Binance hacked to the tune of $100 million or more

Binance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network. “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” CEO Changpeng Zhao said.

A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.

Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity. Binance is just the latest crypto company to experience a targeted hack. In August Nomad was struck, with media reports saying it was for nearly $200 million and Harmony lost about $100 million in a hack in June.