Binance-linked blockchain hit by $570 million crypto hack

[ 1/3 ] A logo of Binance is seen at its booth, at the Viva Technology conference dedicated to initiation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier/File Photo

LONDON, Oct 7 ( Reuters ) – A blockchain linked to Binance, the worldly concern ‘s largest crypto switch over, has been hit by a $ 570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year. Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain “ bridge ” used in the BNB Chain, known until February as Binance Smart Chain. Blockchain bridges are tools used to transfer cryptocurrencies between different applications. Criminals have increasingly targeted them, with some $ 2 billion stolen in 13 different hacks, by and large this year, researcher Chainalysis said in August.

The hackers stole around $ 100 million deserving of crypto, Zhao said in his pinch. BNB Chain later said in a blog post that a total of 2 million of the BNB cryptocurrency – worth around $ 570 million – was withdrawn by the hack. The majority of the BNB remained in the hacker ‘s digital wallet address, while about $ 100 million deserving was “ unrecovered, ” the Binance spokesperson said by e-mail. BNB Chain supports BNB, once known as Binance Coin, which is the world ‘s fifth-largest nominal with a market value of over $ 45 billion, according to data web site CoinGecko. Elliptic, a London-based crypto blockchain research worker, told Reuters that the hack had minted 2 million new BNB tokens before transferring most of the funds to other cryptocurrencies including Tether and USD Coin. BNB Chain suspended its blockchain for several hours before resuming at around 0630 GMT, it said in a tweet. BNB Chain was “ able to stop the incident from spreading ” by contacting the blockchain ‘s “ validators, ” – entities or individuals who verify blockchain transactions, it said in its web log post. There are 44 validators across several different time zones, it added without elaborating.

BNB Chain, described by Binance as a “ community-driven, open-sourced and decentralized ecosystem, ” said it would introduce a newfangled “ government mechanism ” to counter future hacks, arsenic well as inflate the number of validators. In March, hackers stole around $ 615 million from a blockchain bridge called Ronin Bridge, in one of the largest crypto heists on record, ter linked by the United States to north korean hackers.

Reporting by Elizabeth Howcroft; Editing by Tom Wilson, Ana Nicolaci da Costa and Louise Heavens

Our Standards : The Thomson Reuters Trust Principles.

Elizabeth Howcroft Thomson Reuters Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving “ Web3 ” .

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