Binance suspends withdrawals after hack, vows to cover all losses

Binance says it has temporarily suspended withdrawals following a security breach, pledging to cover all losses from the incident through its secure asset fund for users (SAFU) and company funds, as its investigation puts the estimated financial impact at about $6.3 billion.   Richard Teng, co-chief executive officer (CEO) of Binance, spoke on the measures in a post on X on Friday, adding that about $3 billion has been frozen on-chain in coordination with the company’s blockchain partners.  

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