One of the risks of cryptocurrency is that you can’t be sure your money will be safe after hacks like the one that happened to Axie Infinity in March. Binance was the most recent company to be hacked. Two million BNB crypto tokens were stolen from their blockchain network BNB Smart Chain. Issued by Binance, the stolen tokens were reportedly valued at $570 million.
The CEO of Binance, Changpeng Zhao, tweeted about what happened. At first, said that hackers stole about $100 million worth of cryptocurrency. In a later update, Binance declared that the amount Zhao tweeted was still “unrecovered” and that hackers had taken it off the blockchain. On the other hand, the BNB Smart Chain froze the rest of the funds.
How did a hacking event happen at Binance?
Elliptic, a company that analyzes blockchains, said that hackers went after Binance’s bridges, where crypto assets are traded between blockchains. This is similar to what happened to Axie. Most of the time, these bridges hold a lot of different crypto coins, which makes them easy targets for hackers.
Aside from Axie, Nomad, which lost $190 million worth of crypto in August, and Harmony, which lost $100 million in June, are two other bridges that have been hacked.
