Hackers have successfully stolen $100 million worth of crypto from Binance’s blockchain

The world’s largest cryptocurrency exchange suffered an attack by hackers, who managed to steal $100 million in assets from its blockchain.

Binance, the world’s largest cryptocurrency exchange by volume, claimed on Friday that it had been hacked, putting the scale of the theft at around $100 million.

According to Binance, the hackers managed to withdraw a total of 2 million BNB, the cryptocurrency issued by Binance, or about $580 million during Friday. However, they were only able to exploit a fraction of it, with the majority of the amount immediately blocked.

Thanks to the quick reaction of the people in charge of validating the transactions, “the majority of the funds remained on the address of the hackers”, told AFP a spokesperson for Binance, saying that “these funds have not could be transferred”. On the other hand, around 100 million dollars have been stolen and have not yet been able to be recovered.

Binance specifies that this hack does not at any time concern its cryptocurrency trading platform and its customers but its Binance Smart Chain (BSC) blockchain, and more particularly a “bridge” between its old and its new blockchain (see below).

Earlier in the day, Binance boss Changpeng Zhao, better known by the pseudonym “CZ”, had tried to reassure his community of users by saying on Twitter, where he has 7 million subscribers: “The problem is now under control”.

“Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” CZ continued.

In a post on the Reddit siteBinance specifies that of the entire sum stolen, approximately $7 million had already been frozen.

Hackers targeted the BSC Token Hub cross-chain bridge (or “bridge”). A bridge is a service allowing a user to transfer cryptographic tokens from one blockchain to another.

The Binance Smart Chain (BSC) blockchain to which the bridge targeted by the hackers is linked was suspended after the hack before being reinstated a few hours later.

More and more targeted bridges

Computer attacks against inter-chain bridges have multiplied in recent months. In August, hackers stole the equivalent of $190 million by exploiting a flaw in the Nomad Bridge. According to Chainanalysis, $2 billion was stolen via 13 cross-chain bridge hacks between January and August. These attacks represent 69% of cryptocurrency thefts in 2022, indicates Chainanalysis.

Elliptic, another cryptocurrency analyst firm, noted in its quarterly hack report released this week that bridges “tend to accumulate large amounts of locked assets across many blockchains, many of which may not have be no advanced security or audit culture due to their relative obscurity”. This has made bridges “an attractive target for cybercriminals,” Elliptic adds.

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Hackers have successfully stolen $100 million worth of crypto from Binance’s blockchain

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