CEO claims that Binance Coin worth around $100 million was stolen. Binance, the largest cryptocurrency exchange in the world, was attacked again.
A cross-chain bridge exploits resulted in an additional Binance Coin. Changpeng Zhao, CEO of Binance, tweeted Friday morning Singapore time. Zhao is a Singaporean.
“The issue has been resolved. Your funds are safe. “We apologize for any inconvenience caused and will continue to provide updates as appropriate,” Zhao said on Twitter.
Zhao tweeted that the current impact is around $100 million. This is a rough “quarter” of the last BNB burn. Binance coins are BNB.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
— CZ 🔶 Binance (@cz_binance) October 6, 2022
A spokesperson for Binance told Bloomberg at least $7,000,000 of stolen funds had been frozen. Insider reached out to Binance for comment but they did not immediately respond.
The official Binance Twitter account stated that BNB Chain was currently under maintenance two hours prior to Zhao’s tweet. They also apologized for any inconvenience caused. Binance stated that they would temporarily suspend deposits and withdrawals via BNB Chain until further updates are available.
According to Bloomberg, approximately $2 billion was stolen from cryptocurrency attacks in 2018. Many of these attacks were carried out by North Korean-linked groups. Cross-chain bridges that allow tokens to be transferred across blockchains are a popular target.
Hacks have severely affected cryptocurrencies, as well as a sell-off which has wiped out approximately $2 trillion in digital assets’ value.
