Binance hacked, sustains $570m in losses
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The world's most prominent cryptocurrency exchange platform, Binance, may have lost over $500 million following a hacking operation through its network.
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Binance has been hacked, sustaining millions in losses.
The world's most prominent cryptocurrency exchange platform, Binance, may have lost over $500 million following a hacking operation through its network.
The company has suspended transactions and transferring funds after an exploit that occurred between two blockchains, using a form of digital theft that has been used recently in a previous major hack.
“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” said Changpeng Zhao, Binance's CEO.
Originally saying between $100 million and $110 million in funds, CNBC then reported Binance's loss to be $570 million.
On Friday, Binance explained that it was working on fixing vulnerabilities in its system: “First, we want to apologize to the community for the exploit that occurred. We own this,” the company wrote. “Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control.”
Last year, Binance said that there must be rules and regulations for crypto markets, acknowledging that crypto platforms had no obligation to protect users and counter financial crimes.
In late September, Wintermute was hacked for $160 million, according to the cryptocurrency's CEO.
Wintermute functions as a "market marker" for crypto, holding a large inventory of a particular asset to keep the market liquid by ensuring users that there are people to trade with.
In addition, Nomad, another company, also recently said hackers stole almost $200 million in assets.
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