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#The Wall Street Journal: Binance says $100 million in crypto likely stolen in hack

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“The Wall Street Journal: Binance says $100 million in crypto likely stolen in hack”

Binance Smart Chain temporarily suspends transactions and fund transfers; ‘The issue is contained now. Your funds are safe,’ CEO says

Crypto exchange Binance said late Thursday that $100 million was likely stolen as a result of a hack on its Binance Smart Chain blockchain network.

Binance Smart Chain has temporarily suspended transactions and fund transfers, after detecting what it said was an exploit on a bridge between two blockchains.

Changpeng Zhao, Binance’s chief executive, said on Twitter that the issue involved BSC Token Hub, a so-called cross-chain bridge. These enable the transfer of digital assets and information from one independent blockchain to another.

“The issue is contained now. Your funds are safe,” Zhao wrote, apologizing for the inconvenience.

A spokesman for Binance said initial estimates for funds taken off the Binance Smart Chain are between $100 million and $110 million.

An expanded version of this report appears on WSJ.com.

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