The Binance-linked blockchain was hit by a $ 570 million cryptocurrency hack

Binance is the largest cryptocurrency exchange in the world.

London:

A blockchain linked to Binance, the world’s largest cryptocurrency exchange, was hit by a $ 570 million hack, a Binance spokesperson said Friday, the latest in a series of hacks affecting the industry. cryptocurrencies this year.

Binance CEO Changpeng Zhao said in a tweet that the tokens were stolen from a blockchain “bridge” used in the BNB chain, which until February was known as the Binance Smart Chain. Blockchain bridges are tools used to transfer cryptocurrencies between different applications.

Zhao said the hackers stole about $ 100 million worth of cryptocurrencies. BNB Chain then claimed in a blog post that a total of 2 million BNB cryptocurrency, worth around $ 570 million, has been withdrawn by the hacker.

The Binance spokesperson said in email comments that “most” of BNB remained in the hacker’s digital wallet, while approximately $ 100 million worth was not recovered.

Blockchain bridges are increasingly subject to theft, which has long plagued the cryptocurrency sector.

BNB Chain supports the BNB cryptocurrency, formerly known as Binance Coin, which is the fifth largest token in the world with a market value of around $ 46 billion, according to data from CoinGecko.

About $ 2 billion worth of cryptocurrency was stolen in 13 different bridge hacks, mostly this year, cryptocurrency analyst firm Chainalysis reported in August.

In March, hackers stole around $ 615 million from Ronin Bridge, which is used to transfer cryptocurrency into and out of the Axie Infinity game, in one of the largest cryptocurrency heists ever recorded. The United States has associated North Korean hackers with this theft.

BNB Chain suspended its blockchain for several hours before resuming around 6:30 GMT, it said in a tweet.

In its blog, BNB Chain claims that it managed to “prevent the spread of the incident” by contacting blockchain “validators” – the entities or people who verify blockchain transactions. . BNB Chain stated that there were 44 validators spread across multiple time zones, without providing further details.

BNB Chain said it will introduce a new “governance mechanism” to thwart future hacks, as well as to increase the number of validators.

On the Binance website, BNB Chain is described as a “community, open and decentralized ecosystem”.

(This story was not edited by the blogdudemocrate.org staff and is automatically generated from a syndicated feed.)

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