Binance said an initial investigation suggested that a hacker had been able to make unauthorised transactions after gaining access to an engineer’s compromised laptop.

The company said it would cover all losses, adding that user funds were “safe”.

“Our teams are working around the clock to resolve this issue safely and thoroughly,” Binance said in a statement to Al Jazeera.

“We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.”

The company added that it would share a “detailed” technical post-mortem once investigations were complete.

Changpeng Zhao, Binance’s founder and largest shareholder, said earlier that the exchange appeared to have been hacked.