Changpeng Zhao Says Binance Zeroing In on Identity of Hacker Behind $570,000,000 Exploit

Binance CEO Changpeng Zhao said the cryptocurrency exchange is working to identify who stole about $570 million worth of Binance Coin (BNB) in a cross-bridge exploit.

In response to questions about what can be done to reduce crypto hacking incidents, Zhao To tell In a new CNBC interview, the exchange said it received information from law enforcement officials about a suspect who may have been involved in the robbery.

“What has been hacked is a cross-chain bridge between two open blockchains that have been hacked.

The total amount affected was 2 million BNB. But blockchain has been able to freeze about 80% to 90% of it. So the actual loss is actually much smaller.

We actually help them track down bad players working with law enforcement agencies around the world.

Therefore, working with law enforcement is one way to make spaces safe. In fact, in this particular instance, law enforcement provided us with some hints as to who it might be. So we’re really narrowing it down. ”

Educating users and helping software developers write more secure code are some of the other measures they can take to reduce hacking incidents in the crypto space, according to the Binance CEO. .

“Another important point is to help developers develop more secure code. Everything is software and software can have bugs. I work with a company and invest in a security company to audit their code.

The last part is just education. Therefore, users should be educated about the potential risks in this new field. ”


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