London Daily

Focus on the big picture.
Monday, Aug 24, 2026

Binance crypto hack withdraws $570M in BNB tokens

Binance crypto hack withdraws $570M in BNB tokens

Binance CEO Zhao Changpeng said hackers were only able to get away with around $100M

Binance temporarily suspended deposits and withdrawals on its blockchain network on Thursday evening after hackers were able to withdraw two million BNB tokens worth about $570 million.

According to the cryptocurrency exchange, hackers exploited a native cross-chain bridge between the firm's BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as "BSC Token Hub." Cross-chain bridges allow users to move their digital assets from one blockchain to another.

"The exploit was through a sophisticated forging of the low level proof into one common library," Binance said in a Friday blog post. "Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control."

In order to suspend deposits and withdrawals, Binance had to reach out to 26 active validators, or entities that confirm blockchain transactions, across 44 different time zones.

"This delayed closure, but we were able to minimize the loss," the company added.


Initial estimates from BNB Chain said hackers took between $70 million and $80 million. The company estimated $7 million of the seized funds had already been frozen.


Binance CEO Zhao Changpeng later said in a Twitter thread on Thursday that the estimated impact was around $100 million.

Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.


The BNB Chain has resumed operations. As of the time of publication Friday, BNB is down more than 3%, trading around $282 per coin, according to CoinMarketCap. The fifth largest coin has a market cap of over $45 trillion.

Moving forward, Binance said it would hold on-chain governance votes to determine whether the hacked funds will be frozen and whether to use a "BNB Auto-Burn" to cover the remaining hacked funds. A BNB Auto-Burn automatically adjusts the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Chain during each quarter

It will also hold votes on whether to launch a Whitehat program offering $1 million apiece for discovering future bugs and a bounty program offering up to 10% of recovered funds for catching hackers.

Additionally, a new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend against future possible attacks and the number of community validators will be expanded.

The latest hack comes after more than $600 million worth of cryptocurrency was siphoned by hackers who exploited the Ronin network, a blockchain project used by players of Axie Infinity. The theft marked one of the largest crypto heists in history. In April, Binance said that it had recovered $5.8 million worth of the stolen funds.

In August, Chainalysis estimated that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks — the majority of which was stolen this year. The data analytics firm said at the time that the attacks on bridges had accounted for 69% of total funds stolen in 2022.

Newsletter

Related Articles

0:00
0:00
Close
Prime Minister Andy Burnham to Give Ukraine Classified Storm Shadow Blueprints for Domestic Missile Production
UK Graduate Job Vacancies Plunge 45% to Lowest Levels on Record
Iranian Hackers Shut Down British Power Plant for Four Days in Landmark Cyber Attack
Novak Djokovic Reveals Relentless Self-Doubt and Rejects Retirement in New Documentary
Trump Imposes 50% Tariffs on Canadian Goods After Bilateral Trade Talks Collapse
First Bus Bars Unaccompanied Under-Sixteens From Evening Services in Stoke-on-Trent
Lithium-Ion Battery Fires Cost UK Waste Sector About One Billion Pounds a Year
Reform UK Proposes Lower Social Housing Priority for Foreign-Born Naturalised Citizens
UK Government Deploys AI Drones in Crackdown on Illegal Waste Dumping
EU Biometric Border Checks Cause Disruption for British Travellers and Freight Operators
UK Expands Voluntary Drug Treatment Programme for Sex Offenders to Twenty Prisons
CrossCountry Cancels Most Services After Major Power Failure at Control Centre
Met Office Warns El Niño Could Bring Severe Autumn Storms and Higher Food Prices
Resolution Foundation Says UK Productivity Growth May Be Stronger Than Official Data Suggest
Andy Burnham Proposes Giving Regional Mayors Greater Planning Powers
UK Government Overhauls Planning Rules to Accelerate Housing Near Transport Links
Russia Withdraws Ambassador to Britain and Warns of Retaliation Over UK Drone Supplies to Ukraine
Iran-Linked Hackers Blamed for Cyberattack That Shut Down UK Power Plant
Andy Burnham Pledges UK Support for Long-Range Missile Production in Ukraine
Australia Combines Indigenous Fire Knowledge With Satellite Tech to Combat Catastrophic Wildfires
Father and Son Jailed in Scotland Over £900,000 Airport Cannabis Smuggling Operation
UK Fraud Reports Surge Sevenfold as Criminals Exploit QR Codes in Parking Meters and Phishing Emails
Brighton Thrash Aston Villa in Four-Goal Opening Half as Manchester City Trail Bournemouth
Erin Patterson Appeals Triple Murder Convictions After Hotel Mixed Sequestered Jury With Prosecution
Bank of England Maintains Close Watch on Banks Amid Global Economic Uncertainty
Warm Weather and Tourism Support UK High Street Spending During Summer
Westminster Faces Continuing Political and Administrative Fallout From Epstein Files Release
UK Invests in Domestic Defence Drone Manufacturing to Strengthen Military Supply Chains
Around Five Million UK Households Face Higher Mortgage Payments by 2028
Bluetongue Virus Cases Rise Across England, Wales and Scotland
UK Government Holds First National Day for Victims and Survivors of Terrorism
Historic Summer Droughts Threaten UK Harvests and Put Further Pressure on Food Prices
UK Economy Holds Up in Second Quarter Despite Global Energy and Geopolitical Pressures
UK Opens National Artificial Intelligence Safety Testing Facility
UK Government Finalizes Plans to Bring Remaining Regional Rail Services Into Public Ownership
Environment Agency Imposes Record Penalties on Water Companies Over Illegal Sewage Discharges
Great British Energy Announces Offshore Wind Partnership in North Sea
UK Government Tightens Planning Rules to Accelerate Housing Development
NHS Launches Digital Overhaul to Cut Elective Care Waiting Lists
Bank of England Signals Interest Rates May Stay Higher for Longer as Inflation Pressures Persist
The rise and fall of Hui Ka Yan, China’s richest man
Woke: Britain Considers Plain Packaging for Cigars as Specialist Shops Warn of Industry Collapse
Britain's Public-Service Productivity Remains Below 2019 as £80 Billion Output Gap Fuels WFH Debate
Mandelson Epstein Case in Jeopardy as U.S. Files Stay Out of Reach
Prince Harry and Six Others Ordered to Pay £9.5 Million After High Court Defeat
Bank of England Holds Interest Rate at 3.75% as Inflation and Energy Risks Persist
UK AI Security Tests Find Autonomous Agent Attempting Malicious Code Injection
UK Economy Grows 0.4% in Second Quarter Amid Global Pressures
UK Joins European Allies in Condemning Israeli Settlement Plans in West Bank E1 Area
Multiple People Killed in A66 Collision Near Middlesbrough Involving Police Vehicle
×