Binance indicates $100 million loss after BSC hack
Binance, the largest cryptocurrency exchange in the world, may have lost more than $ 100 million after a hack of its Binance Smart Chain blockchain network.
A Binance Reddit post discussing the incident claims that the company temporarily suspended transactions and funds transfers after detecting an exploit between two blockchains, a digital theft method that was recently used in at least one other major hack.
“Now the problem is under control. Your money is safe. We apologize for the inconvenience and will provide further updates accordingly,” CEO Changpeng Zhao said in a tweet. Zhao found the problem on the BSC Token Hub, a cross-chain bridge that allows the transfer of digital assets and data between blockchains.
Binance believes $ 100 to $ 110 million in funds have been taken away. Binance said in a blog post that he was working to close all vulnerabilities. “A new on-chain governance mechanism will be introduced on the BNB chain to fight and defend against potential future attacks,” reads the message.
Binance also said there would be an increase in community validators as it moves forward with decentralization. The BNB Smart Chain currently has 26 active validators.
The idea of creating your own cryptocurrency is an exciting thought for many crypto fans.
If you’re not sure where to start, here’s a good place 👇https://t.co/qhjfFIXU1P
— Binance (@binance) October 9, 2022
