World’s largest crypto exchange hacked with possible losses of $500m

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Binance, the world’s largest cryptocurrency exchange, may have lost half a billion dollars after a hack of its network.

The company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.

“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Binance’s CEO, Changpeng Zhao, said in a tweet.

Binance originally said that $100m to $110m in funds were taken. Since then, CNBC has reported the crypto company has lost $570m.

In a blogpost on Friday, Binance said it was working on locking down any areas of vulnerability. “First, we want to apologize to the community for the exploit that occurred. We own this,” the company wrote. “Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control.”

Source - https://www.theguardian.com/technology/2...operations

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