Binance Halts Withdrawals and Freezes Assets Following Cyberattack
Cryptocurrency exchange Binance has suspended transactions and frozen billions in assets following a suspected cyberattack. The firm stated that it is conducting security checks and will cover all losses.
Binance, described as the world's largest cryptocurrency exchange, has paused withdrawals and frozen assets following a cyberattack that occurred on Thursday. While some reports estimate that hackers stole billions in cryptocurrency during the incident, the firm itself announced that it has frozen $2.5bn of assets.
Transactions on the platform are currently suspended while the company conducts necessary security checks. In response to the security breach, representatives for the cryptocurrency giant stated that the firm will cover all losses resulting from the attack.
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