Binance was hacked due to the "cross-chain bridge" vulnerability, founder Changpeng Zhao said the amount affected was about $100 million.
On October 7th, local time, Binance’s official website issued an announcement saying that it apologized for the vulnerability that occurred this time, and acknowledged the “cross-chain bridge” between the BNB beacon chain and the BNB smart chain (ie, the BSC chain). BSC Token Hub) has a vulnerability.
A total of 2 million BNB tokens were withdrawn, Binance said.
Changpeng Zhao also said that the amount affected by the hack was about $100 million, about a quarter of the size of the last BNB burn.
He also slammed multiple foreign media for reporting with false headlines, including: "Cryptocurrency exchange Binance suffers $570 million in hacking losses", "BNB tokens worth $100 million were stolen ”, “Binance faces the second largest cryptocurrency hack in history”.
The hack's "cross-chain bridge" allows digital assets and information to be transferred between independent blockchains.
According to foreign media reports, hackers successfully exploited the aforementioned vulnerability to "create" 2 million BNB tokens, with a total value of $569 million at the time.
In other words, the money was not actually stolen from Binance, but was fabricated out of thin air due to a security breach in its cryptocurrency.
A Binance spokesperson also confirmed that a Binance-linked blockchain was hacked with a value of $570 million.
