Binance says at least $100 million stolen in blockchain attack TechRadar Skip to main content TechRadar is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us. Binance says at least $100 million stolen in blockchain attack By Sead Fadilpašić published 7 October 2022 Another day, another crypto bridge exploit (Image credit: Future) Audio player loading… Criminals were able to exploit a flaw in Binance Bridge and tried to get away with at least $100 million in cryptocurrencies, the company has admitted. Binance Bridge is a cross-chain platform that allows cryptocurrency users to exchange tokens from one chain (for example, Ethereum), to another (for example, Binance Chain). The bridges are often riddled with flaws, and as such are a major target for cybercriminals. Some of the biggest crypto heists came as a result of an exploited bridge (think Ronin bridge, Wormhole, Harmony, and others). In fact, blockchain analysis firm Chainalysis recently said that more than $2 billion were stolen in bridge hacks, this year alone. Creating tokens out of thin air In this particular instance, the attacker did not steal anyone's tokens but rather discovered a flaw that allowed them to create additional tokens out of thin air. In a Reddit post published late last night, Binance representatives explained that someone abused an exploit on a cross-chain bridge, BSC Token Hub, "which resulted in extra BNB". "We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," the announcement reads. Binance moved in to pause the entire chain until the issue was resolved, while Tether blacklisted the account. Read more> Hackers steal $100m from another breached crypto bridge > The maker of Axie Infinity just suffered one of the largest heists in crypto history > These are the best firewalls around (opens in new tab) However the jury is still out on exactly how much money was taken, and where it ended up. While Binance's Reddit post claims anywhere between $100M and $110M, a DeFi developer going under the pseudonym "foobar" claims the figure is closer to 2 million BNB - or $600 million. "Thanks to the community and our internal and external security partners, an estimated $7M has already been frozen," the Reddit post concludes. While Binance's speed at tackling the issue is commendable, it raised the question of the chain's decentralization among many cryptocurrency users.Here are the best endpoint protection (opens in new tab) services around Via: BleepingComputer (opens in new tab) Sead Fadilpašić Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he's written for numerous media outlets, including Al Jazeera Balkans. He's also held several modules on content writing for Represent Communications. See more Computing news Are you a pro? Subscribe to our newsletter Sign up to theTechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! Thank you for signing up to TechRadar. You will receive a verification email shortly. There was a problem. Please refresh the page and try again. MOST POPULARMOST SHARED1You may not have to sell a body part to afford the Nvidia RTX 4090 after all2My days as a helpful meat shield are over, thanks to the Killer Klown horror game3I tried the weirdest-looking Bluetooth speaker in the world, and I utterly adore it4It looks like Fallout's spiritual successor is getting a PS5 remaster5One of the world's most popular programming languages is coming to Linux1We finally know what 'Wi-Fi' stands for - and it's not what you think2Best laptops for designers and coders 3Miofive 4K Dash Cam review4Logitech's latest webcam and headset want to relieve your work day frustrations5Best offers on Laptops for Education – this festive season Technology Magazines (opens in new tab)● (opens in new tab)The best tech tutorials and in-depth reviewsFrom$12.99 (opens in new tab)View (opens in new tab)