A blockchain connected to Binance, the world's largest cryptocurrency exchange, has been hit by a $570 million hack.

The company temporarily suspended transactions and fund transfers after discovering an exploit (a software tool designed to take advantage of a flaw in a computer system, usually for malicious purposes) a method of digital theft.

Binance initially said $100 million to $110 million in funding had been received. Since then, CNBC has reported that the crypto company has lost $570 million.

"Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Binance CEO Changpeng Zhao said in a tweet.

Bnance added that it was working to close any areas that could be compromised. "Thanks to the help of all security experts, projects and validators, the vast majority of funds remain under control."

Blockchain is the tools used to transfer cryptocurrencies between different applications. Criminals have increasingly targeted them, with an estimated $2 billion stolen in 13 separate hacks, mostly this year.

Sources: Associated Press, Reuters