Home CryptoBinance Binance Investigates $570M Crypto Hacker

Binance Investigates $570M Crypto Hacker

by Ivy Heffernan

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.

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