Binance Coins Suffers $100 Million Hack

Oct 9, 20221 min read

Binance has been hit with a hack that resulted in the theft of around $100 million of tokens issued by the crypto giant.

$100 to $110 million of Binance Coin has been stolen, according to a spokesperson for Binance-backed BNB Chain. This is likely due to a hack involving the bridge, BSC Token Hub, which has now been suspended.

BNB Chain is working with security services to freeze the transfer of stolen funds with at least $7 million already frozen.

According to Binance co-founder Changpeng Zhao, the blockchain issues are contained now and the firm in all likelihood will cover any fund that the hackers get away with.

The crypto market has been largely under pressure in 2022 with not only a $2 trillion plunge in market value but also an estimated $2 billion lost to hacks, often by North Korea-linked actors.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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