The BNB token, worth more than 100 million dollars, was stolen from the exchange.
A cross-chain bridge linking with itsBSC was targeted by hackers, which allowed them to remove BNB token from the network. A cross-chain bridge is a tool that allows the transfer of token from one platform to another.
All transaction processing was suspended while a team of developers investigated the incident.
There was an exploit on a cross-chain bridge. Changpeng Zhao, the CEO of Binance, said on Friday that they had asked all the validators to suspend the BSC.
The issue is no longer a problem. The money is safe. We will provide further updates as soon as possible.
A representative for the BNB team told CNBC Friday that between $100 million and $110 million worth of BNB token is believed to have been pulled from the market.
$7 million of funds were frozen with the help of its security partners.
The value of BNB fell more than 3% on Friday.
The network is called the Binance smart chain. It has a native token that can be used in games and other applications.
It is the latest in a series of major hacks targeting cross-chain bridges with instances of sloppy engineering making them a prime target for criminals.
According to data from Chainalysis, over a billion dollars has been lost to cross-chain bridge breeches since the beginning of the year.
The bridge that was impacted was the BSC token hub, which is connected to the BNB beacon chain.
The hack of the world's largest exchange by trading volume was not disclosed.
The value of thecryptocurrencies has been wiped out since the peak of the rally in 2020. Market sentiment has been affected by the implosion of Terra and a worsening macroeconomic environment.
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