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Possible $500M hack in Binance network






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The crypto company Binance, the latest to experience a cyber attack, has temporarily suspended transactions and funds transfers.

Binance, the world’s largest cryptocurrency exchange, might have lost half a billion dollars after a cyber attack on its network.

The company’s transactions are on hold, and its funds aren’t being transferred after finding a way to do it. Binance initially said that $110m was taken from $100m.

Binance notes in a new blog post that their teams are working on identifying any vulnerability and locking it down.

“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.”

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Last year, Binance said that global regulators need to clarify the rules of the crypto world. The company acknowledged at the time that crypto platforms must act to protect users and take measures to prevent crimes.

Recent hacks have been targeting one crypto company after another, and many are wondering why this is happening.

In August, Nomad was released to the public, a service that allows users with tokens on several blockchains to move that token from one blockchain to another.

According to some recent reports, Harmony also lost $100 million after its network was hacked in June this year.

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