Cryptocurrency transactions according to Chief Changpeng Zhao of Binance, the cryptocurrency exchange is getting closer to figuring out the mindset of a programmer who organized a $570 million attack on its BNB blockchain.
Zhao stated at a meeting on CNBC’s “Cackle Box Europe” that Binance is now “reducing” the person or individuals responsible for the attack after receiving some leads from law enforcement about who the programmer may be.
In the attack in question, a purported cross-chain gap was targeted, allowing an as-of-yet unidentified programmer or programmer(s) to withdraw 2 million of Binance’s BNB tokens, which were then valued at around $570 million.
According to data from Chainalysis, more than $1 billion has been lost due to failures on cross-chain bridges so far this year. These bridges enable rapid token transfers from one blockchain stage to the next.
Due to vulnerabilities in their fundamental programming, well-known “DeFi,” or decentralized finance, networks have become a popular target for criminals.
We are currently actively pursuing… Working with global policing, we’re assisting [authorities] in pursuing the bad players,” Zhao added. One way we may try to make the area secure is by collaborating with the police.
“As a matter of fact, in this specific moment, policing us a few hints of whom they figure it very well may be. So we’re really reducing.”
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