Binance, the world’s largest cryptocurrency exchange, said on Thursday it is investigating reports of a potential security issue as its founder said the incident “does look like a hack on Binance”.

It wasn’t immediately clear the extent of the damage hackers might have been able to accomplish and Binance had not explicitly confirmed that funds had been pilfered, but stablecoin issuers quickly froze funds Thursday evening.

“Rest assured that user funds are completely safe,” a Binance spokesperson said in a statement.

“Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information,” the statement continued.

Stablecoin…