Binance pledges to cover all losses after the suspected billion-dollar hack, while the crypto exchange keeps withdrawals suspended on several networks, runs security scans and works with police. The frozen amount has climbed to around $2.8 billion.
"We are working around the clock to resolve this, and Binance will cover all losses," the crypto exchange wrote in a post on X. As a precaution, all deposits and withdrawals have been temporarily suspended while the security team carries out checks, freezes funds and cooperates with police.
Binance stresses that users' funds are safe, and promises to share a full review once the investigation is complete. Speaking to TechCrunch, Binance spokesperson Ross O'Leary said the company had "temporarily paused withdrawals on several networks following a security incident, as a precaution."
Binance co-founder Yi He thanked the community for its support the same day, writing that the company is running a security scan to secure funds on the platform. "User funds SAFU," she wrote – Binance's standard phrase for assuring users their funds are safe, a reference to the company's Secure Asset Fund for Users.
Binance describes the effort as an industry-wide collective response, thanking ecosystem partners who have quickly helped freeze affected assets.
In a later update, shared further by Yi He, analyst Specter put the combined frozen amount at around $2.8 billion. According to the breakdown, USDT accounts for the largest share at around $1.77 billion, followed by USDC at $823 million, with smaller amounts frozen in the stablecoins RLUSD, USD1 and USDT0, as well as in wrapped ether and the gold-backed tokens XAUT and PAXG.
Binance says it will share a full review of the incident once the investigation concludes, and is urging users to rely only on official Binance channels for updates. The company is also warning users to be on guard against scam attempts, cautioning against trusting unofficial links, messages or requests for account information in the wake of the incident.
Sources: TechCrunch, Binance (X), Yi He (X)
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