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Solana privacy protocol Privacy Cash pauses deposits after Binance hack

Solana-based privacy protocol Privacy Cash has temporarily suspended deposits following a recent hack targeting Binance, aiming to prevent illicit actors from using the tool while it upgrades wallet screening.

Screenshot of a social media post by Privacy Cash announcing a temporary pause on deposits following a recent Binance hack.
Image: @SolanaFloor

Solana privacy protocol Privacy Cash announced that it has temporarily paused deposits in the wake of a recent hack involving cryptocurrency exchange Binance. According to a statement posted by the protocol, the measure is intended to ensure bad actors cannot use the product to route funds.[1][2][3]

Privacy Cash said it will use the pause to continue strengthening its wallet screening system. Withdrawals remain active for existing users, and the project noted that it will share updates on when deposit services are scheduled to resume. Emphasizing its stance on illicit finance, the team wrote, "Privacy is for everyone, but not for criminals."[1][3]

Key facts

  • Solana privacy protocol Privacy Cash announced a temporary pause on deposits.
  • The protocol enacted the pause in response to a recent hack targeting Binance to stop bad actors from using the platform.
  • Privacy Cash plans to strengthen its wallet screening system during the deposit suspension.
  • User withdrawals remain operational throughout the pause.
  • Privacy Cash stated that updates will follow regarding when deposit functionality will resume.

Sources 路 3 sources

  1. DN

    DEGEN NEWS@DegenerateNewsPost on X 路

    NEW: @solana PRIVACY PROTOCOL @theprivacycash PAUSES DEPOSITS AFTER @binance HACK SAYS IT WANTS "TO MAKE SURE BAD ACTORS CAN'T USE OUR PRODUCT" WHILE IT STRENGTHENS ITS WALLET SCREENING WITHDRAWALS REMAIN AVAILABLE "PRIVACY IS FOR EVERYONE, BUT NOT FOR CRIMINALS" https://t.co/Rjvb3EGTJz

    Open source
  2. SI

    Solid Intel 馃摗@solidintel_xPost on X 路

    INTEL: Privacy Cash pauses deposits to block stolen Binance funds from entering its protocol

    Open source
  3. SO

    SolanaFloor@SolanaFloorPost on X 路

    NEW: @theprivacycash says it is temporarily pausing deposits following the @Binance hack to prevent criminals from using the service while it strengthens wallet screening. Withdrawals remain available. https://t.co/Ic7LsfBTE8

    Open source