48 hours after the Binance hack, $6B binance hacks, they've opened withdrawals again, and covered the exchange loss using their reserves, a lot of people who threatened to leave Binance after the news that the hack broke out are back to tweeting "GGS binance" which means no one lost money, everyone has the chance to either keep using the exchange or look for somewhere else.
A lot of people who swore they were going to leave Binance after the hack are back to using the exchange, and inasmuch as a lot of of people wants to actually leave because they're quite shaken by this hack, where exactly are they going to take their funds to?
The options are not much right now and this is the craziest fact. Binance is the only exchange in the world that can survive a SIX BILLION DOLLARS HACK, and apparently this doesn't just make them even trustworthy, it makes them the only legitimate options where funds are truly SAFU.
The only remaining options are either traditional systems which are banks, you convert your crypto to naira and never look back, and while this is actually not a bad option, a lot of people are actually saving in either USDT or USDC for privacy and probably the lack of trust in traditional institutions like banks.
Now let's go back to decentralized savings which is saving money in wallet that has keys. Apparently this used to be a great option.
It's thoroughly flexible, you can get a hot wallet within one minute, no need for KYC, just own your key and own your money, except that scammers started creating phishing scams to drain users using smart contracts.
Now DEX and hot wallets are the most unreliable ways to actually keep money, and almost 50% of people who have used them have basically experienced one type of hack or another, so what exactly has decentralized savings done for the crypto industry except for stories of hacks and scams that plunged people into doubting crypto.
The scams we've seen from DEX bridges promising people ROI over the years has experienced and seen the biggest hacks and scams so far.
This is why I think one of the problems of lack of adoption in crypto is the lack of security that constantly increases everyday especially with the advancement of AI.
While I agree that the promise of decentralization mostly focuses on privacy, it's important to understand that without the addition of proper safety management measures, then people are not going to care much about privacy, because like it or not, security is a far more important feature than privacy.
At least, I would like to have security first before privacy and decentralization and right now, people are losing trust in decentralization and privacy because it's actually risky.
Conclusion
While Binance is going to lose money from people who will "panick withdraw" in the first two to three days because of the hack we've seen.
I think a lot more people are going to start using binance, because going through the biggest crypto hack in history, and covering the losses and opening withdrawal in only 48 hours, shows something really important: they can go through the deepest and horrible hacks and still users aren't going to lose funds.
This is what a CEX does really well, (Binance mostly) unlike a DEX where you're responsible for losing your money even though you didn't exactly make mistakes.
CEX handles the security for you, and this is why people are going to keep choosing it even if we think the future of crypto is smart contracts, bridges, ROI and decentralization. 2026 has proven that decentralization and privacy comes with a huge lack of security and this alone with kill adoption in crypto.
