EconomyCyber attack on Binance adds up to a value...

Cyber attack on Binance adds up to a value of 570 mdd

A blockchain linked to Binance, the world’s largest cryptocurrency platform, has suffered a cyberattack worth $570 million, a Binance spokesperson said on Friday, the latest in a series of hacks that have shocked the digital currency sector. this year.

Binance Chief Executive Changpeng Zhao said in a tweet that tokens were stolen from a blockchain “bridge” used on the BNB chain, which was known as the Binance Smart Chain until February.

Blockchain bridges are tools used to transfer cryptocurrencies between different applications.

The chief executive of Binance said that the hackers stole around $100 million cryptocurrency. BNB Chain later said in a blog post that the hacker withdrew a total of 2 million worth of BNB cryptocurrency, worth around $570 million.

The BNB Chain supports the cryptocurrency BNB, formerly known as Binance Coin, which is the fifth largest token in the world with a market value of about $46 billion, according to data from CoinGecko.

Some $2 billion in cryptocurrency has been stolen in 13 different bridge hacks, mostly this year, crypto analytics firm Chainalysis detailed in August.

This Friday, cryptocurrencies declined after the Non-Farm Payroll report backed up the Fed’s recent messages about remaining aggressive in fighting inflation.

At the weekly cut, bitcoin registered a slight decrease of 0.13%, remaining at a price of 19,471 dollars. On the other hand, the Ethereum, fell 1.08%; Tether was unchanged from the previous Friday and Binance was down marginally 0.03%.

“Bitcoin still looks poised to remain in its consolidation pattern, but that could change after next week’s inflation report,” analysts at OANDA said.

With information from Reuters

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