Binance says withdrawals are expected to begin resuming gradually within 48 hours, while co-founder Yi He says customer funds are safe and the exchange will cover all hacking losses. The Binance hacking update comes as the platform conducts security checks, freezes affected assets and works with law enforcement.

The exchange initially said it had temporarily suspended deposits and withdrawals during those checks. In a separate operational statement, Yi He said deposits remain operational and unaffected, while the team strengthens withdrawal services and the controls associated with withdrawal addresses.

Binance’s hacking update outlines fund protection and withdrawal checks

Binance has committed to covering all hacking losses and is working with law enforcement and industry partners to trace and freeze affected assets. The exchange said about $3 billion in assets had been frozen as part of its response.

Stablecoin issuers are also participating. Tether said it had frozen nearly $1.57 billion linked to the incident, while Circle froze more than $800 million. These freezes form part of the effort to secure affected funds during the investigation.

For users, the Binance hacking update distinguishes between deposit availability and the planned withdrawal restart: Yi He described deposits as operating normally, but withdrawals remain subject to security enhancements and a gradual resumption.

Binance urged users to obtain information only through its official channels. The exchange said it would publish a full post-mortem report once the investigation is complete.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.