Binance, the cryptocurrency exchange, was hacked on the night of October 6-7, and the price of the cryptocurrency immediately plummeted.
Bad news does not come alone. Binance, the world’s largest cryptocurrency exchange, has been hacked On the night of October 6-7, 2022. The hacker reportedly managed to steal the equivalent of $100 million worth of BNB, the Binance cryptocurrency. As a result of this theft, the value of the cryptocurrency dropped sharply.
In a matter of hours, the cryptocurrency lost nearly 4% of its value: one BNB coin was trading at $293 shortly after 10pm, and at $280 around midnight. Since then, the price of BNB has rebounded a bit: it is trading around $285 at the time this article was published, October 7 around 11 am.
Binance is not immune to hacks
The Binance hack was quickly capped thanks to the actions of several blockchain auditors, as the site explained at Posted on Reddit. Binance CEO CZ also said that users’ funds are intact because the hacker used a vulnerability in a bridge between two blockchains to create an additional BNB coin. in a tweet.
Initially, the hacker was able to perform two transactions on his account, stealing a total of more than $500 million. However, CZ claims that the majority of the stolen funds have been frozen, and only $100 million is still in the thief’s possession. The company is still working on freezing these funds.
If all goes well for Binance, this hack won’t have any other very serious consequences. But, this heist still represents a lot in the middle, through the importance of the platform in the cryptocurrency world. The fact that a hacker managed to simultaneously find himself in possession of more than $500 million, and managed to exploit a vulnerability in Binance security is a worrying sign. In the end, the security of the site may come into question – and this is where Binance loses a lot.
Hacks very common in the middle Digital currencies. Thieves have learned to exploit security holes in platforms or Bridge, bridges between blockchains, which are often the target of attack. In most cases, the victims never get their money back.