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Binance Suspends Deposits, Withdrawals to Investigate Recent Security Breach

Binance will suspend its deposit and withdrawal processes possibly for one week to make way for a security review following a recent hacking incident.

Binance CEO Changpeng Zhao explained on the exchange’s website that the hackers withdrew a total of 7,000 BTC from one transaction, as well as secured a large number of user API keys, 2FA codes, and potentially other information.

Zhao added that Binance will use its Secure Asset Fund for Users emergency insurance fund to completely cover the losses from the security breach, which solely affected the exchange’s hot wallet.

The hot wallet contained about two percent of Binance’s total BTC holdings.

The exchange platform will continue to enable trading to allow users to adjust their positions.

Binance will also investigate the possible techniques the hackers used, as well as other accounts that were affected during the security breach.

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