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Binance got hacked, causing $570 million in damage

The world’s largest cryptocurrency exchange just confirmed that possessions were stolen from the Binance Smart Chain network. It’s stated that around $100 million of Binance Coin BNB blockchain were stolen.

The hacking activity of the Binance Smart Chain network emphasized weaknesses in decentralized finance, or DeFi, where transactions are controlled by code. “Software code is never bug-free,” Binance’s chief executive, Changpeng Zhao, said in an interview. He highlighted that no users had misplaced money in the hack but said that so-called cross-chain bridges were mainly susceptible to hacks and the industry desired to get better at learning lessons from them.

“We have seen a series of attacks on targeting vulnerabilities in cross-chain bridges,” Binance Smart Chain wrote in a blog post making an apology to users. “We will openly share the details of the postmortem and all lessons on how to implement more advanced security measures to shore up these vulnerabilities.”

This is not the first time that bugs like this happened. In August too, the blockchain research company Chainalysis projected that $2 billion worth of cryptocurrency had been whipped in 13 cross-chain bridge attacks, mostly in 2022. In March, an attack shattered $600 million from a bridge behind the crypto-powered video game Axie Infinity. In February, $325 million was taken off the Wormhole network.