More than $100 million worth of Binance's BNB token stolen in another major crypto hack

Cryptocurrency speech Binance suspended its blockchain web Friday aft hackers made disconnected with much than $100 cardinal worthy of its BNB token.

Binance said a cross-chain span linking with its Binance Smart Chain (BSC) was targeted, enabling hackers to determination BNB tokens disconnected the network. So-called cross-chain bridges are tools that let the transportation of tokens from 1 blockchain to another.

The institution said it had worked with transaction validators to intermission instauration of caller blocks connected BSC, suspending each transaction processing portion a squad of developers investigates the breach.

"An exploit connected a cross-chain bridge, BSC Token Hub, resulted successful other BNB. We person asked each validators to temporarily suspend BSC," Changpeng Zhao, Binance's CEO, said successful a tweet Friday.

"The contented is contained now. Your funds are safe. We apologize for the inconvenience and volition supply further updates accordingly."

Between $100 cardinal and $110 cardinal worthy of BNB tokens is estimated to person been yanked from BSC, a spokesperson for Binance's BNB squad told CNBC Friday.

The institution managed to frost $7 cardinal of funds with the assistance of its information partners, the spokesperson added.

The worth of BNB sank much than 3% Friday greeting to $285.36, according to CoinMarketCap data.

Binance Smart Chain is simply a web developed by Binance successful 2019. Like different blockchains, it features a autochthonal token, called BNB, that tin beryllium traded oregon utilized successful games and different applications.

It is the latest successful a bid of major hacks targeting cross-chain bridges, with instances of sloppy engineering making them a premier people for cybercriminals.

A full of astir $1.4 cardinal has been mislaid to breaches on cross-chain bridges since the commencement of 2022, according to information from blockchain analytics steadfast Chainalysis.

In Binance's case, the span impacted was BSC Token Hub, which connects Binance's BSC concatenation with different web called the BNB Beacon Chain.

Binance, the world's largest crypto speech by trading volume, did not stock further details connected however the hack took place.

The crypto manufacture has had a unsmooth year, with astir $2 trillion successful worth being erased since the highest of a blistering rally from 2020 to 2021. The implosion of $60 cardinal blockchain task Terra and a worsening macroeconomic situation person severely impacted marketplace sentiment.