Crypto Withdrawals Update

The Large Scale Security Breach on Binance and what that means for CoinDCX users

On May 8, 2019, world’s top exchange Binance witnessed a Large Scale Security Breach in which nearly 7000 BTC was stolen from the platform. Binance has dealt with this unfortunate event in a transparent manner with complete ownership. They announced that the lost funds will be replaced from the #SAFU fund and crypto deposits and withdrawals will be disabled for a week, as a part of their security measures. At the end of one week, they would share a report with all users and take the next steps towards securing the platform further and making crypto deposits and withdrawals live again. There is no specific date announced currently(at press time). 


How is CoinDCX affected?

For major cryptocurrencies like Bitcoin, Ethereum, Ripple and Tron, withdrawals continue to be seamlessly processed. After we utilize the funds from our Hot and Cold wallets, we process withdrawals using funds from Binance. Therefore, crypto withdrawals for certain ERC 20 tokens on our platform, to some extent rely on funds from Binance. Until further update from Binance, crypto withdrawals for these tokens may be processed with some delay or be temporarily halted. 


What should I do as a user?

Users will not face any challenge in major cryptocurrency withdrawals. For certain ERC20 tokens, we request you to bear with us, until further notice from Binance. 


When will Crypto Withdrawals resume to normal?

As soon as there is an update from Binance, we will share the same with our users and crypto withdrawals for all affected tokens will resume to normal. 

Leave a Reply

Your email address will not be published.