Site icon Wonderful Engineering

Half A Billion Dollars Just Got Stolen From The World’s Largest Crypto Exchange

We know that with the advancement of technology with every passing day, the security threats to our systems are also increasing, thus making our networks susceptible to external attacks. An incident of a similar kind has recently been reported by CNBC in which the world’s largest crypto exchange system, Binance, has been taken over by hackers again, but this time the loss is significant. In this new attack on this exchange system, hackers were successful in emancipating BNB exchange tokens worth $570 million. This recent attack on Binance is a demonstration that hackers found a way to exploit the flaws of the system and put a huge question mark on the security of the system.

Coupled with this, the CEO of Binance, Changpeng Zhao, addressed the present condition through a tweet in the following words, “The issue is contained now. We apologize for the inconvenience and will provide further updates accordingly.” Hence, this successful hacking attempt was enough for the users to shift their BNB tokens to other trusted and secured blockchain accounts. It should be noted that BNB Beacon Chain and BNB Smart Chain both encompass the main body of the BNB chain. The exchange tokens which cost around $570 million were 2 million in total that are now in possession of the hackers.

In addition to this, Zhao further stated in a tweet, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC.” Not to mention, “Nomad” was also ransacked by hackers prior to this incident, specifically at the beginning of this year which has caused the loss of $190 million. However, experts regarded this as a “frenzied free for all”.

On the other hand, prior to this incident, a blockchain analytics firm named “Chainalysis” analyzed all the statistics from August and before of this year and reported that hackers “got away with $1.4 billion in 2022 alone”. Hence, this shows that the blockchain industry has still a long way to go in order to mark its name and make itself safe and secure in the eyes of customers. Otherwise, it will just diminish with the passage of time.

Exit mobile version