Changpeng Zhao, Binance’s chief executive, said on Twitter that the issue involved BSC Token Hub.
Photo:
BENOIT TESSIER/REUTERS
Crypto exchange Binance said late Thursday that $100 million was likely stolen as a result of a hack on its Binance Smart Chain blockchain network.
Binance Smart Chain has temporarily suspended transactions and fund transfers, after detecting what it said was an exploit on a bridge between two blockchains.
Changpeng Zhao,
Binance’s chief executive, said on Twitter that the issue involved BSC Token Hub, a so-called cross-chain bridge. These enable the transfer of digital assets and information from one independent blockchain to another.
“The issue is contained now. Your funds are safe,” Mr. Zhao wrote, apologizing for the inconvenience.
A spokesman for Binance said initial estimates for funds taken off the Binance Smart Chain are between $100 million and $110 million.
Binance Coin fell as much as 3.6% to $285.93, according to CoinDesk data.
Cross-chain bridge hacks have become a common occurrence. In August, attackers drained $190 million worth of crypto from cross-chain bridge Nomad after a hacker exploited a vulnerability in an upgrade to the platform. So far this year, about $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks, according to blockchain data firm Chainalysis.
Write to Vicky Ge Huang at [email protected]
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Appeared in the October 7, 2022, print edition as ‘Binance Hacked, $100 Million Stolen.’
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