World’s Largest Crypto Exchange Hit By $570 Million Hack
A blockchain linked to Binance which is the world’s largest crypto exchange, has been hit by a $570 million hack, according to a Binance spokesperson.
In a tweet, Binance CEO Changpeng Zhao revealed that tokens were stolen from a blockchain bridge used in the BNB. The chain was formerly known as Binance Smart Chain until Friday.
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Blockchain bridges are tools used to transfer cryptocurrencies between different applications. Criminals have increasingly targeted them, with some $2 billion stolen in 13 different hacks, mostly this year, researcher Chainalysis said in August.
“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Binance’s CEO, Changpeng Zhao, said in a tweet.
According to the CEO, the hackers stole $100 million worth of Crypto and later confirmed that a total of 2 million of the BNB cryptocurrency – worth around $570 million – was withdrawn by the hacker.
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The majority of the BNB remained in the hacker’s digital wallet address, while about $100 million worth was “unrecovered,” the Binance spokesperson said by email.
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Last year Binance said that it was time for global regulators to establish rules for crypto markets.
The company acknowledged at the time that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.