pay first, connect your wallet first, or provide your seed phrase first has things backwards.
Have you recently received a customer support message sent in the name of a major event? How did you tell whether it was real or fake?
#币安 #钱包安全 #防骗 #FakeCustomerSupport
—— Web3 Kai the Leek
Disclaimer: This is a personal account and does not constitute investment advice. The content is for learning and discussion only. Cryptocurrency investments involve risks; proceed with caution.
This update is good news in itself, but for retail investors, the real trouble often comes afterward. Scammers are experts at showing up at times like this, posing as customer support, offering fake recovery channels, or setting up fake compensation registration. Their pitches are tailored to the latest developments. You’ve just seen the news about $3 billion being frozen, and they tell you that you need to register separately to claim your share. You’ve just seen that withdrawals are paused, and they say clicking their link will give you early access. You’ve just read that the proof of reserves will be updated, and they tell you to pay a verification fee first to get on the list. It’s always the same playbook: make you panic, then get you to click a link, connect your wallet, hand over your seed phrase, or pay money upfront.
So here are three things you can do right now. First, anyone asking for your seed phrase, private key, or verification code is a scammer—regardless of whether their profile picture has the Binance logo or their name says “Customer Support.” Official customer support will never ask for these. Second, only use the official announcements and links within the official app for recovery, withdrawals, and compensation. Don’t click links in text messages, private messages in online communities, or search ads. If you’re feeling rushed, close the message and verify everything through official channels. Third, check which apps you’ve previously authorized to access your wallet. Revoke access for any you don’t use, and reduce any permissions that are too broad. This doesn’t cost anything, and you don’t need to connect to any new website—you can do it through your wallet’s built-in authorization management.
One more thing to remember: Binance says users won’t bear the losses this time. Since you don’t have to cover them, there’s no reason you’d need to pay upfront to get your money back. Any recovery process that asks you to pay first, connect your wallet first, or provide your seed phrase first has things backwards.
Have you recently received a customer support message sent in the name of a major event? How did you tell whether it was real or fake?
#币安 #钱包安全 #防骗 #FakeCustomerSupport
—— Web3 Kai the Leek
Disclaimer: This is a personal account and does not constitute investment advice. The content is for learning and discussion only. Cryptocurrency investments involve risks; proceed with caution.
