Binance adds protection against physical threats as problems with crypto wrench attacks persist
The Block
Binance has launched a withdrawal lockdown feature to protect users from physical coercion and extortion known as wrench attacks.Summary
Binance has introduced a new security feature allowing users to impose a withdrawal lockdown period of one to seven days. This measure is specifically designed to mitigate the risk of physical coercion, commonly referred to as wrench attacks, where individuals are forced to transfer funds under duress. The move follows a significant rise in crypto-related kidnappings and extortion cases, including high-profile incidents in France, which have prompted the exchange to provide a mechanism that renders accounts temporarily immune to forced transfers.
(Source：The Block)