Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals of the virtual currency. The move comes after a hack that saw $40 million in Bitcoin stolen from the exchange.
In a statement released on Tuesday, the company said it had “detected unusual activity on [its] network” on Monday and had “immediately initiated a thorough security review.” As part of that review, Binance has suspended all withdrawals “until further notice.”
The hack is a major setback for Binance, which has grown rapidly in recent months to become one of the most popular cryptocurrency exchanges. It is also likely to reignite concerns about the security of virtual currencies, which have been dogged by hacks and theft over the past few years.
NOTE: Warning: Withdrawals on Binance have been suspended due to technical issues. Until further notice, no withdrawals or deposits can be made on the platform. We apologize for any inconvenience this may cause and we will update you when the issue is resolved. Please be aware that any unauthorized access or use of your account could result in permanent suspension of your account. Please take all necessary precautions when handling your Binance account.
Binance did not say how much Bitcoin had been stolen in the hack or how it had happened. But the company said it would use its “Secure Asset Fund for Users” to cover any losses from the hack.
The fund, which was created in July 2018, currently holds about 2% of Binance’s total trading volume.
In its statement, Binance said it was working with law enforcement agencies to investigate the hack and would provide updates “as soon as possible.” It did not say when withdrawals would be resumed.
The hack is a major setback for Binance and is likely to reignite concerns about the security of virtual currencies which have been dogged by hacks and theft over the past few years.
7 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals of Bitcoin and Ethereum due to “irregular” activity. The exchange said it would investigate all affected accounts and make a decision on whether or not to allow withdrawals after the investigation is complete. The news comes as a surprise to many, as Binance is usually very fast and efficient when it comes to processing withdrawals.
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.
If you’ve been trying to withdraw your money from Binance and it says your withdrawal is “Suspended”, don’t panic! There are a few reasons why this could be happening, and we’ll go over them all here. The most common reason for a suspended withdrawal is that your account needs to be verified.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of Bitcoin and Ethereum due to “irregularities” with its hot wallet. The announcement was made via the exchange’s official Twitter account on Wednesday, February 7.
“Binance has discovered irregularities with its hot wallet cluster and has taken action to suspend withdrawals while we investigate,” the tweet reads. “We are working to determine the root cause and will fully resume withdrawals once the issue is resolved.”
The news comes just days after Binance paused trading on its platform for two hours due to “server maintenance.” The exchange later said that the maintenance was “unrelated” to the issues with its hot wallet. At the time of writing, Binance has not provided any further details about the irregularity or when withdrawals will be resumed.
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.
There are a few reasons why your Binance withdrawal may keep failing. The most common reason is that the withdrawal address is incorrect. Make sure that you are entering the correct withdrawal address for the asset you are trying to withdraw.
