London Daily

Focus on the big picture.
Sunday, Nov 09, 2025

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
Tom Cruise Arrives by Helicopter at UK Scientology Fundraiser Amid Local Protests
Prince Andrew and Sarah Ferguson Face Fresh UK Probes Amid Royal Fallout
Mothers Link Teen Suicides to AI Chatbots in Growing Legal Battle
UK Government to Mirror Denmark’s Tough Immigration Framework in Major Policy Shift
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
Apple to Pay Google About One Billion Dollars Annually for Gemini AI to Power Next-Generation Siri
UK Signals Major Shift as Nuclear Arms Race Looms
BBC’s « Celebrity Traitors UK » Finale Breaks Records with 11.1 Million Viewers
UK Spy Case Collapse Highlights Implications for UK-Taiwan Strategic Alignment
On the Road to the Oscars? Meghan Markle to Star in a New Film
A Vote Worth a Trillion Dollars: Elon Musk’s Defining Day
AI Researchers Claim Human-Level General Intelligence Is Already Here
President Donald Trump Challenges Nigeria with Military Options Over Alleged Christian Killings
Nancy Pelosi Finally Announces She Will Not Seek Re-Election, Signalling End of Long Congressional Career
UK Pre-Budget Blues and Rate-Cut Concerns Pile Pressure on Pound
ITV Warns of Nine-Per-Cent Drop in Q4 Advertising Revenue Amid Budget Uncertainty
National Grid Posts Slightly Stronger-Than-Expected Half-Year Profit as Regulatory Investments Drive Growth
UK Business Lobby Urges Reeves to Break Tax Pledges and Build Fiscal Headroom
UK to Launch Consultation on Stablecoin Regulation on November 10
UK Savers Rush to Withdraw Pension Cash Ahead of Budget Amid Tax-Change Fears
Massive Spoilers Emerge from MAFS UK 2025: Couple Swaps, Dating App Leaks and Reunion Bombshells
Kurdish-led Crime Network Operates UK Mini-Marts to Exploit Migrants and Sell Illicit Goods
UK Income Tax Hike Could Trigger £1 Billion Cut to Scotland’s Budget, Warns Finance Secretary
Tommy Robinson Acquitted of Terror-related Charge After Phone PIN Dispute
Boris Johnson Condemns Western Support for Hamas at Jewish Community Conference
HII Welcomes UK’s Westley Group to Strengthen AUKUS Submarine Supply Chain
Tragedy in Serbia: Coach Mladen Žižović Collapses During Match and Dies at 44
Diplo Says He Dated Katy Perry — and Justin Trudeau
Dick Cheney, Former U.S. Vice President, Dies at 84
Trump Calls Title Removal of Andrew ‘Tragic Situation’ Amid Royal Fallout
UK Bonds Rally as Chancellor Reeves Briefs Markets Ahead of November Budget
UK Report Backs Generational Smoking Ban Ahead of Tobacco & Vapes Bill Review
UK’s Domino’s Pizza Group Reports Modest Like-for-Like Sales Growth in Q3
UK Supplies Additional Storm Shadow Missiles to Ukraine as Trump Alleges Russian Underground Nuclear Tests
High-Profile Broodmare Puca Sells for Five Million Dollars at Fasig-Tipton ‘Night of the Stars’
Wilt Chamberlain’s One-of-a-Kind ‘Searcher 1’ Supercar Heads to Auction
Erling Haaland’s Remarkable Run: 13 Premier League Goals in 10 Matches and Eyes on History
UK Labour Peer Warns of Emerging ‘Constituency for Hating Jews’ in Britain
UK Home Secretary Admits Loss of Border Control, Warns Public Trust at Risk
President Trump Expresses Sympathy for UK Royal Family After Title Stripping of Prince Andrew
Former Prince Andrew to Lose His Last Military Title as King Charles Moves to End His Public Role
King Charles Relocates Andrew to Sandringham Estate and Strips Titles Amid Epstein Fallout
Two Arrested After Mass Stabbing on UK Train Leaves Ten Hospitalised
Glamour UK Says ‘Stay Mad Jo x’ After Really Big Rowling Backlash
Former Prince Prince Andrew Faces Possible U.S. Congressional Appearance Over Jeffrey Epstein Inquiry
UK Faces £20 Billion Productivity Shortfall as Brexit’s Impact Deepens
UK Chancellor Rachel Reeves Eyes New Council-Tax Bands for High-Value Homes
UK Braces for Major Storm with Snow, Heavy Rain and Winds as High as 769 Miles Wide
×