Binance Investigates $570M Crypto Hacker
CEO Changpeng Zhao told CNBC, that the BNB Chain was able to prevent around 80% to 90% of the targeted funds from being taken by the hacker.
Some tips on the attack were reported and authorities are narrowing down the individuals that may be involved.
The tokens hacked were Binance's BNB tokens, stolen during cross chain bridge transfers. This is a popular method for hackers to steal tokens, becuase of the issues with code and the low security placed on these bridges. It has become a hacker hospot.
Activity on the BNB blockchain network was paused to reduce the amount of tokens the hackers had access too.
Regarding the $570 Million, “The blockchain was able to freeze about 80% to 90% of it, so the actual loss of it was much smaller,” - said Changpeng Zhao.
Binance burns tokens quarterly to fight against inflation, the 21st quarterly burn has recendly been completed and covers for the amount hacked, the recent burn took 2,065,152.42 BNB, worth over $549 million at current prices, off the market.
BVNK: The $1.8 Billion Stablecoin Deal Reshaping Global Payments
Larry Fink Called It. CME Just Made It Real. The Compute Futures Market Has Arrived
The Quantum-AI Convergence Is Real. The Quantum Stocks Aren't the Trade.
Saudi Arabia Climbs to 2nd in G20 ICT Regulatory Index
Every story, signed and delivered.
Subscribe to the kxco channel and get the headline, the AI-written key takeaways, and the chain-anchor link the moment we publish. Audio versions and per-ticker subscriptions arrive in the next iteration.