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$100 Million of Binance Coin Stolen From Another Crypto Hack

Updated: Oct 10, 2022

It has already been quite a turbulent year for crypto, but another incident has set another digital coin tumbling after a hack. Binance, the world's biggest crypto exchange, apparently had about $100 million worth of Binance Coin (BNB) stolen.

According to Binance co-founder Changpeng “CZ” Zhao, the hack was possible through an exploit via a bridge between blockchains. Zhao assured that the issue is now "contained" and that users' funds are safe.

A spokesperson for Binance-backed blockchain BNB Chain told Bloomberg that the actors behind the incident managed to haul away between $100 million to $110 million worth of digital tokens. However, they have since frozen at least $7 million of the stolen funds.

The bridge in question is BSC Token Hub, which has been temporarily suspended because of the exploit. BNB Chain added that it is working with security services to further freeze transfers of stolen funds. Regarding any victims of the hack, Zhao said that Binance will most likely "cover any fund that the hackers get away with".

Following the incident, the BNB cryptocurrency fell in value by as much as 3.3%. Overall, it has been reported that over $2 billion have been lost this year alone through crypto hacks, often by groups linked to North Korea. The crypto sector as a whole has had a whopping $2 trillion wiped off the value of digital assets.

  • Crypto exchange Binance got over $100 million worth of Binance Coin stolen through a hack.

  • The exploit was done through a bridge called BSC Token Hub, which has since been suspended.

  • At least $7 million of the stolen funds have been frozen, with Binance promising to cover any funds that the hackers get away with.

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