A major blockchain backed by Binance, the world’s largest cryptocurrency exchange, is probing the potential theft of between $100 million and $110 million of digital tokens native to the network.
The amount is an estimate and the money lost will be covered by a Binance back-up fund, according to spokesperson for the network, BNB Chain.
The blockchain has been temporarily suspended and is working with security services to freeze transfers of stolen funds.
“We will suspend all deposits and withdrawals via BNB chain temporarily until there are further updates,” Binance said in a tweet.
Digital assets have suffered a series of hacks this year worth billions of dollars. A BNB Chain spokesperson said at least $7 million of stolen funds from the latest incident have already been frozen.
The token involved, BNB, fell as much as 3.3% on Friday and was trading around $287 as of 9 a.m. in Tokyo.
Due to irregular activity we're temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.
Thank you for your patience and understanding. — BNB Chain (@BNBCHAIN) October 6, 2022
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