Binance hacked for over $40 mln, halts all withdrawals

An hour after Binance, one of the biggest crypto currency exchanges, announced that it was hacked for over 40 million USD, the company is still not sure how extensive the breach is and whether hackers are not continuing to siphon coins out of its system.

On Wednesday Binance CEO Changpeng Zhao asked customers for forgiveness in a YouTube video, admitting that they still do not know the number of customers affected.

“We need to make sure that we eradicate any trace of the hackers in all of our accounts, in all of our data. That is a very tedious process,” Changpeng said.

At first Binance announced the theft of 7000 crypto coins in a single transaction, where hackers allegedly used viruses and phishing to breach the Binance “hot wallet”, where 2% of the exchanges’s total assets are held.