Binance's blockchain suffers from a 100 million dollar hack

hacker have stolen bony token worth at least $ 100 million, which represents a rare blow for the world's largest crypto exchange and another dent for the battered industry for digital assets that are struggling to regain trust.

Binance estimated on Friday that tokens worth around $ 100 to $ 110 million had been stolen, which interrupted the operation of the blockchain affected for about eight hours. The hack aimed at BSC Token Hub, a bridge between two bony systems.

It comes to a time when digital assets try to recover from a credit crisis that has destroyed almost two thirds of the value of their best -known tokens like Bitcoin. Industry data has also shown that the theft of projects is increasing significantly this year.

According to data from Chainalysis, cybercriminals had captured almost $ 2 billion by the end of July, almost twice as much as in the first seven months of last year. The top-class thefts included $ 600 million from the blockchain behind the popular crypto gaming platform Axie Infinity. Many hacks were attributed to state -funded actors in North Korea.

The position of Binance as the world's largest crypto exchange means that the Exploit on Friday is a difficult blow for the industry of digital assets.

In a number of social media articles, Changpeng Zhao, founder and managing director of Binance, said the user: "The problem is now contained. Your funds are certain. We apologize for the inconvenience and will inform you accordingly."

Binance asked the validators of the affected network to ensure the system to interrupt their work. The funds were taken from BSC token Hub, a bridge that enables customers to transfer token to another. According to ZHAO, the hack took advantage of a weak point that generated additional BNB tokens in the network.

Many of the blockchains used worldwide, such as: B. Binance Smart Chain and Ethereum, run on separate technologies or use different tokens. This means that investors and developers cannot simply move their tokens to another blockchain to use or act elsewhere.

Binance estimated that about $ 7 million of the tokens were frozen by the crypto community and its security operations.

Binance Smart Chain enables the world's largest crypto exchange to open your doors so that developers can create applications that use Smart Contracts based on the own tokens of Binance. Binance started the new chain in September 2020, at a time when the crypto industry saw a broad interest in decentralized financial projects.