Binance targets withdrawal resumption within 48 hours as security probe continues

• TechWatch PH

Cryptocurrency exchange Binance said withdrawals remain temporarily suspended as its security team investigates an incident involving a compromised computer that may have served as an entry point for an attack. In a service update posted on its official X account, Binance said deposits remain unaffected and continue to operate normally. “Withdrawals remain paused while our team completes a security revamp of the withdrawal service and its related addresses. We expect to resume within 48 hours, and will update with further details,” Binance said. The company attributed the incident to multiple factors but has yet to disclose the full extent of the attack or identify its root cause. According to Binance, its security team is tracing the attack path through a compromised computer that may have been used to gain access. “The incident stems from multiple factors. Our security team is tracing the full attack path through the compromised computer which may be the entry point of the incident. A comprehensive report with the root cause will follow,” the company said. Binance has not provided further details about how the computer was compromised or which systems may have been affected. The company said it would release a comprehensive report identifying the root cause of the incident once its investigation is completed. Binance also assured users that further updates would be shared through its official communication channels. Earlier reports indicated that Binance had suspended withdrawals following a suspected cyberattack that may have involved as much as $5.8 billion in digital assets, potentially making it the largest cryptocurrency hack in history. The company confirmed on October 29 that it was investigating a security incident after blockchain analysts detected suspicious transfers involving billions of dollars from Binance-linked wallets. Binance reported that $2.54 billion in assets linked to the incident had already been frozen through the combined efforts of cryptocurrency companies and law enforcement agencies. READ: Binance halts withdrawals amid suspected hack as $2.54B in crypto assets frozen