Paxos froze 1,906.67 PAXG tokens in response to a Binance security breach.
Security & Exploits ·
Paxos froze 1,906.67 PAXG tokens held in a specific wallet address following reports of a security incident at Binance. The stablecoin issuer conducted its own blockchain investigation to confirm that tokens had been moved from Binance to an address associated with the suspected attacker, prompting the action.
Paxos stated that its own systems were not impacted by the breach and that reserves backing PAXG, PYUSD, and USDG remain fully intact, with redemptions continuing to operate normally. The freeze represents a common response by stablecoin issuers to prevent stolen assets from being transferred or liquidated.
Details about the extent of the Binance breach, the methods used by the attacker, and whether additional tokens or assets were compromised remain unclear. Paxos indicated the situation is evolving and said it will coordinate with law enforcement and regulators as the incident unfolds.