Binance Coins Suffers $100 Million Hack
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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.
Questions & Answers
Q.Which specific part of Binance's system was affected by the hack?
Which specific part of Binance's system was affected by the hack?
The hack likely involved the BSC Token Hub, a bridge which has now been suspended. This bridge is part of the BNB Chain infrastructure associated with Binance.
Q.How much of the stolen funds has been recovered or frozen so far?
How much of the stolen funds has been recovered or frozen so far?
At least $7 million of the stolen funds has already been frozen. BNB Chain is actively working with security services to prevent further transfer of the assets.
Q.Will Binance users lose money due to this incident?
Will Binance users lose money due to this incident?
No, it is unlikely users will lose money. Binance co-founder Changpeng Zhao has indicated that the firm will probably cover any funds that the hackers manage to get away with.
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