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Binance blockchain up and running after $570 million crypto hack

Yahoo Finance's Jenn Schonberger explains the latest information on crypto hack against Binance that caused the platform to halt trading.

Video transcript

- Another major hack in the world of crypto. Jenn Schonberger has the details. And Jenn, we see these things pop up from time to time. And we have yet another one. What are the details?

JENN SCHONBERGER: Hey there, Jared. That's right. Good morning to you. Binance's BNB chain is back up and running after a hacker made off with roughly 2 million in BNB tokens after exploiting a vulnerability in that network.

Those tokens, worth roughly $570 million, were targeted by an attacker late Thursday. Binance CEO, CZ, saying that he thinks that only $100 million was actually stolen. And BNB chain tweeting that 7 million of those assets were indeed frozen.

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Now CZ writing in a tweet, quote, "An exploit on a cross-chain bridge BSC Token Hub resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience."

So-called cross-chain bridges are tools that allow the transfer of tokens from one blockchain to another. That BNB chain was targeted, enabling hackers to move tokens off the network.

The company reportedly saying it had worked with network validators, essentially people who confirm transactions on the blockchain, to pause creation of new blocks and then suspending all transaction processing while that team of developers investigated the breach.

Take a look at that BNB token this morning. It's down roughly about 3.5%. Jared?

- 100 million, 570 million, pretty soon we're talking about real satoshis. Thank you for that. Yahoo Finance's, Jenn Schonberger.