Binance may have lost half a billion dollars after hack

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Binance may have lost half a billion dollars after hack

The world's largest criptocurrency 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 in at least one other major hack.

The CEO of Binance, Changpeng Zhao, said in a tweet that we apologize for the inconvenience and will provide further updates accordingly.

Binance originally said $100 m to $110 m in funds were taken. The company has lost $570 million since then, according to CNBC.

In a blog post on Friday, Binance said it was working on locking down any areas of vulnerability. We want to apologize to the community for the exploit that occurred. The company wrote that they owned this. The vast majority of funds remain under control thanks to the help of all the security experts, projects, and validators. A year ago, Binance said it was time for global regulators to establish rules for the markets of criptocurrencies. The company acknowledged at the time that the platform has an obligation to protect users and implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.

The latest company to have had a targeted hack is Binance. In August Nomad, a service that allows users to send token between different platforms, was struck, with media reports saying it was taken for over $200 million. Harmony, another transfer service, lost $100 million in a hack in June.