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Cryptocurrency exchange Binance has temporarily suspended all deposits and withdrawals as a precautionary measure following a major hack that resulted in the freezing of more than $2.5 billion in an effort to prevent it from being stolen, the company announced on Thursday.
Binance, in a post on X, stated it was working non-stop to address the issue and assured users that it would cover all resulting losses.
“As a precaution, all deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement,” the exchange said.
Read More : Binance Freezes $2.5 Billion After Major Hack
The company noted that it was collaborating with partners across the industry to freeze affected assets, describing the response as an “industry-wide effort.”
“We are working around the clock and will share a full post-mortem once the investigation is complete,” the statement added. “User funds are safe.”
Binance advised users to rely only on its official channels for verified updates.
We are working non-stop to resolve this issue. Binance will cover all losses.
As a precaution, all deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.
We are working around the clock and will share a full post-mortem once the investigation is complete. Please rely only on official Binance channels for updates.
This is an industry-wide effort, and we are grateful to partners across the ecosystem who have moved quickly to help freeze affected assets.
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We will continue to share verified updates through official Binance channels. User funds are safe.
— Binance (@binance) October 30, 2026
