Binance, one of the world’s most popular crypto exchange platforms has been forced to suspend its blockchain network after being hacked. The company lost approximately $570 million worth of its BNB token.
The exchange platform stated on Thursday that the hackers had targeted the BNB Chain, allowing them to transfer BNB tokens off the network. The attack exploited the BSC Token Hub cross-chain bridge, a tool commonly used by exchange platforms, in order to transfer the tokens from one blockchain to another.
After detecting the attack, the platform temporarily suspended its blockchain network and requested that all validators do the same.
Binance Reports Loss
Binance stated on Friday that a total of 2 million BNB tokens (worth approx. $570 million) had been drained from the network. A representative of the company announced that the crypto exchange would work with BNB Chain validators in order to upgrade the security of the transactions.
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
Not The First Hack
Since its inception, under the name of Binance Chain, the exchange platform (currently Binance) has been the target of numerous cybercriminals. The blockchain analytics firm Chainalysis approximates that the chain lost $1.4 billion as a result of its past security breaches.