Binance TH halts crypto transfers for security review after global hack
The Thai exchange says customer assets are safe and trading remains available, but has given no date for restoring deposits and withdrawals.
Thailand’s Binance TH has stopped digital-asset deposits and withdrawals while it checks security following the October 29 cyberattack on the global Binance exchange. Operator Gulf Binance said on October 30 that customer assets were safe and trading was continuing normally.
Gulf Binance described the transfer halt as precautionary. It said services would resume after specialists completed their review, without specifying when that would happen. Other services remained available, according to the company.
The operator said Binance TH is a separate legal entity with its own arrangements for safeguarding customer assets. Its cold wallets, which store assets offline, are independent of those used by Binance, it said.
CoinDesk reported that Binance estimated the attack’s impact at about US$6.3 billion, while blockchain analysis company Chainalysis valued the theft at roughly US$5.9 billion at the time it occurred.
Binance said preliminary findings indicated that an attacker used a compromised DevOps engineer’s laptop to access a service container and submit unauthorised withdrawals. It said it had found no evidence that wallet private keys had leaked.
The global exchange also halted withdrawals across several networks. Co-CEO Yi He said Binance would meet all hacking losses using company funds and its SAFU emergency fund, which held about US$1 billion in bitcoin.
Gulf Binance is jointly owned by Gulf Innova, an affiliate of Gulf Energy Development, and Binance Capital Management. It is licensed in Thailand for digital-asset exchange and brokerage operations under Securities and Exchange Commission supervision. The regulator had made no public statement on the incident at the time of publication.
