Hacking of the cryptoactive network Binance manages to pay off the theft of US$567 million

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The cryptoactive ‘exchange’ Binance has suffered a theft of two million units of BinanceCoin(BNB), its own cryptocurrency, during a hack to its block chain network (‘blockchain’), as reported this Friday in a statement collected by Europa Press.

BNB is currently trading at around 290 euros ($283), making the stolen funds worth approximately 580 million euros ($567 million). This is a much higher figure than the 100 million (US$97 million) that the founder of BinanceChangpeng Zao, overnight from Thursday to Friday.

The firm has explained that the hacking committed was possible thanks to an ‘exploit’, an attack that takes advantage of a vulnerability in the system that serves as a bridge between the BNB Beacon Chain and BNB Smart Chain networks.

The problem could be solved thanks to the fact that Binance was able to completely stop the transactions of its blockchain network, thanks to the ‘exchange’ directly contacting the 44 people who act as “validators” of the chain.

“Decentralized chains are not designed to be stopped, but by contacting community validators one by one we were able to stop the incident… This delayed the shutdown, but we were able to minimize losses,” Binance said.

The firm plans to design a new governance mechanism to prevent possible new attacks in the future. In addition, despite this theft, Binance plans to continue increasing the number of validators to achieve “greater decentralization”, as they consider it an “essential” step.


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