Binance, the largest cryptocurrency exchange regarding trading volume, was the latest victim of major thefts this year. Reporters were informed that a Binance-linked blockchain was part of a $570 Million hack.
The company tweeted that Binance had temporarily suspended BNB Smart Chain’s blockchain network “due to irregular activities.” Friday’s tweet by Binance stated that hackers had taken two million BNB cryptocurrency tokens, Which were issued by Binance and are worth approximately $570 million.
Changpeng Zhao, Binance CEO, initially tweeted that an estimated $100,000,000 worth of crypto had been hacked. Zhao tweeted that “Your funds are secure” on Thursday night. “We are sorry for any inconvenience.”
Zhao further said on Thursday night on twitter that $100 million worth of tokens were still “unrecovered” and had been stolen by a hacker.
The hackers took out what is known as a cross-chain Bridge to steal the funds. Hackers have been increasingly targeting bridges in recent months to steal crypto assets.
Many bridge services have large reserves of different coins. According to Elliptic, a blockchain analysis firm, these coin reserves attract hackers and make blockchain bridges prime targets for heists.
According to Elliptic, $1.83 billion had been taken from bridges since August. The majority ($1.21 billion) of those thefts occurred in the past year. The largest thefts of this year include the $190 million taken from Nomad, a cryptocurrency bridge provider, in August, and Harmony. This California-based company suffered a $100 million loss in June. Axie Infinity’s Ronin Bridge hack cost $625 million in March.
This latest attack took the BNB blockchain offline for approximately nine hours. BNB posted in a company blog that it had contacted all validators of the chain to stop the incident from spreading.
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