After rumours started floating on social networks on Wednesday that Binance cryptocurrency exchange has been hacked, the exchange has issued an official statement assuring customers that all funds are safe.

A Reddit user on Wednesday wrote: “Binance just sold all my alts at market rate and I have got just the Bitcoin now. Is it because of account getting hacked or binance bot issue? Have raised a ticket 715903 for this.”

Soon after, Binance temporarily disabled all withdrawals and said that it is investigating the reports, but added that there was no evidence of the Binance platform being compromised. Binance has also published a summary of the events in an online post:

“On Mar 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity. Our automatic risk management system was triggered, and all withdrawals were halted immediately. This was part of a large scale phishing and stealing attempt. So far: All funds are safe and no funds have been stolen.”

Binance said that the hackers gathered the credentials of user accounts over a long period of time with earliest phishing attack likely to have dated back to early January.

“The hackers were well organized. They were patient enough to not take any immediate action, and waited for the most opportune moment to act. They also selected VIA, a coin with smaller liquidity, to maximize their own gains,” Binance said. “After a thorough security check by Binance, we resumed withdrawals. Trading functionality was never affected. There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades.”