Binance Blockchain Suffers $570 Million Hack
upstart writes:
World's largest crypto exchange targeted in security breach:
Hackers have stolen around $570 million in tokens from Binance, in a rare blow to the world's biggest crypto exchange and another dent to the troubled digital assets industry struggling to regain trust after a collapse in prices.
[...] However, the exchange later disclosed that the hacker had taken around 2 million of the cryptocurrency BNB, Binance's own digital token, with a value of around $284 each. The hack targeted BSC Token Hub, a bridge between two Binance systems.
[...] Cyber criminals had taken nearly $2 billion this year to the end of July, nearly double the total in the first seven months of last year, according to data from Chainalysis. High-profile thefts included $600 million from the blockchain behind popular crypto-gaming platform Axie Infinity. Many hacks have been traced to state-sponsored actors in North Korea.
Binance's position as the world's largest crypto exchange means Friday's exploit represents a significant blow to the digital assets industry.
[...] Many of the world's most widely used blockchains, such as Binance Smart Chain and Ethereum, run on separate technologies or use different tokens. That means investors and developers cannot easily move their tokens to a different blockchain to use or trade them elsewhere.
[...] Binance Smart Chain allows the world's largest crypto exchange to open its doors to let developers build applications that use smart contracts, based on Binance's own token. Binance launched the new chain in September 2020, at a time when the crypto industry was seeing widespread interest in decentralized finance projects.
Naive question: if you can have a public ledger that establishes ownership, why can't you tag stolen crypto similar to how you can revoke an SSL cert? [hubie]
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