Binance Temporarily Suspends Deposits and Withdrawals for Elrond Network


  • Elrond had been attacked the previous day, resulting in a drastic drop in EGLD.
  • CEO Beniamin Mincu assured users that things would fall in place soon.
  • All funds and users are safe.

Cryptocurrency exchange Binance has announced that a potential security issue has caused them to suspend deposits and withdrawals on Elrond (EGLD).

Sharing the update, the below-mentioned statement was made on the subject:

We are working with the Elrond team to resolve the issue. We seek your understanding in this matter. Once we are satisfied that the network is secure, we will restart deposits and withdrawals on the Elrond (EGLD) network and will not notify users with another announcement. More updates on this topic can be found at @ElrondNetwork. We apologize for any inconvenience caused.

Binance shared the news through an official tweet:

Once the network is secured, Binance will reopen both deposits and withdrawals and notify the users.

Also Read: $360,000 (200 ETH) Worth of NFTs Stolen From BAYC’s Discord Server!

Elrond Network was hacked the previous day, which resulted in an extreme drop in EGLD. Coming forward, the team shared that the rescue operation is in full swing.

CEO Beniamin Mincu said they are working with exchanges such as Binance to re-enable withdrawals and deposits.

According to his recent tweet, the recovery is complete, and the team is currently monitoring everything.