Binance Reaffirms Full Compensation for Hack Losses, Temporarily Halts Deposits and Withdrawals
Summary
- Binance said it has reaffirmed its plan to provide full compensation for losses related to the major hacking incident.
- Binance said it has temporarily suspended all deposits and withdrawals as a precaution and is proceeding with freezing related funds and cooperating with law enforcement authorities.
- Binance said it has disclosed about $3 billion in frozen assets, will continue tracking and freezing additional assets, and plans to release a detailed report after the investigation is complete.
Forecast Trend Report by Period
Binance, the global cryptocurrency exchange hit by a major hack, reaffirmed that it will fully compensate users for all losses.
In a post on its official X account on Oct. 29, Binance said it would "cover all losses" and had temporarily suspended all deposits and withdrawals as a precautionary measure. It added that it is inspecting its systems, freezing related funds and cooperating with law enforcement authorities.
The company said it has activated a 24-hour response system to contain the incident. It plans to release a detailed report on the cause of the breach and how it unfolded once the investigation is complete.
Binance previously disclosed that assets frozen under its verification standards total about $3 billion. It is continuing to track and freeze additional assets in cooperation with law enforcement agencies, stablecoin issuers and blockchain analytics firms.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀