BNB Smart Chain attacked by hacker, loses over $100 million (2024)

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BNB Smart Chain attacked by hacker, loses over $100 million

ET Spotlight SpecialLast Updated: Oct 10, 2022, 12:06:00 PM IST

Synopsis

The largest cryptocurrency exchange in the world, Binance, suffered losses of over $100 million as a result of a breach into its blockchain network, Binance Smart Chain. The hackers stole between $100 and 110 million, according to Binance.

BNB Smart Chain attacked by hacker, loses over $100 million (2)

Binance is the biggest cryptocurrency exchange in the world and has lost over $100 million after hackers hacked its blockchain network, Binance Smart Chain. The company said it had suspended transactions temporarily.

Binance discussed the issue on Reddit and said it temporarily suspended transactions and fund transfers once it detected an exploit. This method used for this hack has been used for one other major hack at least. Changpeng Zhao, CEO, tweeted that the issue was under control and people's funds were safe.

According to Binance, the hackers took between $100 and $110 million. Binance said it would lock down vulnerable areas. The company said the BNB Chain would have a new on-chain governance system to defend and fight any possible attacks in the future.

Binance has 26 validators who are active in the Build and Build (BNB) Smart Chain. Binance is hoping the number will increase with future changes that would move towards decentralization. Last year, Binance said it was time for global regulators to make crypto market rules. It acknowledged that it is an obligation for crypto platforms to protect their users and undertake processes to protect themselves from financial crimes.

Binance is the latest company in the crypto space to have experienced a massive hack. "Nomad" was hacked in August and lost around $200 million. "Harmony" was hacked in June and lost $100 million.

FAQs

Which crypto companies have been hacked recently?
Binance is the latest company in the crypto space to have experienced a massive hack. "Nomad" was hacked in August and lost around $200 million. "Harmony" was hacked in June and lost $100 million.
How many active validators does Binance have in the BNB Smart Chain?
Binance has 26 validators who are active in the BNB smart chain.

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( Originally published on Oct 08, 2022 )

Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.

BNB Smart Chain attacked by hacker, loses over $100 million (2024)

The Economic Times daily newspaper is available online now.

The largest cryptocurrency exchange in the world, Binance, suffered losses of over $100 million as a result of a breach into its blockchain network, Binance Smart Chain. The hackers stole between $100 and 110 million, according to Binance.

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