Binance has been hit with a hack that resulted in the theft of around $100 million of tokens issued by the crypto giant.
$100 to $110 million of Binance Coin has been stolen, according to a spokesperson for Binance-backed BNB Chain. This is likely due to a hack involving the bridge, BSC Token Hub, which has now been suspended.
BNB Chain is working with security services to freeze the transfer of stolen funds with at least $7 million already frozen.
According to Binance co-founder Changpeng Zhao, the blockchain issues are contained now and the firm in all likelihood will cover any fund that the hackers get away with.
The crypto market has been largely under pressure in 2022 with not only a $2 trillion plunge in market value but also an estimated $2 billion lost to hacks, often by North Korea-linked actors.