Binance suffers $570m hack

Binance has lost $570m in one of the largest hacks against a cryptocurrency exchange in recent months.

Binance is said to have lost close to $570m during a hack of its network, becoming one of the largest hits against a respected cryptocurrency business.

The company was forced to temporarily suspend transactions in the wake of the attack, reporting that an exploit between two blockchains had been discovered through which the digital theft was realized.

Binance CEO Changpeng Zhao (CZ) tweeted that the issue was contained, and that people’s funds were safe.

“We apologize for the inconvenience and will provide further updates accordingly”, CZ said.

Previously, Binance said that the amount lost was around $110m but this was quickly disproven by CNBC, which cited sources who said that the real number was closer to $570m.

Binance confirmed that it is looking to patch up vulnerabilities. The blog also said that the company “owed an apology” to consumers and promised to do better.

However, the company was also optimistic, citing help from security experts and its own team who have been able to quickly bring the issue under control.

Binance finds itself faced with a fairly large sum of missing funds, at a time when competitors such as Crypto.com have had to scale down their operation because of unexpected losses and a bearish market.

Binance, which is supposed to start helping police authorities to tackle crypto crime is not too secure itself, it seems.

Binance has also been urging global regulators to work together and establish a universal framework that can help companies to expand their reach in new jurisdictions and operate based on unambiguous and clear-cut rules.

Binance similarly welcomed the news that the European Union has passed a draft of its pan-European rules for the cryptocurrency market.

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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.