Binance says $2.54 billion in assets frozen as it probes security incident

Binance, the world's largest cryptocurrency exchange, has temporarily suspended all deposits and withdrawals while investigating a potential security incident, according to the company's social media posts. The company stated that it is working tirelessly to resolve the issue and will eventually share a full post-mortem report with law enforcement.

Binance assured users that their funds were completely safe and that it would cover any losses resulting from the temporary suspension. The company also urged users to remain vigilant for potential scams and not to trust unofficial links, messages, or requests for account information.

As a precautionary measure, Binance has frozen funds and is conducting security checks to identify any vulnerabilities. The company stated that trading would resume as soon as the security issue was resolved. Binance, which refers to itself as the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, employs at least 5,000 people globally.