Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals indefinitely.
The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC (about $40 million at current prices). Binance says it will use its “Secure Asset Fund for Users” (SAFU) to cover the lost funds.
This is not the first time that Binance has been hacked. In March 2018, the exchange lost about $30 million in BTC after a “phishing attack.
” At the time, Binance had just launched its operations and was not as well-known or widely used as it is today.
Despite the hack, Binance quickly rose to become one of the most popular cryptocurrency exchanges in the world. In 2019, it launched its own blockchain platform and native token, Binance Coin (BNB).
NOTE: Warning: Withdrawals of funds from Binance have been temporarily suspended due to a network upgrade. It is important to keep your funds safe by not depositing any funds to Binance until the upgrade is complete and withdrawals are re-enabled. We recommend that you research the security measures that Binance has in place prior to making any deposits or withdrawals. Additionally, please be aware that unauthorized access or manipulation of funds may occur during this suspension period.
The exchange has also been expanding its services into other areas such as lending and margin trading.
The latest hack is a major setback for Binance and could damage its reputation. It is also likely to raise questions about the security of other cryptocurrency exchanges.
Binance has not yet announced when it will resume withdrawals. In the meantime, users can still trade cryptocurrencies on the exchange.
Why Has Binance Suspended Withdrawals?
Binance has suspended withdrawals due to a “large scale security breach.” The breach resulted in the loss of 7,000 BTC, which is about $40 million at current prices.
Binance says it will use its “Secure Asset Fund for Users” (SAFU) to cover the lost funds.
3 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has stopped all withdrawals amid what it says is a “large scale” security breach. The hack appears to have been carried out through a sophisticated phishing attack. Binance says it detected “a large scale security breach” on May 7th at 02:00:00 UTC (May 6th at 10:00 PM EDT).
If you are a Binance user, you may have noticed that your account has been suspended. This can be a frustrating experience, especially if you are not sure why it happened. There are a few possible reasons for why your Binance account may have been suspended.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended trading on its platform. The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC, worth around $40 million at current prices. In a blog post, Binance said it discovered the breach on May 7 and that hackers had used a variety of techniques, including phishing, viruses and other attacks, to gain access to user accounts.
