Hackers Drain Out $570 Million Worth of BNB Cryptocurrency from Binance Crypto Exchange

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Hackers Drain Out $570 Worth of BNB Cryptocurrency from Binance Crypto Exchange
Hackers Drain Out $570 Worth of BNB Cryptocurrency from Binance Crypto Exchange

Cryptocurrency exchange Binance temporarily stopped its blockchain network after hackers fled with around $570 million worth of its BNB token.

Binance explained late Thursday a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network. Cross-chain bridges are a technology that allows the transfer of tokens from one blockchain to another.

The crypto behemoth said it had worked with transaction validators to halt the creation of new blocks on BSC, suspending all transaction processing while a team of developers investigates the breach.

Binance is the world’s largest crypto exchange by trading volume.

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC,” Changpeng Zhao, Binance’s CEO, said in a tweet Thursday evening.

“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”

BNB Chain has since resumed operations.