Binance, one of the world’s largest cryptocurrency exchanges, said hackers withdrew 7,000 Bitcoin worth about $40 million via a single transaction.

The company said it discovered a large scale security breach today, May 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet, according to Binance.

The hackers were able to withdraw 7000 BTC by targetting a single transaction, Binance said. The company's BTC hot wallet was affected (which contained about 2% of Binance's total BTC holdings). All of the company's other wallets are secure.

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

The company estimates the security review will take a week, during which time all deposits and withdrawals will remain suspended, while trading will continue to be enabled to allow investors to adjust their positions.