Sunday, December 10, 2023

A $568 Million Hack of Binance Coin Roils Crypto Sector Anew

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Binance, was it hacked?

A $568 million hack of Binance Coin’s image result has re-energized the cryptocurrency industry.

Key conclusions. Due to a cyberattack, Binance, the biggest cryptocurrency exchange in the world, had to halt deposits and withdrawals. According to market capitalization, BNB is the fifth-largest cryptocurrency, and the theft affected 2 million BNB tokens, totaling $570 million.

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A $568 million theft impacting Binance Coin is the latest in a succession of security events to batter digital assets, making an already poor year for cryptocurrencies much worse.

According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng “CZ” Zhao, an exploit took place on a bridge connecting block chains, but the problem is “contained now,” Zhao wrote on Twitter on Friday.

Block chain data, as per security experts at cryptocurrency companies BlockSec and Paradigm, showed that two transactions totalling two million Binance Coin (abbreviated as BNB) tokens had been compromised. At the current value of the virtual currency, that is equivalent to around US$568 million.

The hacker stole almost US$87 million from the Binance ecosystem. Still, because the Binance Smart Chain was suspended, they could not take the remaining funds, according to BlockSec CEO Yajin Zhou. Later, they started up the block chain again. According to Zhou, the remaining tokens are still in the hacker’s wallet but have been frozen on the Binance network.

In a previous tweet, Binance’s Zhao stated that the “effect estimate” of the incident was close to US$100 million. A representative for the BNB Chain, which Binance backs, said that at least US$7 million of the stolen money had already been blocked.

In crypto hacks this year, around US$2 billion was destroyed, and many of these attacks were carried out by organizations with ties to North Korea. As a result of their high target popularity, cross-chain bridges that move tokens between block chains have become seriously vulnerable.

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated, “Binance will most likely cover whatever fund the hackers got away with.”

The BNB Chain said it is collaborating with security agencies to halt the transmission of stolen money. At 7.40 am in London, Binance Coin had dropped as much as 3.3% on Friday and was trading at about $284.

The native cryptocurrency of BNB Chain is called Binance Coin, introduced in 2017 through an ICO. Its foundation was the Ethereum network initially.

A $2 trillion downturn and a long list of hacks devastated the cryptocurrency industry. Envoys from South Korea, the US, and Japan agreed on Friday to step up efforts to stop North Korea from financing its nuclear and missile programs through crypto theft, demonstrating how hacking has become a global problem.

The larger cryptocurrency markets accepted the most recent events with ease. On Friday, the price of bitcoin barely changed, hovering around $20,000.
#push #Bitcoin #wazirxwarriors

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