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Binance has $570 million of BNB tokens stolen in crypto hack

Nearly 2 million BNB tokens amounting to $570 million were taken during a recent cross-chain bridge hack.

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Cryptocurrency exchange Binance is currently dealing with the aftermath of a massive hack, with the company confirming that a cross-chain bridge linking its BNB Chain was targeted on Thursday. With this cross-chain bridge exploit, hackers were able to move a substantial amount of BNB tokens off-network. Thus far, a reported 2 million BNB tokens were withdrawn which amounts to approximately $570 million based on current token prices.

To prevent further losses, Binance has been working with network validators to suspend the creation of new blocks on BSC, along with suspending all transaction processing in order to give a team of developers room to investigate the hack. According to a Binance spokesperson in a statement made to CNBC, the company presently has 26 active validators, with 44 total across various time zones.

Binance name and logo on a yellow background.
© Binance

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC,” tweeted Binance CEO, Changpeng Zhao. “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”

It’s noted in reports from outlets like CNBC that BNB Chain has since resumed operations. Elaborating further on what happened in a blog post, the Binance team echoes what Changpeng Zhao tweeted in assuring that the “vast majority of the funds remain under control.”

BNB token value as of October 7, 2022 from CoinMarketCap showing the current price at $282.91.
© CoinMarketCap

As a result of the hack, the value of BNB dropped over 3 percent on Friday to $285.36 a coin according to CoinMarketCap. For more on the Binance hack, be sure to read through the full report from CNBC, and check out some of our previous coverage including Congress asking Binance alongside other digital asset exchange companies like Coinbase and FTX for additional info on the over $1 billion in crypto fraud that it’s investigating.

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

From The Chatty
  • reply
    October 7, 2022 1:15 PM

    Morgan Shaver posted a new article, Binance has $570 million of BNB tokens stolen in crypto hack

    • reply
      October 7, 2022 12:31 PM

      Binance, the world’s biggest cryptocurrency exchange, confirmed on Friday that $570 million had been stolen in a hack of a blockchain it runs that serves as a bridge for asset transfers between networks.
      https://twitter.com/nytimes/status/1578437514372829192

      https://youtu.be/_asNhzXq72w

      Wondering when the last time someone hacked and stole my ETFs.

      • reply
        October 7, 2022 12:45 PM

        I got sick of arguing with a few cryptobro friends about this shit. The ol' "blockchain is secure" argument completely falls apart once you admit to yourself that the blockchain is just one part of the system. All the handwaving and excuses can't explain why the whole deal is rife with fraud and theft.

        https://www.cnbc.com/2022/08/10/hackers-have-stolen-1point4-billion-this-year-using-crypto-bridges.html

        • reply
          October 7, 2022 2:21 PM

          The fact that so many crypto exchanges have been hit with such massive thefts should be all the proof anyone needs that they're garbage.

          • reply
            October 7, 2022 2:27 PM

            It's difficult to have a rational discussion with the crypto zealots due to the vested interest in it.

            The idea of a decentralized currency is great but the practical application of it sucks so far.

            • reply
              October 7, 2022 3:20 PM

              Ultimately it's centrally de-centralized.

              • reply
                October 7, 2022 4:18 PM

                That's exactly how it gets fucked. It's like what happened with TOR/exit nodes when the feds decided to go after Silk Road.

            • reply
              October 7, 2022 4:14 PM

              I keep my bitcoin in my walls and buried in the backyard just like my dad before me and his father before him.

      • reply
        October 7, 2022 3:24 PM

        The Wild fucking West.

      • reply
        October 7, 2022 4:10 PM

        Probably some kind of bridge troll

      • reply
        October 10, 2022 7:24 PM

        Investment fraud is growing hugely and I advice the public to stay away from these fraudulent companies. For those who are victims to this scams like myself, I strongly recommend you to approach an Pro asset recovery. I invested almost $270000 and was unable to get my hard earn money back from an unregulated company that kept demanding for more deposits. Proasetrecoveryexpert has successfully recovered investment for their clients. I have hired them as well and they did not disappoint, they recovered all of my money at no upfront cost. If you are also a victim,
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    • reply
      October 7, 2022 1:58 PM

      Crypto is definitely the currency of the future

      Cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token.

      https://www.cnbc.com/2022/10/07/more-than-100-million-worth-of-binances-bnb-token-stolen-in-another-major-crypto-hack.html

      • reply
        October 7, 2022 1:59 PM

        So secure wow

      • reply
        October 7, 2022 2:07 PM

        CRYPTO IS A PEACEFUL REVOLUTION HIDING IN PLAIN SIGHT

        was on a billboard in Austin that I used to pass every day. What does that even mean?

    • rms legacy 10 years legacy 20 years mercury super mega
      reply
      October 7, 2022 3:23 PM

      So did this all go directly to russia

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