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New Hack Costs Cryptocurrency Exchange Binance $570 Million

The “Binance Smart Chain” of Binance, the world’s largest crypto exchange, has been hacked, resulting in the loss of $570 million worth of crypto-tokens, the latest in a series of hacks to hit the crypto sector this year.

Two million coins stolen

The company’s CEO, Changpeng Zhao, wrote in a tweet that the stolen BNB tokens, about $100 million were recovered.

Later, Binance explained that a total of two million BNB cryptocurrencies – worth about $570 million – had been withdrawn by hackers.

BNB Chain is backed by BNB cryptocurrency, formerly known as Binance Coin, which is the world’s fifth largest token with a market capitalization of about $45.6 billion, according to data from Coinmarketcap.

On Friday, the BNB coin recorded a decline of 4.5% over the past 24 hours, to reach $282.53.

Binance confirmed that it will introduce a new “governance mechanism” to counter future breaches.

Binance CEO Changpeng Zhao breaks down $570 million crypto hack


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