Home Business Binance-Linked Blockchain Hit by $570 Million Crypto Hack

Binance-Linked Blockchain Hit by $570 Million Crypto Hack

Binance is the largest crypto exchange in the world.

London:

A blockchain linked to the world’s largest crypto exchange, Binance, has been hit by a $570 million hack, the latest in a series of hacks to hit the crypto sector this year, a Binance spokesperson said on Friday. .

Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from the blockchain “Bridge” used in the BNB chain, which was known as Binance Smart Chain until February. Blockchain bridges are tools used to transfer cryptocurrencies between different applications.

Zhao said the hackers stole about $100 million worth of cryptocurrency. The BNB chain later said in a blog post that a total of 2 million cryptocurrency BNB – about $570 million – had been withdrawn by hackers.

A Binance spokesperson said in emailed comments that “most” of BNB remained in the hacker’s digital wallet address, while about $100 million worth was “unveiled”.

Blockchain bridges have increasingly become targets of thefts that have plagued the crypto sector for a long time.

According to data from CoinGecko, BNB Chain supports the BNB cryptocurrency, formerly known as Binance Coin, which is the fifth largest token in the world with a market cap of approximately $46 billion.

Crypto analytics firm Chainalysis said in August that nearly $2 billion worth of cryptocurrency has been stolen in 13 different Bridge hacks, mostly this year.

In March, hackers stole approximately $615 million from Ronin Bridge, which was used to transfer crypto in and out of the game to the game Axi Infinity, one of the largest crypto robberies on record. The United States linked the theft to North Korean hackers.

BNB Chain suspended its blockchain for several hours before restarting at around 0630 GMT, it said in a tweet.

It said in its blog post that BNB Chain was able to “prevent the phenomenon from spreading” by contacting “verifiers” of the blockchain – the entities or individuals verifying blockchain transactions. Without giving further details, BNB Chain said that there are 44 validators in several different time zones.

BNB Chain said it will introduce a new “governance mechanism” to combat future hacks as well as expand the number of validators.

On the Binance website, BNB Chain is described as a “community-driven, open-source and decentralized ecosystem”.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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