Binance is hunting down the people behind a $570m hack

CEO Changpeng Zhao assured that the company was working with global law enforcement to uncover the hackers.

Binance has confirmed that it is homing in on the identity of the people responsible for a hack worth around $570m, or 2 million in BNB tokens.

Binance’s hack has been the largest to date, out of nearly $1bn lost on breaches on cross-chain bridges so far this year.

However, not all is lost. In fact, Binance CEO Changpeng Zhao (CZ) confirmed on Monday that the company is still chasing and on the trail of the bad players.

According to an interview with CNBC, the company has already reached out to various global law enforcement agencies to make sure that it has done the right thing and that it is using all of its resources to bring those responsible to justice.

“Working with law enforcement is one of the ways that we can try to make the space safe”, CZ noted.

Binance enjoys a close relationship with authorities from all over the world, as the company is working with police to help them better understand crypto crime and act in cases involving digital asset thefts.

CZ assured that out of the actual hack, 80% or 90% has been frozen by the blockchain’s automatic security mechanisms, suggesting that the amount being stolen was “much smaller” than the figure floated online.

According to the executive, around $100m of the amount that was lost was unrecoverable.

Binance’s hack is just the latest in a string of similar attacks. Over the years, people have been complaining that their funds had gone missing from cryptocurrency exchanges directly.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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