Crypto hacked again in $100 million theft of Binance Coin

An already bad year for cryptocurrencies took another turn for the worse after roughly $100 million of Binance Coin was stolen in what appears to be the latest hack to hit digital assets.

An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng “CZ” Zhao, billionaire co-founder of Binance, the world’s biggest crypto exchange, said on Twitter on Friday.

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A spokesperson for Binance-backed blockchain BNB Chain estimated the incident involved $100 million to $110 million of digital tokens.

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At least $7 million of stolen funds has already been frozen, the spokesperson added. The bridge, BSC Token Hub, has been suspended.

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About $2 billion has been lost in crypto hacks this year, many perpetrated by North Korea-linked groups.

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Cross-chain bridges used to transfer tokens across blockchains have been a popular target.

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The Binance ecosystem is among the highest profile to be buffeted. Zhao said on Twitter that “in all likelihood, Binance will cover any fund that the hackers get away with.”

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