Binance says at least $100 million stolen in blockchain attack

Criminals were able to exploit a flaw in Binance Bridge and tried to get away with at least $100 million in cryptocurrencies, the company has admitted.

Binance Bridge is a cross-chain platform that allows cryptocurrency users to exchange tokens from one chain (for example, Ethereum), to another (for example, Binance Chain). The bridges are often riddled with flaws, and as such are a major target for cybercriminals. Some of the biggest crypto heists came as a result of an exploited bridge (think Ronin bridge, Wormhole, Harmony, and others). In fact, blockchain analysis firm Chainalysis recently said that more than $2 billion were stolen in bridge hacks, this year alone.

Creating tokens out of thin air