Binance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain network.
A Reddit post by Binance discussing the incident said the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.
“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” CEO Changpeng Zhao said in a tweet.
Binance is the largest crypto exchange in the world, handling 1.4 million transactions per second and moving $2 billion worth of crypto assets per day. It is the latest crypto company to experience a targeted hack.
Hackers struck Nomad in August, reportedly taking nearly $200 million. The Nomad hack was also an exploitation of a cross-chain bridge intended to allow the transfer of assets and information from one blockchain to another. Harmony lost about $100 million in a hack in June.
Crypto.com, known for its viral commercial starring Matt Damon as well as its recent $700 million deal to rename the Staples Center in Los Angeles as Crypto.com Arena, said in January that the hackers managed to bypass its two-factor authentication system and withdraw the funds from 483 customer accounts. Crypto platform Wormhole and Ronin Network were also targets of hackers this year.
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