Statement of BlockShoals Technologies Inc. — Update on the Binance Security Incident

This is a press release submitted to BitPinas:

Manila, Philippines — BlockShoals Technologies Inc. (BlockShoals) has reviewed the initial findings Binance published on the 29 October security incident and has obtained direct confirmation from Binance on matters affecting the Philippine public. Binance has confirmed that funds are safe, that all losses will be covered through its Secure Asset Fund for Users (SAFU) and company funds, and that no Philippine user personal information was affected.

According to Binance, it “will absorb the financial impact of the stolen funds, not its users, and has already set aside more than 100% of the funds required to cover the loss.” As of their latest report, 98% of the impacted token assets have been replenished and are verifiable on Binance’s Proof of Reserves page. Binance has also closed the entry points used in the attack, rebuilt the affected systems and revoked the related credentials. Withdrawals have been resuming in phases since 1 November, and independent cybersecurity firms are being engaged to review the incident.

Binance’s findings describe a sophisticated, multi-stage campaign that used fake recruitment interviews, malicious software and compromised internal tools to reach its wallet systems. Attacks of this kind target people as much as technology. BlockShoals will continue to hold itself and its partners to high standards of security, from internal controls to staff awareness, to protect users and investors.

Protecting users and investors is central to BlockShoals’ role in the Securities and Exchange Commission’s (SEC) Strategic Sandbox (StratBox). We are working closely with the SEC on any implications of the incident for our sandbox project and will keep the Commission updated.

Members of the public should rely on Binance’s official channels for information about the incident. We also urge everyone to stay alert to scams, including anyone offering to help recover funds.

BlockShoals remains committed to supporting a secure, transparent, and well-regulated digital asset market in the Philippines.

We will share further updates as needed.

This press release is submitted to BitPinas: Statement of BlockShoals Technologies Inc. — Update on the Binance Security Incident

What else is happening in Crypto Philippines and beyond: