$570 Million Hack on Binance Blockchain Exposes Serious Flaws in Cryptocurrency Systems
Join Our Telegram channel to stay up to date on breaking news coverage On Friday, Binance, the largest cryptocurrency exchange in the world, announced that $570 million had been stolen in a breach of the blockchain it operates to facilitate cross-network transfers of assets. The Binance Smart Chain network attack exposed vulnerability in DeFi, or computer-controlled financial transactions. System Vulnerable but No Money Lost In an interview with CNBC, Binance CEO Changpeng Zhao acknowledged that bug-free software is impossible to achieve. The hacker stressed that no users had lost any money, but warned that cross-chain bridges were especially susceptible to attacks and that the industry needs to improve its ability to learn from its mistakes. A series of assaults have been discovered targeting weaknesses in cross-chain bridges, and the team will freely discuss the specifics of the postmortem and any lessons on how to deploy more sophisticated security measures to shore-up the...