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Later, Binance explained that a total of two million BNB cryptocurrencies – worth about $570 million – had been withdrawn by hackers.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