Cryptocurrency exchange Binance has reported what appears to be its largest hack to date.
In a post on the exchange’s site, Binance’s CEO Changpeng Zhao said a single account was affected, leading to the lost of 7,000 bitcoin, valued about $40 million at the current price of $5,815.
The hack comes at an inopportune time for the exchange, which is preparing for the public launch of a fully decentralized version of its services.
“We must conduct a thorough security review,” CZ wrote. “The security review will include all parts of our systems and data, which is large.”
Interestingly, CZ claims no users will be effected by the hack, and that the lost funds will be covered by the Secure Asset Fund for Users (SAFU) set up last year.
The hackers used several techniques over a long period of time, including phishing and viruses. CZ described the hackers as patient, adding that they’d executed what he called “well-orchestrated actions through multiple seemingly independent accounts at the most opportune time.”
Further review is expected to take one week, and all transactions have been frozen for the time being. A Reddit Ask Me Anything is scheduled tonight to go on as planned.