Binance lost 580 million euros in one of the biggest hacks in the history of the crypto world

The world’s largest cryptocurrency exchange, Binance, has faced an attack on a blockchain (blockchain ‘bridge’). According to a company spokesperson, one of the hacks involved the theft of valuable tokens. $570 million (about 580 million euros).

Binance founder Changpeng Zao estimated on the night of Thursday to Friday that the amount stolen was equal to about 100 million, so the actual figure is much higher. As confirmed by the company, the hack resulted in an ‘exploit’ (vulnerability) in the system that connects Laas rebrands the BNB Beacon Chain and the BNB Smart Chain.

Firm detected error thanks to ‘exchange’ system Contacted 44 people acting as validators of series. In this way, Binance was able to completely paralyze union network transactions.

“Decentralized Chains are not designed to be preventable, but by contacting community validators one-on-one we were able to prevent this happening,” he tells the company. This delayed the completion, but we were able to reduce the damage,

The time it takes to create cryptocurrencies depends on the equipment we use.

After the Discomfort, Binance Plans to Develop a Mechanism To avoid potential new attacks same in future. The company has also highlighted its intention to continue increasing the number of validators in order to achieve “greater decentralization”.

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