In response to the hack, founder of Tron, Justin Sun in a tweet pledged to deposit the equivalent of the stolen BTC as a show of support to Binance. Zhao said several community experts are watching every Binance wallet, adding they are also investigating all other areas of the system to ensure no stone is left unturned.
The post talks about a "large scale security breach" which was discovered by the company's security team.
"The hackers had the patience to wait and execute well-orchestrated actions through the multiple seemingly independent accounts at the most opportune time", Binance said in a statement.
The post said user funds would not be affected because the company would use its secure asset fund for users to cover the loss.
The sooner the hacking even was executed the internal alarms were executed, and Zhao stated that the exchange had actually frozen withdrawals following the discovery of the hacking.
The company said the one-time transaction was "structured in a way that passed our existing security checks".
Three days after the Binance hack, there are still discussions about whether the cryptocurrency exchange could have carried out a chain reorganization to recoup their funds. Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases.
"Tentatively, we are looking to resume withdrawals and deposits early next week". The difference between the two is that a hot wallet is a digital storage that's connected online and is used for liquidity, while a cold wallet is bitcoin stored offline.
The Binance CEO promised users there would be "a thorough security review", after conceding there "may also be additional affected accounts that have not been identified yet".
Charismatic chief executive Changpeng "CZ" Zhao quickly took to Twitter in an attempt to demonstrate full transparency and reassurance that all funds will be replaced from their burgeoning stash of Bitcoin, which has been estimated at about $2 billion. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. It's the world's largest cryptocurrency exchange, by trading volume.
First pointed out first by The Block, 6 of the addresses hold 1,060.6 BTC each while one stores 707.1 BTC. "We beg for your understanding in this hard situation".