The SAFU consists of 10% fund all the trading fees that are normally absorbed by the exchange.
"Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info", Binance said in a statement, in which it described the incident as a "large scale security breach".
One of the biggest cryptocurrency exchanges, Binance, had lost 7000 Bitcoins or $40 million.
The 7,000 bitcoin were withdrawn by hackers using a variety of techniques, "including phishing, viruses and other attacks", according to a post on Binance's website by chief executive officer Zhao Changpeng. Withdrawals on the platform have been suspended, but trading is still allowed.
On the 2nd of November 2017, Bitcoin touched $6,900 for the first time but it only took Bitcoin less than 45 days for it to hit its all-time high of $20,000.
"In reality, however, virtually all of them underestimate or ignore digital risks and allocate scant resources for cybersecurity". These hot wallets are responsible for holding around 2 percent of the exchange's total bitcoin holdings.
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What's more, hackers executed well-orchestrated actions through multiple seemingly independent accounts, which duped Binance's security checks. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".
The Bitcoin withdrawal triggered alarms in Binance's internal system, and the halted withdrawals immediately after that. In message, the company has reasoned that hackers can still control some accounts and their usage may affect the prices.
The only major cryptocurrency that is in the green today is Bitcoin SV (BSV) with a 3.2% gain.
Statistics from the Wall Street Journal reveal that roughly $1.7 billion in cryptocurrency has been stolen by hackers throughout the years.
Within the past week, the bitcoin trace has surged by spherical 13.5 p.c towards the US buck, often climbing upwards despite the uncertainty spherical Tether, Bitfinex, and iFinex.
Last year bitcoins worth $950M were stolen all together in every robbery and heists across the globe where exchanges in South Korea and Japan accounted for 58% of thefts last year.