WuBlockchain
Binance co-founder Yi He said user funds are safe and the exchange will cover all losses from the hack. Deposits and withdrawals are temporarily suspended while Binance conducts security checks, freezes funds and works with law enforcement.
Why it matters
The promise to cover losses puts responsibility for the incident on Binance rather than its users. The temporary suspension also limits customers’ ability to move funds while the exchange responds.
Market impact
Binance said it will share a full post-mortem after the investigation is complete. Users have been told to rely on official Binance channels for updates.
Frequently asked questions
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What did Binance say about users’ funds?
Co-founder Yi He said user funds are safe and Binance will cover all losses from the hack.
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Which Binance services are temporarily suspended?
Deposits and withdrawals are temporarily suspended while Binance responds to the incident.
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What is Binance doing during the suspension?
The exchange is conducting security checks, freezing funds and working with law enforcement.
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Will Binance publish details about the hack?
Binance said it will share a full post-mortem once the investigation is complete.
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Where should users look for updates?
Binance advised users to rely only on its official channels for updates.
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