Binance Coins Suffers $100 Million Hack

1 min readOct 9, 202211:17 AM

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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What this means

This substantial hack, targeting one of the crypto giants, shows persistent security vulnerabilities within the digital asset landscape. While Binance has committed to covering losses, a critical move to retain customer confidence, it places significant pressure on its operational resilience. Unlike retail expansions by Chagee Holdings or Tiffany & Co. Into new Asian markets, this isn't a growth initiative but a crisis response, challenging Binance's established market position. Its swift action to freeze funds and contain the breach is commendable, but the incident highlights the inherent risks of digital infrastructure. The industry will be closely watching the final resolution of the $7 million frozen funds and any further measures implemented to prevent future exploits.

Minjun Park

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Will this hack significantly damage Binance’s reputation?

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