Binance crypto exchange hit by latest digital currency hack

Published October 7, 2022 6:33 AM

By MICHELLE CHAPMAN
AP Business Writer

Binance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network. A reddit post by Binance discussing the incident said that the company temporarily suspended its BNB smart chain after detecting an exploit between two blockchains. “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” CEO Changpeng Zhao said in a tweet. The post estimated that $100 million to $110 million in funds were taken, but that approximately $7 million was able to be frozen.

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