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Binance Nearly Tracks Down Hacker Behind $570 Million Crypto Attack

Dave – Cryptocurrency Expert A hacker targeted Binance and stole $570 million worth of BNB tokens, totaling $2 million

  • According to the following information from law enforcement, the cryptocurrency exchange platform is "narrowing down" the identity of the hacker

  • According to CEO Changpeng Zhao, the BNB chain stopped the hacker from stealing 80% to 90% of the targeted assets

The CEO of Binance, Changpeng Zhao, revealed during a "Squawk Box Europe" interview that Binance is close to identifying the hacker responsible for the $570 million loss of BNB tokens.

Binance is now "narrowing down" the perpetrators of the planned assault after getting information from law authorities about who the individual may be. On October 7, the top cryptocurrency exchange said that a hack of the Binance Smart Chain network, which serves as a bridge for crypto assets transfers across networks, resulted in the theft of BNB tokens valued at $570 million.

Zhao noted that "although cross-chain bridges are particularly susceptible to hackers, no users lost any money in the assault, stating that software code is never bug-free."

Over $1 billion was lost in cross-chain bridge breaches in 2022, claims Chainanalysis. Due to vulnerabilities in their underlying technology, these bridges have become a popular target for hackers in the decentralized finance sector.

CEO Zhao said "We're still actually chasing," adding, "we're working with law enforcement around the globe to chase the bad players. We can try to make the crypto market investment space safe by collaborating with law enforcement".

Additionally, he revealed that Binance limited the harm by halting activity on the BNB Chain blockchain network by releasing an upgrade after consulting with the network validators in charge of approving transactions.

Zhao stated that “the blockchain was able to freeze roughly 80% to 90% of the stolen crypto assets, thus the real loss of it was considerably lower. Most of the money is still in our possession.”

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