According to a report from Crypto Insider, a huge whale account on the Binance cryptocurrency exchanged has been hacked.

It was initially thought that only a single user was affected, but as more reports emerge it appears that a trading bot used by a large number of users on the Binance network may have been compromised.

Binance is reportedly investigating the issue but no announcements have been made public at the time of this report.

It has been reported that the extent of the hack is so large that Binance may have halted withdrawals temporarily until the sort through they issue.

There are rumors that Binance may reverse transactions, possibly requiring a hardfork:

At this time, though it is unclear if a trading bot or other app is to blame, we urge users to ensure they are utilizing Two Factor Authentication (2FA) to secure accounts and wallets where available. While not foolproof, 2FA requires a secondary verification code before a user, in this case a hacker, can transfer funds out of an account.

Hat tip 445 Media