In the hack confirmed by Binance CEO Changpeng “CZ” Zhao himself, the equivalent of $568 million in BNB (Binance Coin) cryptocurrency was allegedly stolen.
According to the explanation given, the hackers allegedly attacked a “bridge” created between blockchain networks. The vulnerability discovered allowed the creation of extra BNB coins, which were sent to accounts owned by the attackers and then exchanged for other cryptocurrencies.
“The problem is now solved. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Zhao continued on Twitter.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
– CZ 🔶 Binance (@cz_binance) October 6, 2022
The loss is estimated at about $568 million, roughly “a quarter of NBB’s last burn,” Zhao wrote in a separate tweet. BNB is a Binance currency.
A Binance spokesman told Bloomberg that at least $7 million of the stolen funds were “frozen” by freezing the accounts in which they were deposited.
Official confirmation of the Binance attack came two hours after a message appeared on the exchange’s Twitter account announcing the temporary suspension of BNB Chain transactions under the pretext of conducting maintenance operations: ‘We will temporarily suspend all deposits and withdrawals through BNB Chain until further updates are available,’ Binance wrote .
About $2 billion has been stolen in cryptocurrency attacks this year, and many of the attacks were committed by groups linked to North Korea, according to Bloomberg.