$568 Million Binance Hack

On Friday October 7th, the world’s largest crypto exchange was hacked and the hacker stole 2 million BNB tokens which are valued at just under $570 million according to current market rates.

The hack reportedly targeted the cross-chain bridge within the network which allows for transfer of tokens from one blockchain to another. About $87 million was taken out of the Binance network, also known as the BNB Chain, but the company shut down the system before the hacker could abscond with the rest. The company announced that they were working to freeze the funds which were transferred.

This is just the latest in an alarming series of crypto hacks this year, many perpetrated through the cross-chain bridge which appears to be an increasingly weak link in the blockchain system.

Sources used:

  • A $568 Million Hack of Binance Coin Roils Crypto Sector Anew, Bloomberg
  • $570 million worth of Binance’s BNB token stolen in another major crypto hack, CNBC

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