Binance hacked to the tune of over $100 mn

New York: Binance, the world's largest cryptocurrency exchange, may have lost more than 100 million following a hack of its Binance Smart Chain blockchain network.

A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.

The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," CEO Changpeng Zhao said in a tweet.

Zhao the 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.

Binance believes that 100 million to 110 million in funds were taken. Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.

A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks," the post read.

Binance also said that there would be an increase in community validators as it moves towards further decentralisation. Its BNB Smart Chain currently has 26 active validators.