Binance Reveals It Is Close To Identifying Hackers Who Spent $570 Million

Binance is on the verge of revealing the hackers behind the $570 million exploit on its cross-chain bridge, the BSC Token Hub, earlier this month.

In a recent interview with CNBC’s “Squawk Box Europe,” Binance CEO Changpeng “CZ” Zhao said that the company has received important advice from law enforcement agencies to identify hackers who have exhausted two million BNB tokens.

Binance “remove”

A series of attacks targeting vulnerabilities in cross-chain bridges over the past year. A recent study by Chainalysis revealed that $2 billion worth of cryptocurrency was stolen via 13 cross-chain attacks, most of them in 2022. As a result, Czechoslovakia said the team was “chasing” bad actors on its way to narrowing down the perpetrator ( perpetrators).

“We are still chasing… for help [authorities] To hunt down bad players and work with law enforcement agencies around the world. Working with law enforcement is one way we can try to make space safe. At this point, the police have given us some clues as to who they think he might be. So we’re actually going down.”

According to the latest exec update, the BNB blockchain managed to prevent most of the target funds from being taken over by the hacker by freezing 80% to 90% of them. He added that the actual loss was “significantly lower” while “the vast majority of funds remain under the control” of Binance.

Exploits across the bridge

Cross-chain bridges basically make it easier for users to transfer crypto assets from one chain to another. This is a common way to solve problems with multi-string scaling. However, the complexity of developing and then auditing them, as well as the large amounts of money held in their smart contracts, have attracted fraudulent entities.

The latest Token Terminal results indicate that cross-chain bridging accounts for about 50% of the deployment of Decentralized Finance (DeFi), making it the weakest point in the space. encryption data provider Hinge More than $2.5 billion has been stolen from cross bridges in the past two years.

While cross-chain bridges based on the Cosmos Inter-Blockchain Communications (IBC) protocol have been largely successful in fending off such attacks, the same cannot be said for those based on the Ethereum Virtual Machine blockchains.

In fact, the majority of cross-change exploits so far have taken place on the EVM blockchain, such as the Axie Infinity Ronin Bridge hack, the Wormhole Token Bridge hack, and the Nomad Bridge hack.

The post revealing Binance is getting close to identifying the hackers who lost $570 million first appeared on CryptoPotato.

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