Binance-linked Blockchain Gets Hack by $570M Worth of Crypto

Binance-linked Blockchain Gets Hack by $570M Worth of Crypto

United States – Hackers attack a Binance-linked blockchain, stealing $570 million. Changpeng Zhao, CEO of Binance, confirms via Twitter that hackers use the blockchain bridge to steal from crypto users.
As per Chain analysis, Blockchain Bridges transfer digital assets between various applications. Hackers targeted the bridges, wherein they stole $2 billion worth of crypto in 13 different activities this year.
Back in March, hackers got $615 million worth of cryptocurrency from Ronin Bridge, and it’s known as one of the biggest digital asset heists recorded.
Hackers stole another $100 million, as mentioned by Zhao in his tweet. Afterward, the BNB Chain or Binance Smart Chain posted a blog stating that the total cryptocurrency stolen was two million, worth $570 million.
Most of the stolen crypto stayed in the digital wallet of the hacker, while around $100 million worth of digital assets remained unrecovered, per the email of a Binance spokesperson.
A digital asset blockchain researcher from London named Elliptic advised Reuters that the criminals behind the hacking minted 2 million of the targeted altcoin before moving the funds to another digital asset. The BNB chain postponed the blockchain for some hours before continuing.
The platform was able to stop the hackers from affecting more accounts by contacting the so-called validators of the blockchain. These validators will check the transactions, and there are 44 validators around various time zones.
The chain will introduce another governance mechanism to protect accounts from future hacks, and there will be an expansion of validators.
On another note, Disaster Management Frameworks, a blockchain-enabled project, gathered stakeholders to discuss the loss of assets and life, per HashCash CEO.
The HashCash CEO, who happened to be a blockchain pioneer, stated that the frameworks benefit from blockchain integration. It contributes to the streamlining of the process, simplifies communication with realistic data information, and boosts operational competence.
Raj Chowdhury, the managing director, leads the US-based consultants of HashCash in developing blockchain and organizing technological products in around 26 countries. Organizations across the globe know the firm for its white-label digital asset exchange, along with blockchain solutions for traceability and supply chains. Now, the firm announced Billbitcoins, a user-friendly crypto payment processor.
Blockchain is a supreme solution offering a dispersed database of real details that qualifies for real-time updating. This activity can reduce or remove discrepancies or inconsistencies. On the other hand, blockchain-powered smart contracts decrease the time from insurance payments, which automatically executes gratifying the pre-written circumstances.

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