Bloomberg Law
Oct. 7, 2022, 7:54 AM

A $568 Million Hack of Binance Coin Roils Crypto Sector Anew (4)

Olga Kharif
Olga Kharif
Bloomberg News

An already bad year for cryptocurrencies took another turn for the worse after a $568 million hack affecting Binance Coin became the latest in a string of security incidents to buffet digital assets.

An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng “CZ” Zhao, the billionaire co-founder of Binance, the world’s biggest crypto exchange, said on Twitter on Friday.

Security specialists at crypto firms BlockSec and Paradigm said blockchain data indicated somebody had hacked two million tokens of Binance Coin -- also known as BNB -- in two transactions. That’s equivalent to about ...