In a string of crypto exchange hacks this year, Binance-linked blockchain, the biggest exchange in the world, was hit by a $570 million hack. In a tweet, the CEO of Binance acknowledged that tokens were stolen from a blockchain bridge utilized in the BNB chain.
What is a blockchain bridge?
- These are tools to transfer cryptocurrencies between different applications.
- According to Chainalysis, cybercriminals have blockchain hacked regularly, and around $2 billion has been stolen already in 13 different attempts this year.
Hack details in numbers
- An article on BNB Chain revealed that the hacker stole around $570 million in cryptocurrency.
- Most of the BNB was sent to the hacker's digital wallet address, while about $100 million was left unrecovered.
- The hacker, according to a London-based researcher, minted 2 million BNB tokens before transferring all the money to other cryptocurrencies.
BNB’s response
Around 0630 GMT, BNB Chain resumed its blockchain after suspending it for several hours. By contacting the blockchain's validators, entities, and individuals in multiple time zones, BNB Chain was able to stop the incident from spreading. BNB Chain has announced it will introduce a revised governance mechanism and expand the number of validators in order to prevent future crypto hacks.
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