Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of cryptocurrencies. The move comes after the exchange experienced a “large scale security breach” in which hackers stole 7,000 bitcoin (worth $40 million at the time).
In a statement, Binance said it had discovered the hack on Tuesday and that the hackers had used a variety of techniques, including phishing, viruses and other attacks. The exchange has since moved all of its user funds to “safe storage” and is working with law enforcement to investigate the incident.
Binance is far from the only cryptocurrency exchange to have been hacked. In fact, such incidents are relatively common in the industry. Just last month, Japanese exchange Coincheck was hacked for $534 million worth of NEM tokens.
And in 2014, Mt. Gox, once the world’s largest bitcoin exchange, filed for bankruptcy after losing 850,000 bitcoins to hackers.
So why do these hacks keep happening? There are a few reasons.
NOTE: WARNING: Binance withdrawal may be temporarily suspended for various reasons. This could include maintenance, security issues, or other technical problems. Before attempting to withdraw funds, please contact the Binance support team to ensure that the withdrawal is not suspended. Failure to do so could result in the loss of funds or other complications.
For one, cryptocurrency exchanges are often relatively new and inexperienced when it comes to security. They also tend to be much smaller than traditional financial institutions, which makes them more nimble but also more vulnerable.
And because cryptocurrencies are digital and decentralized, they are much harder to protect than traditional assets like fiat currencies or gold.
But perhaps the biggest reason why hacks keep happening is that they can be incredibly lucrative for hackers. Cryptocurrency exchanges typically hold large amounts of digital currency on behalf of their users.
And because there is no central authority or government backing up these assets, they are often worth a lot more on the open market than they are on the exchanges themselves. This makes them a prime Target for thieves.
For now, it’s not clear how Binance will recover from this latest hack. But one thing is certain: until exchanges get better at security, these types of incidents are likely to continue happening.
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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 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, 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.
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, the world’s largest cryptocurrency exchange by trading volume, is facing a potential ban in Japan. The Japanese Financial Services Agency (FSA) has issued a warning to Binance, telling the company that it is operating in the country without registration. The FSA says that Binance has until the end of the month to register with the agency or face a ban.
