Posts about Binance
I mean what is it to gain anymore Binance ? This turned into a global scandal and Do Kwon is officially a fugitive now. And things are continuing to escalate since South Korea had asked Interpol to issue a "red notice" for Do Kwon, which would alert law enforcement around the world of the warrant.
Other exchanges should delist Terra as well and get over with. But I guess there is more at stake here and they can still make good money from a dead coin as long as gamblers keep buying it. Exchanges will always put profits above customers safety and keeping Luna listed is a perfect example.
I deposited 37 ETH to Binance nearly one year ago, and it has been in limbo since then.
TL:dr - Due to a bug with the Metamask interface, my deposit was converted from ETH to WETH through no fault of my own. I did, sincerely, “take note of the token and and network” when carrying out the deposit on 13 December 2021. From my perspective I did everything as instructed when doing the transaction. Regardless, Binance has rejected each application due merely to the wrong network, despite that they do in fact have the capability to carry out the recovery.
I deposited 37 ETH on the Arbitrum to Binance 13 December 2021, 10 months ago. At the time of this writing, the value is $51353 USD. I carried out the deposit correctly and according to instructions. Through no fault of my own, the ETH ended up stuck in the Binance wallet as WETH, which is unsupported. I submitted six recovery applications which were rejected, and I’ve recently submitted a seventh application.
From my perspective, I carried out actions to deposit the proper coin (ETH) on the proper network (Arbitrum) to the proper wallet address. $51353 USD is a significant sum of money, and loss of these funds will have an adverse effect on my life.
Sequence of Events
On 10 December 2021 at 21:20, I traded the coin DPX for 37 ETH on the Arbitrum network using SushiSwap and withdrew the funds to my Metamask wallet. My intention was to start moving my money back to Binance. Much I later found out that unbeknownst to me, and with no prompt or indication, Metamask had “wrapped” the ETH into WETH due to it being on the Arbitrum network.
Here is how the contract interaction appeared in my Metamask wallet, labeling the funds as ETH with no indication that Metamask had actually converted it to WETH:
Here is the transaction on Arbiscan: https://arbiscan.io/tx/0x779837ebdada8f5ec5e6e5e0c80678c999b6925d30dca197af8314861d1a09ef
Please note that the Arbiscan record also misleadingly marks the value as ETH rather than WETH:
Above the Value is “Tokens Transferred,” which I don’t usually notice or understand. Especially given the fact that I didn’t even know what WETH was at the time, there was no way for me to understand what it meant.
Therefore, after trading on SushiSwap and before depositing to Binance, I was under the impression that I had approximately 37 ETH on the Arbitrum network ready to go with no clear indication that it had been wrapped within Metamask to WETH.
On 13 December 2021 at 09:25, I carried out the proper procedure to deposit 37 ETH to my Binance account.
I sent only ETH as far as I was concerned (unaware that it had been wrapped to WETH with no clear indication)
I ensured the network was Arbitum One
Since I had deposited ETH to Binance many times before, I felt no need to send a test amount prior to depositing.
After the transaction, bells started ringing. The money came to the right Binance wallet, but there was nothing credited to my Binance account. Eventually, I realised that somehow the transaction was carried out in WETH, which was unsupported at that time. This was due to an unintuitive Metamask interface, and I had never come across something like this before.
Here is the Arbiscan record of the transaction: https://arbiscan.io/tx/0xee1340517754be7e0dae39237a45dcd6179b5e2c7f99a02ba8d9fbb4f69d5985
Approximately two hours later, at 11:13, I submitted an application to recover my funds. I completed the application properly, and I held more than enough Bitcoin in my account to cover the processing fee.
On 17 December 2021, the application was rejected with the reason stated as “This transaction cannot be found on the blockchain…” This was despite the fact that the TxID was perfectly valid. The same day, I promptly submitted a second application.
On 19 December 2021, the second application was rejected as well, this time with the reasoning that “Unfortunately, this unlisted token cannot be retrieved.” Again, I promptly submitted a new application while in contact with support.
On August 14 2022, 9 months after submitting the third recovery application, it was rejected as well. This time the reason was simply “Refund Failed” along with an admonishment to “take note of the token and network for future transactions.
I was disappointed to see that I was no longer even allowed to submit a recovery application for these funds:
I was later informed that I could not submit a new application for another month, since 3 had been previously rejected. Therefore, I waited one month to submit the next one.
On 14 September 2022, 10 months after the first application, I submitted a followup application along with detailed information on the Metamask bug and how my ETH had been converted to WETH through no fault of my own. The very next day, the application was rejected once again:
Notice that they inform me “Please take note of the token and network for your next transaction…”
I did, sincerely, “take note of the token and and network” when carrying out the deposit on 13 December 2021. From my perspective I did everything as instructed when doing the transaction.
Given these facts, combined with the significant value of $51353 USD, I do believe this case is entitled to special attention in order to recover the funds, which I know for a fact that Binance is capable of doing.
Any suggestions on how to resolve? Thanks in advance!
I think this is way better than 1.2% burn which would’ve killed the volume. Now with a $1 billion volume on binance (it’s more but I am using conservative figures) it’ll atleast burn a 100 billion LUNC a month not to mention the increased volume due to fomo.
P.S: Appreciate the positive discussion here, before assuming any timeline, be mindful that my title clearly states “Binance” which is roughly 60% of the total volume and I considered less volume than there actually is ($1.2 billion currently). About, $1.5 billion volume is currently burning LUNC through various mechanisms. I feel that a lot of us are still not aware of how big this is and what would happen as we approach October 3rd and go beyond towards new validators.
ALSO, DON’T UNDERESTIMATE STAKING, 600B+ IS ALREADY STAKED. BY THE END OF THE YEAR 1TRILLION+ COULD BE STAKED AND OUT OF THE CIRCULATING SUPPLY.
There is more upside and very little downside. Unless, someone says Edward Kim is Do Kwon’s son, I don’t see the price going back to 0.0001 again. Peace & Love.
Step 1. We will implement an opt-in button, for people to opt-in to pay a 1.2% tax for their LUNC trading.
Step 2. When the opt-in accounts reach a holding of 25% of the total LUNC held on Binance, we start to charge 1.2% tax for all opt-in traders when they trade LUNC. This prevents people who don’t hold LUNC to affect the votes. It also gives the early adopters peace of mind that they are not the only few paying an extra 1.2%. The tax only kicks in at 25% quorum. This should encourage them to opt in more easily.
Step 3. When the opt-in traders reach 50% of the total LUNC trading volume on Binance, we will roll out the 1.2% trading tax for all LUNC trading. This prevents large LUNC whales who may hold large amounts, but don’t actively trade to influence votes. If the threshold for Step 2 cannot be reached within a month of the completion of Step 1, or falls back below the threshold in the future, we will remove the opt-in feature to keep to a simpler user-experience.
Now is our chance to show everyone just how strong this community can be. As a collective we need to overcome greed, and opt in for the 1.2% tax on all transactions made through Binance, just as it would be if the tax was implemented in the future!