Major crypto hack steals Binance’s BNB token valued at $570 million

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Binance, a cryptocurrency exchange platform, momentarily shut down its blockchain network after hackers stole BNB tokens valued at about $570 million.

Binance reported late Thursday that a cross-chain bridge connecting with its BNB Chain had been targeted, allowing for the movement of BNB tokens off the network. Tokens can be transferred from one blockchain to another via so-called cross-chain bridges.

Photo credits: AMBCrypto

While a team of developers looked into the incident, the business claimed it had worked with transaction validators to freeze the construction of new blocks on BSC and suspend all transaction processing.

In total, 2 million BNB tokens—worth $570 million at the current exchange rate—were stolen by hackers, according to a blog post published on Friday by Binance’s BNB Chain.

An earlier estimate from the company placed the total amount taken at between $100 million and $110 million.

CoinMarketCap records show that on Friday morning, the price of a BNB coin dropped by more than 3% to $285.36 per coin.

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