Cryptocurrency exchange Binance has temporarily suspended its blockchain network after hackers stole 2 million
The company said it worked with networkvalidators — companies and users who validate transactions on the blockchain — to halt the creation of new blocks on the blockchain, suspending all transaction processing while the development team investigates the breach.
The hack was caused by a vulnerability in the bridge,processing smart contracts. It allowed hackers to fake transactions and send money to their crypto wallets, which passed through it when performing transactions. Smart contracts are pieces of code on the blockchain that allow agreements to be automatically executed without human intervention.
Although the scammers managed to transfer to theircrypto wallets of 2 million tokens, most of them remained in place, according to Binance. The company estimates that the total amount of funds that the hackers managed to withdraw from the exchange is $100-110 million. The company also said that it was able to freeze funds in the amount of $7 million with the help of its security partners.
You can learn more about exchanges, cryptocurrencies and exchangers in the first episode of the second season of the Come What May podcast, prepared by the editors of High Tech.
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