Binance Temporarily Stops Deposits and Withdrawals for Elrond Network

Binance: Cryptocurrency exchange Binance has announced that it has temporarily suspended deposits and withdrawals on its Elrond (EGLD) network due to a potential security issue.

The following 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.”

Statement from Elrond

Elrond had been attacked the previous day, resulting in a drastic drop in EGLD. The team announced that they have implemented the relevant rescue plan. However, CEO Beniamin Mincu stated that they are working with exchanges such as Binance to re-enable withdrawals and deposits.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.