Binance-backed blockchain loses $100 million in latest crypto theft


In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies. 

As per billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng “CZ” Zhao, an exploit took place on a bridge connecting blockchains, but the problem is “contained now,” Zhao wrote on Twitter on Friday. 

A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down.

This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains. 

Theft of tokens valued at roughly $100 million weighs on the currency. 

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that “in all likelihood, Binance will cover any fund that the hackers get away with.”

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The BNB Chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent on Friday. 

Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business. 

The broader cryptocurrency markets welcomed the most recent events. Bitcoin’s price remained stable at roughly $20,000.

(with inputs from agencies)

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