Binance, one of the world's largest cryptocurrency exchanges, announced that it lost $40 million (7,000 Bitcoins) in a "large scale security breach." The company said that hackers accessed a hot wallet that contained about two percent of its total BTC holdings. They used phishing and viruses to obtain user data and managed to bypass security checks, preventing Binance from blocking the transaction. The company said that "no user funds will be affected," as has an emergency fund that will cover the incident "in full."