Binance, a Cryptocurrency exchange has announced that the exchange has been under attack by hackers who could be able to obtain a large number of user API keys, 2FA codes, and potentially other info.

With this security breach, hackers had withdrawn 7,000 BTC in one transaction.

While 7,000 BTC is worth about 40 million USD and is certainly a large amount of fund, Binance ensures that the incident had impacted Binance’s BTC hot wallet only and other wallets are secure and unharmed.

Binance also mentioned that their hot wallet only dominates 2% of their total BTC holdings.

No users’ funds are affected by this incident

Although the hackers’ attack had withdrawn a large amount of BTC, Binance has ensured that the company will use the SAFU (Secure Asset Fund for Users) fund to cover this incident in full, thus no user funds will be affected.

For now, all deposits and withdrawal are suspended, as Binance needs to conduct a thorough security review.

The security review will include all parts of their systems and data and it may take about 1 week.

Binance will continue to post the update on the official website.

Binance Official Website