Binance, which describes itself as the largest crypto exchange by trading volume, is the latest company to be impacted by a major theft this year
A Binance-linked blockchain was involved in a $570 million hack late Thursday, a company spokesperson confirmed to CNN Business on Friday. Binance temporarily suspended its blockchain network, BNB Smart Chain, “due to irregular activity,” the company tweeted Thursday. The company said Friday that hackers had stolen two million BNB cryptocurrency tokens – which are issued by Binance – worth about $570 million at the time.
Bridges, increasingly the targets of hackers in recent months, are the infrastructure that allow users to exchange crypto assets between different blockchains. Bridge services typically hold large reserves of various coins. These coin reserves are attracting the attention of hackers and turning blockchain bridges into prime targets for heists, according to blockchain analysis firm Elliptic. Some $1.
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