Investing.com -- Hackers stole around $570 million worth of cryptocurrency from a bridge linking to Binance's blockchain network, the crypto exchange confirmed on Friday.
It's the latest in a series of attacks targeting so-called 'bridges', which allow crypto investors to transfer assets from one blockchain network to another without having to convert their assets back into fiat currency. That allows users to avoid onerous transaction fees.
The exploit was made possible by a bug in the bridge's smart contract (which allows deals to settle automatically without human intervention), allowing the hackers to fake transactions and send money back to their own wallet.
Over $2 billion had been stolen from bridge protocols in the first seven months of 2022 alone, research firm Chainalysis said in August.
The hackers managed to lift 2 million BNB tokens from the network, Binance’s BNB Chain said in a blog post on Friday.
While remedial work ensured that most of the stolen funds remain...
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