Having so few validators delayed how quickly Binance responded to the hack, but the company was still able to minimize the losses, it said in the blog post.īinance said last year that it was time for global regulators to establish rules for crypto markets. BNB Smart Chain currently has 26 validators.
BINANCE EXCHANGE SOFTWARE
"A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks," the post read.īinance also said it will increase the number of community validators, which are software developers who verify that crypto assets changing hands or moving to other blockchain are going to the intended destination, as it moves towards further decentralization. The company said in a blog post on Friday that it was working on locking down any areas of vulnerability. "New on-chain governance mechanism"īinance believes that $100 million to $110 million in funds were taken. Many sacrifice security to grow quickly, making them more prone to bugs that hackers can exploit. Zhao said the Binance issue took place on the BSC Token Hub, a cross-chain bridge that allows for the transfer of both digital assets and data between block chains.Ĭross-chain bridges are viewed as susceptible to theft because of several inherent weaknesses, first and foremost being that they hold a lot of cryptocurrencies, thus providing a larger and more complex arena for hackers to infiltrate. Hackers stole $1.9 billion in crypto from platforms worldwide this year between January and July, up from $1.2 billion during the same period in 2021, according to blockchain analytics firm Chainalysis. DeFi services are typically built on public blockchains, allowing users to exchange crypto back and forth without the need for an established financial institution like a bank or credit union. Hackers target DeFi platforms, bridgesĬybersecurity experts say hackers often target decentralized finance, or DeFi, platforms with weak security. Crypto platform Wormhole and Ronin Network were also targets of hackers this year.
Harmony lost about $100 million in a hack in June.Ĭ, known for its viral commercial starring Matt Damon and for a recent $700 million deal to rename the former Staples Center in Los Angeles, said in January that the hackers managed to bypass its two-factor authentication system and withdraw the funds from 483 customer accounts. The Nomad hack was also an exploitation of a cross-chain bridge intended to allow the transfer of assets and information from one blockchain to another. Hackers struck Nomad in August, reportedly taking nearly $200 million.
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