The world’s biggest cryptocurrency exchange by trading volume, Binance was hacked in the early hours of Friday.
Investors King learnt that there was a cross-chain breach on the Binance protocol which led to a heist of about $100 million worth of Binance Coin (BNB). Subsequently, all operations on the Binance Exchange were suspended to contain the breach.
The halt in operation, therefore, raised several concerns in the crypto community with many people being worried about what will happen to their funds.
A statement released by the management which confirmed the attack read “We want to confirm that we coordinated with validators to temporarily suspend BNB Smart Chain (BSC) after having determined an exploit on a cross-chain bridge”.
However, Binance CEO Changpeng Zhao ‘CZ’ later tweeted about eight hours after the halt in operation, saying “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly”.
Before the Binance validator was suspended, the hackers had already managed to move 2 million BNB, to their wallets but couldn’t get it all out by the time Binance suspended all deposits and withdrawals on its platform.
The company further stated that a team of developers is already investigating the breach.
This is a developing story. More details will be provided soon.