Manila, Philippines — BlockShoals Technologies Inc. (BlockShoals) is aware of the security incident recently disclosed by Binance and the temporary suspension of deposits and withdrawals.
This is a press release submitted to BitPinas.
According to Binance, it has taken immediate measures to contain the incident, secure affected assets, and investigate the matter in coordination with its blockchain partners and law enforcement authorities. Binance has also stated that user funds remain safe and that it will cover affected user losses through its available financial resources, including its Secure Asset Fund for Users (SAFU).
These are assurances made by Binance, and BlockShoals will continue to monitor developments and assess the findings as further information becomes available.
As an approved participant in the Securities and Exchange Commission’s (SEC) Strategic Sandbox (StratBox), BlockShoals remains focused on its own regulatory responsibilities, particularly the protection of users, operational security, and compliance with applicable SEC requirements.
BlockShoals is assessing whether the incident has any implications for its sandbox project and will coordinate with the SEC and provide relevant updates as appropriate.
We encourage the public to obtain information directly from Binance’s official channels and remain vigilant against fraudulent communications or offers to recover funds.
BlockShoals remains committed to supporting a secure, transparent, and well-regulated digital asset market in the Philippines.
We will provide further updates as warranted.
This press release is submitted to BitPinas: Statement of BlockShoals Technologies Inc.on the Binance Security Incident
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