World's Largest Cryptocurrency Exchange Platform, Binance Hacked, $100 Million Worth of Coins Stolen

World's Largest Cryptocurrency Exchange Platform, Binance Hacked, $100 Million Worth of Coins Stolen

  • The world's largest cryptocurrency exchange platform, Binance was hacked, according to the CEO
  • In a tweet, Chanpend Zhao, the CEO of Binance stated that the affected only its BNB coins and apologized
  • Binance said in a separate tweet that it has frozen over $7 million in stolen coins and had paused withdrawals until further updates are given

Binance, the world's largest crypto exchange platform, Binance has lost about $100 million worth of coins to a cyber attack on its platform.

A tweet from Binance CEO, Changpeng 'CZ' Zhao confirmed the attack on Friday, October 7, 2022. Zhao apologized 'for the inconvenience and promised to provide a further update.

Binance, hackers
Crypto exchange platform, Binance hacked Credit: NurPhoto / Contributor
Source: Getty Images

Binance CEO apologizes

Zhao said.

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"The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly."

According to Zhao, the current attack is estimated at $100 million in a separate tweet.

BNB is a Binance coin.

Bloomberg quotes a spokesman for the exchange as that at least $7 million of stolen funds have been frozen.

All withdrawals paused

Before Zhao tweeted, Binance's official Twitter account wrote that the BNB chain was undergoing maintenance and apologized for the trouble, saying the platform would temporarily suspend all withdrawals via BNB Chain until further notice.

According to Bloomberg, about $2 billion has been stolen in cryptocurrency attacks this year, and many of the attacks were carried out by North Korea-linked groups.

Cross-chain bridges used to send tokens across blockchains have remained the main targets.

Cryptos have been affected by hacks and sell-offs that have wiped off over $2 billion in the value of digital assets.

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"Crypto crash has cost us fortunes but we still have hope", Nigerian traders lament reported that the premier cryptocurrency, Bitcoin has lost 52 per cent of its value since the crypto crash began in March 2022.

Experts said the crash was partly due to the then rebounding US dollar and inflation which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.

Many traders in Nigeria are counting their losses as the crash continues unabated and the market value of Bitcoin crashing even faster.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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