Billionaire and co-founder of Binance Changpeng “CZ” Zhao, tweeted on Friday that an exploit on a bridge between blockchains had happened but that the problem has been “controlled now.”
About $100 million worth of Binance Coin was stolen in what looks to be the latest breach to attack digital assets, adding more bad news to an already dismal year for cryptocurrencies.
Binance’s billionaire, Changpeng “CZ” Zhao, said on Friday that the exchange had experienced a “contained” hack on a blockchain bridge.
A representative for the BNB Chain network, which is supported by cryptocurrency exchange Binance, said that between $100 million and $110 million worth of digital tokens were implicated.
This year, hackers have stolen almost $2 billion in cryptocurrency, with many of the thefts attributed to organisations with ties to North Korea. One common target has been cross-chain bridges, which are used to move tokens between different blockchains.
It’s no secret that the Binance ecosystem has taken a hit. On Twitter, Zhao assured users that “in all probability, Binance would replace any assets that the hackers get away with.”
BNB Chain has said that it is working with law enforcement to halt the movement of stolen cash. As of 10:08 AM local time in Tokyo on Friday, Binance Coin, popularly known as BNB, has dropped in price to roughly $285.
Since mid-2017, the value of digital assets has fallen by almost $2 trillion, as the crypto market has been hit by both hacks and severe panic.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.