On May 7, 2019, Binance revealed that it was the victim of a "widespread security breach" in which hackers stole 7,000 Bitcoins worth approximately $40 million at that time. The company's CEO Changpeng Zhao stated that the hackers "used a variety of techniques, including phishing, viruses, and other attacks" and organized their transactions "in a way that passed our current security checks." Binance halted additional withdrawals and deposits but allowed forms of trading. The site pledged to compensate customers through its secure asset fund.