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Binance hack investigation

Updated on 2022-10-27: Binance hack investigation

Binance CEO Changpeng Zhao said the company is narrowing down the identity of the hacker behind the recent $570 million hack of its BNB Chain platform earlier this month. Read more: Binance is ‘narrowing down’ identity of hacker behind $570 million crypto attack, CEO says

Updated on 2022-10-10: Binance hacked, about $100 million worth of its BNB tokens stolen

The Binance BNB Chain has been exploited by a hacker. However, instead of directly stealing funds, they brought new BNB coins into circulation in one of the largest hacks recorded in crypto so far. The hack happened on the Binance Bridge, where the attacker convinced the bridge to send them two waves of 1 million new BNB tokens, resulting in over $500 million worth of coins being sent into circulation.

Binance Coin BNB dips following hack

The Chain was paused by the team before more damage could be done and some of the coins gained by the hacker were reportedly frozen, still apparently leaving the hacker with about $100 million of gains. CEO CZ tweeted “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly”.

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Overview

Threat actors abused a flaw in BSC Token Hub to steal over $560 million worth of cryptocurrency from Binance Bridge. They made two transactions of 1,000,000 BNB each. Read more: Binance Bridge Hit by $560 Million Hack

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