Key Takeaways
The world’s largest crypto exchange, Binance, had to suspend deposits and withdrawals due to a hack.
BNB is the fifth largest crypto by market cap, and the hack was for 2 million BNB tokens, which resulted in $570 million.
A hacker exploited a vulnerability in the BNB network, which is concerning news for the entire crypto space.
There was another major hack in the crypto space as the world’s largest crypto exchange by trading volume had a major issue on the network. Hackers drained (created, actually) 2 million BNB, the native token of the Binance network, out of thin air due to a vulnerability that resulted in the hack of an estimated $570 million.
It has been a turbulent year for cryptocurrency, with many high profile coins dropping 70+ percent of value since the start of 2022. As we assess the latest crypto scandal in a series of hacks, thefts and frauds, let’s unpack this BNB hack and figure out what it means for the cryptocurrency space.
What happened with the...
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