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Crypto Hackers Steal $100m in Binance Tokens

Binance said on Friday coins worth at least $100 million were taken in a hack that targeted a bridge between two Binance systems.


A large chunk of Binance's emergency insurance fund – 44% – is made up of the crypto exchange's own BNB tokens, a report by CryptoPotato says.
Binance reportedly plans to implement a proof of reserves system verifying its total exchange assets. This file image shows Binance chief Changpeng Zhao, who has plenty to think about given the current state of the sector. Photo: Reuters.

 

Hackers have stolen at least $100 million in tokens from Binance, the world’s crypto exchange, in what appears to be another cross-chain bridge theft.

Binance said on Friday that coins worth between $100m to $110m had been taken in a hack that targeted BSC Token Hub, a bridge between two Binance systems.

The hack exploited a weakness that created extra BNB tokens on the network, Zhao said.

The incident caused the group to suspend the operation of the affected blockchain for about eight hours.

Binance founder Changpeng Zhao said: “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”

The news is a further blow to the sector, which has been hammered by a crisis that destroyed over half the value of bitcoin and other well-known coins over the past five months.

It comes at a time when digital assets are trying to recover from a credit crisis plus a surge in thefts. Cyber criminals have taken nearly $2 billion this year, up to the end of July, according to Chainalysis.

“Chainalysis estimates that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks, the majority of which was stolen this year,” the group said in a report in early August.

“Attacks on bridges account for 69% of total funds stolen in 2022 so far,” it said, adding that “bridges are now a top target for North Korean-linked hackers, who – according to our estimates – have stolen approximately $1 billion worth of cryptocurrency so far this year, entirely from bridges and other DeFi protocols.”

 

  • Jim Pollard

 

 

ALSO SEE:

Interpol Seeks Arrest of Crypto Developer Do Kwon – TechCrunch

 

South Korean Investigators Raid Crypto Exchanges in Luna Probe

 

Binance Sees $1.6 Billion Evaporate on TerraUSD-Luna Crash

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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