AGL 5.30 Decreased By ▼ -0.20 (-3.64%)
ANL 8.50 Increased By ▲ 0.01 (0.12%)
AVN 76.01 Increased By ▲ 0.21 (0.28%)
BOP 5.18 Decreased By ▼ -0.06 (-1.15%)
CNERGY 4.45 Increased By ▲ 0.03 (0.68%)
EFERT 82.00 Increased By ▲ 0.37 (0.45%)
EPCL 49.46 Decreased By ▼ -0.24 (-0.48%)
FCCL 12.50 Decreased By ▼ -0.29 (-2.27%)
FFL 5.55 Increased By ▲ 0.05 (0.91%)
FLYNG 6.80 Increased By ▲ 0.07 (1.04%)
FNEL 4.79 Increased By ▲ 0.09 (1.91%)
GGGL 9.19 Increased By ▲ 0.77 (9.14%)
GGL 14.88 Increased By ▲ 0.93 (6.67%)
HUMNL 6.16 Increased By ▲ 0.08 (1.32%)
KEL 2.57 Increased By ▲ 0.01 (0.39%)
LOTCHEM 28.06 Increased By ▲ 0.41 (1.48%)
MLCF 23.60 Decreased By ▼ -0.19 (-0.8%)
OGDC 72.90 Increased By ▲ 1.80 (2.53%)
PAEL 15.24 Increased By ▲ 0.21 (1.4%)
PIBTL 4.88 Decreased By ▼ -0.02 (-0.41%)
PRL 15.70 Decreased By ▼ -0.28 (-1.75%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 8.85 Increased By ▲ 0.03 (0.34%)
TPL 7.19 Increased By ▲ 0.11 (1.55%)
TPLP 19.44 Increased By ▲ 0.18 (0.93%)
TREET 21.00 Increased By ▲ 0.15 (0.72%)
TRG 138.01 Increased By ▲ 1.41 (1.03%)
UNITY 16.40 Decreased By ▼ -0.15 (-0.91%)
WAVES 9.43 Increased By ▲ 0.18 (1.95%)
WTL 1.40 Increased By ▲ 0.05 (3.7%)
BR100 4,172 Increased By 13.8 (0.33%)
BR30 15,467 Increased By 127.8 (0.83%)
KSE100 41,723 Increased By 71.4 (0.17%)
KSE30 15,430 Increased By 49.8 (0.32%)
Follow us

PARIS: Scammers have stolen $100 million in cryptocurrency from Binance, the world’s biggest exchange for cryptoassets, the firm said on Friday.

Company chief Changpeng Zhao wrote on Twitter that “an exploit” in the system led to extra production of the exchange’s dedicated currency, adding: “The current impact estimate is around $100m.”

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

It is among the biggest thefts in cryptocurrency history, although it is still dwarfed by the mammoth heist of more than $500 million from the Axie Infinity blockchain game earlier this year. Scammers are increasingly using weaknesses in “cross-chain bridges” – the means used by investors to move assets from one blockchain to another.

Blockchains are digital ledgers that store details of transactions – the biggest is bitcoin but there are thousands of others.

Cryptoverse: After Merge, ether heads for a $20 billion Shanghai splurge

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 said on Reddit that the amount taken was between $100 and $110 million, adding that $7 million had already been recovered.

The Axie Infinity hack and another heist last month on crypto firm Nomad of almost $200 million also involved bridges being exploited.

Chainalysis, a crypto analysis firm, said in August that bridge exploits had accounted for around $2 billion in thefts this year already.

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.

Comments

Comments are closed.

Crypto scammers make off with $100mn from Binance

Electricity bills: PD says doesn’t want to manage tax, surcharge collection

Intra-day update: rupee registers marginal improvement against US dollar

BHC orders to quash all FIRs registered against PTI's Azam Swati

Pakistan Refinery says will shut down for 'approximately 20 days'

China’s Xi meets Arab leaders on ‘milestone’ Saudi trip

Oil bounces on pipeline shutdown, but heads for weekly loss on demand woes

Forex reserves fall to $6.7bn on repayments

CARs: ADB lists barriers to trade flows

FX reserves may rise in H2FY23: All debt repayments on track, says SBP governor

‘Country of Particular Concern’: Pakistan conveys its concerns to US