Possible $500M hack in Binance network

By CryptoGurukul

October 09, 2022

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.

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.

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

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

On-chain data shows that this afternoon, two large withdrawals of 1 Million BSC coins were made. The attacker used swaps, bridges, and borrows to steal assets.

To read more interesting stories click the link below.