Crypto scammers steal $100m from Binance

Binance, the world’s largest exchange for cryptoassets, revealed on Friday that scammers stole $100 million in cryptocurrency from the company.Infomation Guide Nigeria

The CEO of the company, Changpeng Zhao, stated on Twitter that a “vulnerability” in the system resulted in an increase in the manufacturing of the exchange’s native currency, adding, “The current impact estimate is approximately $100 million.”

“The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly,” he wrote.

It is one of the largest robberies in the history of cryptocurrencies, although it is dwarfed by the theft of almost $500 million from the Axie Infinity blockchain game earlier this year.

Scammers are increasingly exploiting holes in “cross-chain bridges” – the technique by which investors transfer assets across blockchains.

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Changpeng Zhao wrote that the theft involved “an exploit on a cross-chain bridge, BSC Token Hub”, reassuring customers it had been fixed.

The exchange stated on Reddit that the sum stolen was between $100 and $110 million, and that $7 million has been recovered.

In both the Axie Infinity hack and last month’s theft of over $200 million from the crypto company Nomad, bridges were abused.

Chainalysis, a firm specialising in crypto analysis, reported in August that bridge attacks had already accounted for almost $2 billion in thefts this year.Jamb Result 

Elliptic, another analysis firm, said in its crime report this week that bridges “tend to accumulate large amounts of locked assets on numerous blockchains, many of which may not have advanced security or auditing cultures due to their relative obscurity”.

This has made bridges an attractive target for cybercriminals in the past,” it added.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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