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Binance website states : What are the advantages of DeFi Staking? 1.Easy to use: You don't need to manage private keys, acquire resources, make trades, or perf

Binance website states : What are the advantages of DeFi Staking? 1.Easy to use: You don't need to manage private keys, acquire resources, make trades, or perform other complicated tasks to participate in DeFi Staking. Binance's one-stop service allows users to obtain generous online rewards without having to keep an on-chain wallet. 2. Funds are safe: Binance selects only the best DeFi projects in the industry and monitors the DeFi system in real-time while it's running in order to reduce the risks associated with such projects. Then go on to say : Does Binance bear the losses if an on-chain contract is attacked during DeFi Staking? No. Binance only acts as a platform to showcase projects and provide users with related services, such as accessing funds on behalf of the user and distributing earnings, etc. Binance does not bear any liability for losses incurred as a result of on-chain contract security. --- So if you don't have the keys, and there aren't liable, that's a bit messed up.

rodiger 6y ago
Liability is a legal umbrella- I'm fairly confident they will at the very least freeze these funds (which isn't much for rug-pulled users but it's something). It's a federated network so well within their ability.
alasdair_ 6y ago
“Funds are safe” seems like a pretty good basis for a lawsuit.
- ksdnjweusdnkl21 6y ago
  Since the OP didn't include a link I'm assuming "Binance one-stop platform" is a vetted subset of all Binance Smart Chain platforms. In the case of this article I'm pretty sure Binance has not endorsed the "hacked" platform. I think the BSC is an open network and anyone can create their own smartcontracts in there. A popular new platform on BSC goosedefi has been forked hundreds of times, and most of them have failed within days with either developers or early users dumping the price. It's a big risk putting your money on any of these platforms, most of them are basically elaborate ponzi schemes promising big APR but leaves people bagholding a worthless token. A very few lucky platforms with good developers go on and become stable established defi platforms like sushiswap.
leppr 6y ago
That's a different service than "Binance Smart Chain" which is the subject of the article. On "DeFi Staking" users lend tokens to Binance that they then stake on actual decentralized chains like Ethereum for instance, so if they or the smart contracts they stake through fail, Binance really can't do anything for their users.
- eswat 6y ago
  > Binance really can't do anything for their users BSC is controlled by an oligopoly of validators that Binance decides on. I'm sure if things really got bad on their network they could do something similar to the Ethereum Classic fork during the DAO incident. EDIT: My bad, I skipped a few words in parent.
  - deleted 6y ago
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rodiger 6y ago

Liability is a legal umbrella- I'm fairly confident they will at the very least freeze these funds (which isn't much for rug-pulled users but it's something). It's a federated network so well within their ability.

alasdair_ 6y ago

“Funds are safe” seems like a pretty good basis for a lawsuit.

ksdnjweusdnkl21 6y ago
Since the OP didn't include a link I'm assuming "Binance one-stop platform" is a vetted subset of all Binance Smart Chain platforms. In the case of this article I'm pretty sure Binance has not endorsed the "hacked" platform. I think the BSC is an open network and anyone can create their own smartcontracts in there. A popular new platform on BSC goosedefi has been forked hundreds of times, and most of them have failed within days with either developers or early users dumping the price. It's a big risk putting your money on any of these platforms, most of them are basically elaborate ponzi schemes promising big APR but leaves people bagholding a worthless token. A very few lucky platforms with good developers go on and become stable established defi platforms like sushiswap.

leppr 6y ago

That's a different service than "Binance Smart Chain" which is the subject of the article. On "DeFi Staking" users lend tokens to Binance that they then stake on actual decentralized chains like Ethereum for instance, so if they or the smart contracts they stake through fail, Binance really can't do anything for their users.

eswat 6y ago
> Binance really can't do anything for their users BSC is controlled by an oligopoly of validators that Binance decides on. I'm sure if things really got bad on their network they could do something similar to the Ethereum Classic fork during the DAO incident. EDIT: My bad, I skipped a few words in parent.
- deleted 6y ago
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