Binance Says It Will Cover All Hacking Losses as Deposits and Withdrawals Are Suspended
Binance co-founder Yi He said the cryptocurrency exchange will cover all losses resulting from a hacking incident, while deposits and withdrawals have been temporarily suspended as the platform carries out security checks and investigates the incident.
According to information shared by Wu Blockchain, He stated that user funds are safe and that Binance will assume responsibility for all losses linked to the hack. The exchange has temporarily halted deposits and withdrawals while its team works to assess the situation and take security measures.
Binance Begins Security Checks and Fund-Freezing Measures
Binance is conducting security checks as part of its response to the incident. The team is also working to freeze funds and coordinate with law enforcement, according to the statement attributed to He.
The temporary suspension of deposits and withdrawals is intended to allow the exchange to carry out these checks and related investigative work. The statement did not provide a timeline for restoring the affected services or specify when users would be able to resume deposits and withdrawals.
He’s assurance that Binance will cover all hacking losses addresses the financial impact on users. However, the information provided did not disclose the total amount involved, identify the specific systems affected, or detail how the incident occurred.
Full Post-Mortem to Follow Investigation
Binance said a full post-mortem report would be shared after the investigation is complete. Such a report is expected to provide further details about the incident, based on the findings available at that stage. No publication date for the report was specified in the statement.
In the meantime, users were advised to rely only on official Binance channels for updates. The guidance directs users toward the exchange’s own communications while security checks, fund-freezing efforts, and cooperation with law enforcement continue.
The statement did not provide additional details about the identity of the attackers, the amount of funds affected, or whether any particular cryptocurrency or blockchain network was involved. Those details remain unspecified in the information shared by Wu Blockchain.
For now, the key measures announced are Binance’s commitment to cover all hacking losses, the temporary suspension of deposits and withdrawals, ongoing security checks, efforts to freeze funds, and cooperation with law enforcement. Binance said it would publish a full post-mortem once the investigation has concluded.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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