Binance has temporarily suspended deposits for TROY (BSC) due to a potential security issue with the token's BEP20 contract. The suspension, announced on January 2, 2025, aims to protect users from risks associated with tokens on the Binance Smart Chain (BSC) network.

Following this news, TROY dropped 40%, currently trading at $0.0047 with a trading volume of $522. According to Binance, the TROY project team has not provided any explanations for the error that caused instability. This is also a serious security flaw that negatively affects the company's reputation.

Why was it suspended?

This decision stems from Binance's concerns about the collateral backing the tokens minted on BSC. The exchange is actively working with the TROY project team to address the issue. However, the project has not yet provided sufficient clear information about the situation. Binance has stated that deposits for TROY (BSC) will only continue if the token is deemed safe. Binance also clarified that there will be no further announcements if deposits are reopened.

While deposits on BSC are suspended, other services for TROY, such as deposits and withdrawals via the Ethereum network, are unaffected. This ensures that users can still manage their TROY assets on Ethereum without interruption.

TROY responds to rumors

Amid the suspension, TROY addressed rumors about its acquisition. The project has denied takeover claims, labeling the rumors as false. Instead, TROY revealed that they are 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 unsubstantiated and there is no evidence to support them. 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 user safety. Until the issue is resolved, users are encouraged to stay updated with official information from Binance and TROY. This situation underscores the importance of security and transparency in the cryptocurrency industry, as Binance takes steps to maintain trust and protect its community.