Home Business Crypto Hack Worth $570 Million Hits Binance-Linked Blockchain

Crypto Hack Worth $570 Million Hits Binance-Linked Blockchain

Binance-Linked Blockchain Hit by $570 Million Crypto Hack

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. In August researcher Chainalysis said criminals increasingly targeted them, with nearly $2 billion stolen in 13 separate hacks, mostly this year.

In his tweet, Zhao said that the hackers stole about $100 million worth of cryptocurrency. BNB Chain later said in a blog post that a total of 2 million BNB cryptocurrency — about $570 million — had been withdrawn by hackers.

A Binance spokesperson said by email, the majority of BNB remains in the hacker’s digital wallet address, while approximately $100 million worth was “unsold”.

According to data site CoinGecko, the BNB chain backs BNB, formerly known as Binance Coin, which is the fifth largest token in the world with a market cap of over $45 billion.

London-based crypto blockchain researcher Elliptic told Reuters that the hacker created 2 million new BNB tokens before transferring most of the funds to other cryptocurrencies, including Tether and USD Coin.

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

BNB Chain was able to “prevent the phenomenon from spreading” by contacting “verifiers” of the blockchain – entities or individuals verifying blockchain transactions, said in its blog post. There are 44 validators in several different time zones, this has been added without elaboration.

BNB Chain, which is described by Binance as a “community-driven, open-source and decentralized ecosystem”, said it is working towards combating future hacks as well as expanding the number of validators. Will introduce a new “Governance Mechanism”.

In March, hackers stole approximately $615 million from a blockchain bridge called Ronin Bridge, one of the largest crypto robberies on record, linked to North Korean hackers by the United States.

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