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Denis Sergienko • 2022-10-13

Binance Suspended Its Blockchain because of $570 Million Token Stolen

Binance Suspended Its Blockchain because of $570 Million Token Stolen

The global cryptocurrency exchange Binacne temporarily suspended its blockchain. These measures have been taken due to a stolen BNB token worth $570 million. According to the official information, hackers targeted the BNB Chain to move the token away from the network.

2 Million Tokens Stolen

In the end, hackers find it possible to remove 2 million BNB tokens from Binance's network. The current price of all stolen assets is around $570 million. It resulted in the Binance value decreasing. Its coins lost about 3% of value, dropping to $285.26 per coin.

What Happened?

Hackers used a so-called cross-bridge approach. The method makes it possible to move cryptocurrencies. In simpler words, the approach helps to move tokens from one blockchain network to another. At the moment, the exchange has temporarily suspended its operation. Developers will need some time to investigate the case. Until then, all transactions and operations with crypto will be suspended as well.

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What Now?

Binance is yet the biggest platform to trade and exchange cryptocurrencies. It boasts the largest traded volume of coins. After the incident, the exchange works closely with all validators to help it keep control over new transactions. BSC is not available at the moment. However, Binance officials assure users, their funds are safe. They promise to provide updates accordingly.

No one can say for sure if this will happen again. Investors should be very careful when trading crypto and other trading instruments. What’s more important, you need to trade with a trusted and reputable broker that guarantees your fund and personal data safety.

The crypto market expands along with trading. Maybe, you should look for more advanced assets to invest in, like BTC/USD with ultra-low spreads and risk-free trading delivered out of the box.