Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals. 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.
The hack was first reported by The Block, which cited two sources familiar with the matter. Binance has since confirmed the incident in a blog post, saying that it discovered “irregularities in trading activity” on Tuesday.
After conducting an investigation, the exchange concluded that hackers had stolen BTC from a hot wallet that held 2 percent of its total BTC holdings.
Binance says it is working with law enforcement to investigate the incident and has “suspended all withdrawals indefinitely.” The exchange says it will use its “Secure Asset Fund for Users” (SAFU) to cover the loss, which amounts to around 2 percent of its total BTC holdings.
NOTE: WARNING: Binance may suspend withdrawals at any time in order to comply with regulatory requirements. It is recommended that you check the Binance website for any updated information regarding withdrawals prior to initiating a withdrawal.
This is not the first time Binance has been hacked. In July 2018, the exchange lost around $30 million worth of Ethereum (ETH) after a hacking incident.
At the time, Binance said it would use its “SAFU fund” to cover the loss.
The news of the hack comes as Bitcoin (BTC) prices have been on a tear in recent weeks, hitting new all-time highs above $41,000 earlier this week.
Binance is one of the most popular cryptocurrency exchanges in the world with a daily trading volume of around $2 billion. The exchange is known for its low fees and wide range of altcoins.
5 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has recently come under fire for suspending withdrawals from the platform. The move has caused a great deal of uproar among the crypto community, with many users accusing Binance of foul play. So, what exactly happened?
Binance, the world’s largest cryptocurrency exchange by trading volume, has been in the news a lot lately. The Malta-based company has been making headlines for all the right reasons, such as its recent decision to add support for Ethereum Classic (ETC) and its plans to launch a new decentralized exchange (DEX). However, Binance has also been in the news for the wrong reasons, such as when it was hacked in May 2019 and when it was accused of being involved in a Bitcoin “pump and dump” scheme.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has announced that it will be suspending all withdrawals for an “upgrade” lasting one week. The move comes as a surprise to many, as Binance has been one of the most reliable exchanges in terms of uptime and customer service. The announcement was made on Twitter, with the exchange tweeting that “Binance will be suspending withdrawals at 2018/02/08 4AM (UTC) for one week due to system upgrade.” The tweet goes on to say that “All other functions will remain normal,” and that “Deposits and trading will not be affected.”
While it is not entirely clear what the system upgrade entails, it is likely that it has something to do with the recent addition of new coins and tokens to the exchange.
Binance is a cryptocurrency exchange that allows users to trade digital assets such as Bitcoin, Ethereum, and Litecoin. Binance charges a fee of 0.
1% on each trade. This fee is paid to the exchange in order to cover the costs associated with running the platform.
A Binance withdrawal may be suspended for a variety of reasons. The most common reason is that the withdrawal is being processed by the blockchain network. This can take anywhere from a few minutes to a few hours, depending on the blockchain.
