Binance Introduces Withdraw Protection Amid Rising Crypto Wrench Attacks
- Binance launched ‘Withdraw Protection’ on May 4, allowing users to block outgoing transfers for up to seven days.
- Physical coercion attacks on crypto holders rose by 75% in 2025, according to Certik.
- France recorded a total of 47 crypto wrench attacks in the first part of 2026, with authorities charging 88 suspects, including minors.
- The new feature from Binance allows account access and trading but blocks outgoing crypto transfers during the protection period.
- Paris prosecutors have been actively cracking down on organized crypto theft rings in response to these incidents.
The introduction of Withdraw Protection by Binance aims to enhance user security amid a surge in physical coercion attacks targeting crypto holders globally. This protective measure enables users to temporarily halt outgoing transactions, offering an added layer of security during a period when such attacks are increasingly common.
With France emerging as a hotspot for these incidents, recording one attack every few days this year, the need for enhanced security measures like those introduced by Binance is more critical than ever. (Source)
