New Delhi, Oct 8 : World’s largest cryptocurrency exchange Binance has confirmed that hackers have stolen more than $100 million from its platform.
The Binance Blockchain, also known as BNB Chain, said that a total of 2 million BNB tokens — worth nearly $568 million — were initially stolen by the hacker.
However, the company suspended the BMB Chain which resulted in more than $100 million being vanished, while the rest of the tokens couldn’t be transferred by the cybercriminals.
Binance CEO Changpeng Zhao said in a tweet that the company estimates the impact of the breach to be between $100 million and $110 million.
“The issue is contained now.Your funds are safe.We apologise for the inconvenience and will provide further updates accordingly,” Zhao posted late on Friday.
The exploit was through a sophisticated forging of the low-level proof into one common library.
The company said that it will give $1 million for each significant bug found by researchers in the BNB Chain.
“There is a bounty for catching hackers, up to 10 per cent of the recovered funds,” the company announced.
“A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks,” it added.
There has been a series of attacks on targeting vulnerabilities in cross-chain bridges on crypto exchanges in the recent past.
In June, a hacker exploited a bug to steal $100 million from Harmony’s Horizon Bridge.
In August, cyber-criminals stole $190 million worth of crypto from the Nomad cross-chain bridge.
According to Blockchain data provider Chainalysis, nearly $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks to date.
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