Binance has been hacked and over $100 million unrecovered
The CEO of the world’s largest cryptocurrency exchange has said Binance may have lost over $100 million as a result of a hack of its Binance Smart Chain blockchain network.
Changpeng Zhao revealed this Friday, adding, “the issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly”.
Binance post on reddit noted that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.
How Binance was hacked
Our Correspondence gathered that two million of the cryptocurrency BNB, worth around $570 million, was stolen from a blockchain “bridge,” which was known as Binance Smart Chain until February.
Binance spokesperson said that the majority of stolen token remained in the hacker’s digital wallet address, while about $100 million worth was “unrecovered”.
Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.
According to report, there’s increasing hacking of crypto networks. For example in August Nomad was struck, with media reports saying it lost nearly $200 million and Harmony lost about $100 million in a hack in June. The trend is unbecoming of a thriving digital finance market.