Hackers stole cryptocurrency valued at about $100 million from a blockchain that is connected to Binance, according to a tweet from Binance CEO Changpeng Zhao on Friday.
Binance, a cryptocurrency exchange, momentarily shut down its blockchain network after thieves stole BNB tokens valued about $570 million.
Also, late on Thursday, Binance reported that a cross-chain bridge connecting with its BNB Chain had been compromised, allowing hackers to remove BNB coins from the network. Tools that enable the movement of tokens from one blockchain to another are known as cross-chain bridges.
While a team of developers looks into the incident, the business claimed it had collaborated with transaction validators to freeze the production of new blocks on BSC and suspend all transaction processing.
By trading volume, Binance is the biggest cryptocurrency exchange in the world.
“Extra BNB were produced as a result of an exploit on the BSC Token Hub cross-chain bridge. The BSC has been temporarily suspended, we have requested”, stated Changpeng Zhao, CEO of Binance, in a tweet on Thursday night.
“The problem is now under control. Your money is secure. We apologise for the inconvenience and will inform you as necessary”.
Since then, BNB Chain has resumed operations.
Nevertheless, two million BNB tokens in all, or $570 million at today’s rates, were stolen from the network by hackers, according to a blog post published on Friday by Binance’s BNB Chain.
According to BNB Chain, the exploit was made possible “via a smart forging of the low level proof into one common library.”
In addition, the total amount removed, according to an earlier estimate from the corporation, was between $100 million and $110 million.
Moreover, with the assistance of its security partners, the company claimed to have been able to freeze $7 million in assets.
Regarding data from CoinMarketCap, the price of BNB dropped by more than 3% on Friday morning to $285.36 per coin.
