The hackers utilized various techniques including phishing and viruses to acquire a large quantity of data, CEO Zhao Changpeng stated in a blog post on the company’s website.
Binance, the world’s biggest cryptocurrency exchange by trading volume, mentioned that the cybercrime affected around 2% of its total bitcoin holdings.
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,”
Binance stated that its Secure Asset Fund For Users (SAFU), an emergency insurance fund, will cover lost funds.
After talking with several parties, Zhao has stated that the company will not proceed to pursue a rollback of the bitcoin blockchain.
On Twitter, Zhao also emphasized that “While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds.”