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

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Updated October 25, 2022 | Published October 25, 2022

2 mins read

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.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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