Binance has $570 million of BNB tokens stolen in crypto hack
Nearly 2 million BNB tokens amounting to $570 million were taken during a recent cross-chain bridge hack.
Cryptocurrency exchange Binance is currently dealing with the aftermath of a massive hack, with the company confirming that a cross-chain bridge linking its BNB Chain was targeted on Thursday. With this cross-chain bridge exploit, hackers were able to move a substantial amount of BNB tokens off-network. Thus far, a reported 2 million BNB tokens were withdrawn which amounts to approximately $570 million based on current token prices.
To prevent further losses, Binance has been working with network validators to suspend the creation of new blocks on BSC, along with suspending all transaction processing in order to give a team of developers room to investigate the hack. According to a Binance spokesperson in a statement made to CNBC, the company presently has 26 active validators, with 44 total across various time zones.
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC,” tweeted Binance CEO, Changpeng Zhao. “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”
It’s noted in reports from outlets like CNBC that BNB Chain has since resumed operations. Elaborating further on what happened in a blog post, the Binance team echoes what Changpeng Zhao tweeted in assuring that the “vast majority of the funds remain under control.”
As a result of the hack, the value of BNB dropped over 3 percent on Friday to $285.36 a coin according to CoinMarketCap. For more on the Binance hack, be sure to read through the full report from CNBC, and check out some of our previous coverage including Congress asking Binance alongside other digital asset exchange companies like Coinbase and FTX for additional info on the over $1 billion in crypto fraud that it’s investigating.
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Shacknews
replyMorgan Shaver posted a new article, Binance has $570 million of BNB tokens stolen in crypto hack
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Binance, the world’s biggest cryptocurrency exchange, confirmed on Friday that $570 million had been stolen in a hack of a blockchain it runs that serves as a bridge for asset transfers between networks.
https://twitter.com/nytimes/status/1578437514372829192
https://youtu.be/_asNhzXq72w
Wondering when the last time someone hacked and stole my ETFs.-
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The fact that so many crypto exchanges have been hit with such massive thefts should be all the proof anyone needs that they're garbage.
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Ultimately it's centrally de-centralized.
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The Wild fucking West.
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Crypto is definitely the currency of the future
Cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token.
https://www.cnbc.com/2022/10/07/more-than-100-million-worth-of-binances-bnb-token-stolen-in-another-major-crypto-hack.html-
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It's code for "I'm full of shit".
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