Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. For those who are not familiar with Binance Bridge, it is a method to move crypto assets between different. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Binance just closed its cross-chain bridge down last November 25, 2021, at 8 AM UTC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The chain was back up and running around 2:30 a.m. In order “to stop the incident from spreading,” the chain ecosystem contacted each of the chain’s validators, who verify transactions on the blockchain as legitimate, BNB wrote in a company post. This latest attack put the BNB blockchain offline for about nine hours. Some of the largest thefts this year include $190 million stolen from cryptocurrency bridge provider Nomad in August, California-based firm Harmony’s $100 million loss in late June, and Axie Infinity’s Ronin bridge $625 million hack in March. Some $1.83 billion has been stolen from bridges as of August, with the majority of that ($1.21 billion) taking place just this year, according to Elliptic. These coin reserves are attracting the attention of hackers and turning blockchain bridges into prime targets for heists, according to blockchain analysis firm Elliptic. Bridges, increasingly the targets of hackers in recent months, are the infrastructure that allow users to exchange crypto assets between different blockchains.īridge services typically hold large reserves of various coins. In order to carry out the theft, the hackers targeted what’s called a cross-chain bridge. The remaining funds have been frozen on the BNB Chain. The company said $100 million worth of tokens remain “unrecovered” and moved off chain by the hacker. “Your funds are safe,” Zhao tweeted on Thursday night. The company said Friday that hackers had stolen two million BNB cryptocurrency tokens – which are issued by Binance – worth about $570 million at the time.īinance CEO Changpeng Zhao initially tweeted that an estimated $100 million worth of crypto had been stolen. “The main problem with bridges is, when you get access to the bridge, you get access to the whole liquidity,” explains Slava Demchuk, CEO and co-founder of cryptocurrency compliance platform AMLBot.Binance, which describes itself as the largest crypto exchange by trading volume, is the latest company to be impacted by a major theft this year.Ī Binance-linked blockchain was involved in a $570 million hack late Thursday, a company spokesperson confirmed to CNN Business on Friday.īinance temporarily suspended its blockchain network, BNB Smart Chain, “due to irregular activity,” the company tweeted Thursday. In August, cross-chain platform Nomad suffered a brutal hack due to a vulnerability in its own bridge, which saw digital currency worth $190m disappear from the platform in a matter of hours. The attacker reportedly located a back door into the bridge that allowed them to withdraw 173,600 Ethereum, as well as 25.5m USD tokens. They feature a central storage point of funds that are behind the ‘bridged’ assets on the receiving blockchain, which makes them a target for hackers.Įarlier this year an attack on gaming platform Axie Infinity’s Ronin Bridge cost the company $624m in crypto tokens. Coin-chain bridge attacks are commonĪ cross-chain bridge connects different blockchains to allow the transfer of assets and information. The BNB blockchain was initially taken offline when details of the attack emerged, but is now back up and running.
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