It was reported that Binance hackers breached its security system on Tuesday at 17:15:24 (UTC), obtaining a large number of user API keys, 2FA codes, and potentially other information.
During an AMA session, Zhao apologized for the hack and for having to shut down withdrawals.
He also said that the system upgrades that will need to take place this week would stop trading.
“Unfortunately, before we finish that, we will not be able to release withdrawals or accept deposits. We just want to make sure everything is safe. Because we have a very large set of data and system architecture, we estimate it will take about a week.”
CZ said that the attack was a really sophisticated one and it targeted a vast number of accounts.
What can you do?
According to Zhao, Binance users should reset the 2FA security settings on their accounts.