It's been a hectic 24 hours for Binance CEO's, CZ. "A rough day," he admitted to viewers during his live ask-me-anything (AMA) session early this morning, after a chat-user pointed out he looked "exhausted" amid the chaos of a security breach.

But despite his sleep deprivation, CZ offered AMA viewers updates on the hack itself alongside some other big news.

Here's the breakdown:

On the 7070 BTC hack (1.00-7.00)



As noted in Binance's initial blog, the theft was the result of a very "advanced, persistent hacking effort."



The $40 million worth of funds lost will be covered, so any affected users will be reimbursed *



He said the priority now is to rebuild the system and trace any remaining residue left by the hackers



No deposits or withdrawals will be accepted until they are satisfied the system has been secured, which may take up to a week



He advised users to change their 2FA logins as a precaution



He said it was an "unfortunate incident but it is what it is", pledging transparency in the resolution process



On margin trading (15.15-16.00)



A margin trading system is rolling out "very soon," and is now in testing phase with large traders



The platform will have a "gradual" role out



They are now ironing out any potential "bugs"



On a future stablecoin



He said there are "a few different proposals and plans" in motion around stablecoin listings following a series of internal discussions



It is "likely something may happen there"



But he added they could not commit to anything just yet



On The Launchpad timeline



CZ confirmed they had selected a shortlist of Launchpad candidates and were now choosing the final candidate, to be announced "hopefully" this month



It may be delayed by one week due to the hack, with efforts concentrated o



The project will continue on the same format as last time



On Binance Chain



He mentioned Binance Chain (their native blockchain) was unlikely to migrate to Proof of Stake soon, but added they had not thought much about governance or validator issues yet - focused on boosting adoption first



He also said projects seeking to get listed on Binance would have an "easy" time if they've already issued tokens on Binance Chain



Binance Chain would eventually be open-source, along with their DEX mode, once they have momentum



Elsewhere...



CZ also confirmed Binance was working on Argentina being the next fiat roll-out, following the recent launch in Singapore



Binance are in discussions about a credit card partnership, but CZ said he was not directly involved there



The exchange is not looking into acting as a banking business



* In the AMA, CZ discussed reorganising the bitcoin network to recover the funds, but he has since dismissed this option, confirming Binance will recover the funds from their own insurance fund.