Binance says it will cover all losses and suspends withdrawals after suspected hack
The exchange says about $3 billion has been frozen so far, with help from stablecoin issuers and law enforcement.
By Emerson Redding · Published · Updated
Primary source: x.com
Why it matters
Binance is the largest crypto exchange by trading volume. A pledge to cover all losses, plus a full halt on deposits and withdrawals, means customers can't move funds until Binance finishes its security checks. The roughly $3 billion frozen so far shows how quickly stablecoin issuers can now lock up funds moved in an attack.
Binance said Thursday evening that it will cover all losses from a suspected hack of its wallets. It has temporarily suspended all deposits and withdrawals while it runs security checks, freezes funds and works with law enforcement, the exchange said on X. Binance said it will publish a full post-mortem once its investigation is complete.…
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