Beautiful Virgin Islands

Friday, Oct 17, 2025

Binance crypto hack withdraws $570M in BNB tokens

Binance crypto hack withdraws $570M in BNB tokens

Binance CEO Zhao Changpeng said hackers were only able to get away with around $100M

Binance temporarily suspended deposits and withdrawals on its blockchain network on Thursday evening after hackers were able to withdraw two million BNB tokens worth about $570 million.

According to the cryptocurrency exchange, hackers exploited a native cross-chain bridge between the firm's BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as "BSC Token Hub." Cross-chain bridges allow users to move their digital assets from one blockchain to another.

"The exploit was through a sophisticated forging of the low level proof into one common library," Binance said in a Friday blog post. "Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control."

In order to suspend deposits and withdrawals, Binance had to reach out to 26 active validators, or entities that confirm blockchain transactions, across 44 different time zones.

"This delayed closure, but we were able to minimize the loss," the company added.


Initial estimates from BNB Chain said hackers took between $70 million and $80 million. The company estimated $7 million of the seized funds had already been frozen.


Binance CEO Zhao Changpeng later said in a Twitter thread on Thursday that the estimated impact was around $100 million.

Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.


The BNB Chain has resumed operations. As of the time of publication Friday, BNB is down more than 3%, trading around $282 per coin, according to CoinMarketCap. The fifth largest coin has a market cap of over $45 trillion.

Moving forward, Binance said it would hold on-chain governance votes to determine whether the hacked funds will be frozen and whether to use a "BNB Auto-Burn" to cover the remaining hacked funds. A BNB Auto-Burn automatically adjusts the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Chain during each quarter

It will also hold votes on whether to launch a Whitehat program offering $1 million apiece for discovering future bugs and a bounty program offering up to 10% of recovered funds for catching hackers.

Additionally, a new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend against future possible attacks and the number of community validators will be expanded.

The latest hack comes after more than $600 million worth of cryptocurrency was siphoned by hackers who exploited the Ronin network, a blockchain project used by players of Axie Infinity. The theft marked one of the largest crypto heists in history. In April, Binance said that it had recovered $5.8 million worth of the stolen funds.

In August, Chainalysis estimated that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks — the majority of which was stolen this year. The data analytics firm said at the time that the attacks on bridges had accounted for 69% of total funds stolen in 2022.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
French Political Turmoil Elevates Marine Le Pen as Rassemblement National Poised for Power
China Unveils Sweeping Rare Earth Export Controls to Shield ‘National Security’
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
×