Binance lost at least $100 million worth of tokens on Thursday after a blockchain linked to the crypto exchange was hit by a cyber-hack.

The blockchain, called BNB Chain, announced that the hacker targeted a native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as “BSC Token Hub.”

The company said that a total of 2 million BSC tokens had been withdrawn by the hacker, who performed the exploit through a “sophisticated forging of the low level proof into one common library".

In a tweet, Binance’s chief executive Changpeng Zhao assured its customers that the issue had been contained and that their funds were safe.

The chief exec also said that he was impressed by the "quick" response of BNB Chain who contacted over 60 validators to temporarily suspend BSC.

The hack comes a week after Binance, which is the world’s largest crypto trading exchange by volume, announced that it was creating a new global advisory board to help improve its relationship with international regulators.
https://www.fstech.co.uk/fst/Binance_Forms_New_Advisory_Board_To_Improve_Relationship_With_Regulators%20.php

The advisory board includes Tory peer Lord Vaizey and former US senator Max Baucus as members.

Binance has faced criticism from regulators in the Netherlands and the UK.

In July, Holland’s central bank fined Binance €3.25 million after the company offered crypto services without legal registration.

Share Story: