Binance-backed blockchain probes $157 million hack of tokens
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The amount is an estimate and the money lost will be covered by a Binance backup fund.
PHOTO: REUTERS
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PORTLAND, Oregon - A major blockchain backed by Binance, the world's largest cryptocurrency exchange, is probing the potential theft of between US$100 million and US$110 million (S$157 million) of digital tokens native to the network.
The amount is an estimate and the money lost will be covered by a Binance backup fund, according to a spokesman for the network, BNB Chain.
The blockchain has been temporarily suspended and is working with security services to freeze transfers of stolen funds.
"We will suspend all deposits and withdrawals via BNB Chain temporarily until there are further updates," Binance said in a tweet.
Digital assets have suffered a series of hacks this year worth billions of dollars. A BNB Chain spokesman said at least US$7 million of stolen funds from the latest incident have already been frozen.
The token involved, BNB, fell as much as 3.3 per cent on Friday and was trading at around US$287 as at 9am in Tokyo. BLOOMBERG
