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A $570 Million Cryptocurrency Hack Has Hit The Binance-Linked Blockchain

A $570 Million Cryptocurrency Hack Has Hit The Binance-Linked Blockchain
A blockchain connected to Binance, the world's largest crypto exchange, has been hit by a $570 million hack, according to a Binance spokesperson on Friday, the latest in a series of crypto sector hacks this year.
Binance CEO Changpeng Zhao stated in a tweet that tokens were stolen from a blockchain "bridge" used in the BNB Chain, which was known as Binance Smart Chain until February.
Blockchain bridges are tools for transferring cryptocurrencies between applications. According to researcher Chainalysis, criminals have increasingly targeted them, with $2 billion stolen in 13 different hacks, mostly this year.
According to Zhao's tweet, the hackers stole approximately $100 million in cryptocurrency.
BNB Chain later stated in a blog post that the hacker withdrawn a total of 2 million BNB cryptocurrency worth approximately $570 million.
The majority of the BNB remained in the hacker's digital wallet address, while approximately $100 million was "unrecovered," according to a Binance spokesperson via email.
According to data site CoinGecko, BNB Chain supports BNB, formerly known as Binance Coin, which is the world's fifth-largest token with a market value of more than $45 billion.
According to Elliptic, a London-based crypto blockchain researcher, the hacker created 2 million new BNB tokens before transferring the majority of the funds to other cryptocurrencies such as Tether and USD Coin.
BNB Chain's blockchain was suspended for several hours before resuming around 0630 GMT, according to a tweet.
According to the blog post, BNB Chain was "able to stop the incident from spreading" by contacting the blockchain's "validators," which are entities or individuals who verify blockchain transactions. It added, without elaborating, that there are 44 validators spread across multiple time zones.
Binance described BNB Chain as a "community-driven, open-sourced, and decentralized ecosystem," and said it would implement a new "governance mechanism" and increase the number of validators to combat future hacks.
In March, hackers stole $615 million from the Ronin Bridge blockchain bridge, in one of the largest crypto heists on record, which the US linked to North Korean hackers.

Christopher J. Mitchell

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