Paxos said public reports earlier in the day indicated that Binance had been affected by a security incident, and blockchain analysis showed that PAXG held on the exchange had been moved to a wallet believed to be linked to the attacker. After conducting its own on-chain investigation and confirming the reports, Paxos said it froze 1,906.67 PAXG in wallet address 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c. The company added that its own systems were not affected by the incident. Paxos also said reserves backing PAXG, PYUSD and USDG remain fully intact, and redemptions are continuing to operate normally. The issuer said it will provide updates as more details become available.
Paxos, the issuer of stablecoins and wrapped tokens, said public reports earlier in the day showed that Binance had been affected by a security incident.
In a social media post, Paxos said blockchain analysis found that PAXG tokens held on Binance were transferred to a wallet believed to be associated with the attacker. After confirming the reports through its own blockchain investigation, the company said it froze 1,906.67 PAXG in wallet 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c.
Paxos said its own systems were not impacted. It also said reserves backing PAXG, PYUSD and USDG remain fully intact, while redemptions continue to function normally. The company said it will share updates as additional details are disclosed.
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