The largest cryptocurrency exchange in the world, Binance, may have suffered losses of over $100 million due to a hack into its Binance Smart Chain blockchain network.
Following the discovery of an exploit between two blockchains, the business briefly froze transactions and the movement of cash, according to a Reddit post by Binance addressing the event.
“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.
Although Binance could only freeze about $7 million of the $100 million to $110 million in cash that it suspects were stolen.
Binance stated that it was past due for international regulators to implement regulations for the cryptocurrency markets last year.
The business said that crypto platforms must safeguard users, put procedures in place to prevent financial crimes, and collaborate with regulators and policymakers to establish standards for user safety.
The most recent cryptocurrency business to be attacked by a hack is Binance. According to media reports, the nomad was agreed upon in August, and the price was close to $200 million.
In a hack in June, Harmony lost around $100 million.