According to a Binance spokesperson, a blockchain linked to Binance, the largest cryptocurrency exchange in the world, was hacked for $570million. This is just the latest in a string of hacks that have hit the cryptocurrency sector this year.
Changpeng Zhao, Binance CEO, tweeted that tokens were stolen from a blockchain bridge used in the BNB Chain. This was previously known as the Binance Smart Chain.
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Blockchain bridges allow for the easy transfer of bitcoins between applications. Chainalysis, a researcher, reported in August that criminals were increasingly targeting cryptocurrencies. They took $2 billion in 13 attacks. The majority of these attacks occurred this year.
Related: Binance Australia’s CEO boosts consumer safeguards.
Zhao claims that the hackers stole approximately $100 million in cryptocurrency. BNB Chain revealed that the hacker drew 2 million BNB tokens worth approximately $570 million in a subsequent blog post.
According to an email sent by a Binance representative, the majority of BNB was still in the hacker’s digital wallet address. However, approximately $100 million had been “unrecovered”.
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BNB Chain supports Binance Coin (formerly Binance Coin), which CoinGecko rates as the fifth-largest currency in the world with a market capitalization around $45 billion.
Elliptic, a London-based blockchain researcher, said that the hacker had created two million more BNB tokens and transferred the bulk of the funds to other cryptocurrency, like USD Coin and Tether.
A tweet claims that BNB Chain suspended its blockchain operations for several hours, before restoring operations at 06:30 GMT.
Related: Is Binance’s use of LUNC a result of the power of social media?
BNB Chain was able stop the problem spreading by notifying blockchain’s validators – the individuals or businesses responsible for verifying transactions on the blockchain, according to a blog posting. Without further explanation, it stated that there were 44 validators across multiple time zones.
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Binance described BNB Chain as a “community driven, open-sourced, and decentralized ecosystem.” Binance said that it would create a new “governance system” and increase the number validators to stop future attacks.
Hackers stole $615 million from Ronin Bridge in March. This was a crypto-heist that the United States connected to North Korean hackers.
Related: Binance stops transactions after a hack, and the price of BNB goes down.
