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Crypto theft of $570 million from Binance-linked Blockchain

Binance, which is the largest crypto exchange in terms of trading volume, was the latest to be affected by major thefts this year.

A Binance-linked Blockchain was implicated in a $570 Million hack late Thursday, according to a spokesperson for the company.

The company tweeted that Binance had temporarily suspended BNB Smart Chain’s blockchain network “due to irregular activities”. Friday’s tweet by Binance stated that hackers had taken two million BNB cryptocurrency tokens, which were issued by Binance and are worth approximately $570 million.

Changpeng Zhao, Binance CEO, initially tweeted that an estimated $100 Million worth of crypto had been hacked.

Zhao tweeted Thursday night: “Your funds are secure.” “We are sorry for any inconvenience.”

According to the company, tokens worth $100 million were “unrecovered” by the hacker. The BNB Chain has frozen the remaining funds.

The hackers took out what is known as a cross-chain Bridge to steal the funds. Hackers are increasingly targeting bridges in recent months to steal crypto assets.

Many bridge services have large reserves of different coins. According to Elliptic, a blockchain analysis firm, these coin reserves attract hackers and make blockchain bridges prime targets for heists.

According to Elliptic, $1.83 billion had been taken from bridges since August. The majority ($1.21 billion) of those thefts occurred in the past year. The largest thefts of this year include the $190 million taken from Nomad, a cryptocurrency bridge provider, in August, the $100 million loss suffered by Harmony in June, and Axie Infinity’s Ronin bridge hack in March.

The BNB blockchain was taken offline by this latest attack for approximately nine hours. BNB posted in a company blog that it had contacted all validators of the chain to stop the incident from spreading.

Around 2:30 AM, the chain was up and running again. ET. According to a tweet from the company.

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