“We are investigating reports of some users having issues with their funds," the exchange said.
Bitcoin plunged more than 10% Wednesday morning, as low as $9,600, after rumors began to swirl on Twitter and Reddit that major cryptocurrency exchange Binance had been hacked.
Binance is one of the largest cryptocurrency exchanges in the world, with $1.77 billion worth of digital coins on its platform, according to CoinMarketCap.
"WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now," one Reddit user said. "Is it because of account getting hacked or binance bot issue?"
Other users said they had experienced a similar issue with their cryptocurrencies being sold for bitcoin.
"We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak," the exchange said in a statement. "As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised."