Cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token.
Binance said late Thursday a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network. So-called cross-chain bridges are tools that allow the transfer of tokens from one blockchain to another.
The company said it had worked with network validators — entities or individuals who confirm transactions on the blockchain — to pause creation of new blocks on BSC, suspending all transaction processing while a team of developers investigates the breach.
Binance is the world’s largest crypto exchange by trading volume.
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC,” Changpeng Zhao, Binance’s CEO, said in a tweet Thursday evening.
“The issue is contained now. Your funds are safe. We apologize for the...
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