Binance’s users will not affected by the hack since the crypto currency exchange would use its secure asset funds to cover the loss.

On Wednesday, in a significant development, hackers have managed to steal bitcoins worth $41 million from Binance, one of the world’s largest cryptocurrency exchanges.

The development marks the latest theft in a string of hacks involving cryptocurrency exchanges around the world.

According to a post by by Binance’s chief executive officer Zhao Changpeng on its website, 7,000 bitcoins were withdrawn by hackers using a variety of techniques, “including phishing, viruses and other attacks”.

Binance said, user funds will not be affected by the theft since Binance would use its secure asset fund for users to cover the loss.

With the news of the hack reaching the market, bitcoin’s price slumped by 4.2% in early Asian trading, although it later recovered from some of its losses.

In a tweet, Zhao said crypto exchanges, including Coinbase, have blocked deposits from addresses linked to the hack.