Binance Suspends TROY (BSC) Deposits Over Security Concerns: What You Need to Know

The post Binance Suspends TROY (BSC) Deposits Over Security Concerns: What You Need to Know appeared first on Coinpedia Fintech News

Binance has temporarily stopped deposits for TROY (BSC) due to a potential security issue with the token’s BEP20 contract. The suspension, announced on January 2, 2025, is aimed at protecting users from risks associated with the token on the Binance Smart Chain (BSC) network. Following the news, TROY dropped 40%, currently trading at $0.0047 with a trading volume of $522. According to Binance, TROY’s project team has not given any clarification on the glitch which makes it unstable. This is also a serious security glitch giving a bad reputation to the firm.

Why the Suspension?

The decision stems from Binance’s concerns about the collateral backing the minted tokens on BSC. The exchange is actively working with the TROY project team to resolve the issue. However, the project has yet to provide enough clarity about the situation. Binance has stated that deposits for TROY (BSC) will only resume if the token is deemed safe. It also clarified that no further announcement will be made if deposits are reopened.

While deposits on BSC are paused, other services for TROY, such as deposits and withdrawals via the Ethereum network, are not affected. This ensures users can still manage their TROY assets on Ethereum without disruption.

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TROY Responds to Rumors

Amid the suspension, TROY addressed rumors about its acquisition. The project denied claims of being taken over, labeling the rumors as false. Instead, TROY revealed that it is in the process of acquiring another AI Agent project.

In a statement shared on X, TROY said,

“The rumors circulating in the market about TROY being acquired are inauthentic and not supported by any evidence. Currently, TROY is in the process of acquiring another AI Agent project. The acquisition is still ongoing.”

What’s Next?

Binance continues to work closely with the TROY team to ensure the safety of its users. Until the issue is resolved, users are encouraged to stay informed through official updates from Binance and TROY. This situation highlights the importance of security and transparency in the crypto industry, as Binance takes steps to maintain trust and protect its community.