# Breaking: Binance Suspends Deposits and Withdrawals, Will Cover Attack Losses

> Binance temporarily suspended deposits and withdrawals for security checks, while co-founder Yi He announced that the exchange would cover all losses resulting from the attack. In a statement reported by…

**Binance temporarily suspended deposits and withdrawals for security checks, while co-founder Yi He announced that the exchange would cover all losses resulting from the attack.**

In a statement reported by Wu Blockchain, **Yi He said user funds were safe**. Yi He said Binance would cover all losses caused by the attack and reported that deposits and withdrawals had been suspended during the security review.

### User transactions temporarily suspended

While teams continue security checks, they are also working to freeze funds connected to the incident. The process is being carried out **in cooperation with law enforcement**. The statement did not specify when deposits and withdrawals would resume.

The new statement includes a decision that directly affects users’ ability to send funds to and withdraw funds from the exchange. It also sets out the current management’s commitment to covering the losses.

### Management commitment follows CZ’s expectation

Earlier, we reported [Binance’s initial response and CZ’s message about user funds](https://koinbulteni.com/en/breaking-binance-responds-to-attack-claims-cz-comments-on-user-funds-291362.html). CZ, who said he no longer manages Binance, said that as a shareholder, he expected user funds to be fully covered. **Yi He’s latest statement said Binance would cover all losses from the attack.**

A comprehensive report detailing the incident will be shared once the investigation is complete. Users were urged to follow only **official Binance channels** for updates.