Binance adds Withdraw Protection to freeze on-chain withdrawals for 1 to 7 days and block forced crypto transfers.
Binance has added a Withdraw Protection feature aimed at blocking forced crypto transfers made under physical threat.
The tool freezes on-chain withdrawals for a chosen period, while account access and trading functions remain active.
The feature addresses so-called wrench attacks, where victims are pressured in person to move digital assets.
Binance’s Withdraw Protection lets users freeze on-chain withdrawals for one to seven days. Once active, crypto cannot leave the account during that window.
The feature is designed for cases where the account owner is forced to approve a transfer. In such cases, normal security tools may not stop the movement of funds.
Binance Just Shipped A Feature That Could've Saved Millions In Stolen Crypto.
It Has Nothing To Do With Hackers, Phishing, Or SIM Swaps.
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1⃣ Wrench Attacks
Someone Walks Up To You In Real Life. Puts You… pic.twitter.com/xyu2Wt7RvQ
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Two-factor authentication, passkeys, and withdrawal whitelists can help against online attacks. But they may not help when the user is under direct pressure.
The new tool blocks withdrawals even when the account holder tries to approve them. By default, the lockdown cannot be ended early.
Forced crypto transfers have become a growing concern across the digital asset sector. These attacks are often called wrench attacks.
In such cases, attackers target the person instead of the wallet. They may use threats, kidnapping, robbery, or home invasion to force transfers.
Reports of physical attacks linked to crypto wealth have appeared in several regions. Cases have been reported in France, Dubai, New York, India, Pakistan, and Argentina.
According to the shared feature description, support cannot override the default lock. The user also cannot remove it early unless another setting is enabled.
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Withdraw Protection does not fully freeze a Binance account. Users can still access key account functions during the protection window.
Spot trading remains available, and futures positions can still be managed. Users can also view portfolios, track profit and loss, and access the account.
The restriction applies only to on-chain withdrawals. This means users can monitor markets while funds remain locked from external movement.
Binance also includes an optional early unlock setting. Users who want flexibility can turn on “Allow Early Unlock.”
With that setting enabled, users may end the freeze using a security key, authenticator app, or extra phone and email checks.
The post Binance Adds Withdraw Protection to Block Forced Crypto Transfers Under Threat appeared first on Live Bitcoin News.
