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Binance Says $100 Million of Crypto Produced Out of Thin Air by Hackers

EvilEyeFleegle

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LOL! I get a kick out of this. These guys just ginned up $100M--but i bet it spends just fine. Money is just an idea..after all--and value is what we agree it is. Imaginary money that spends...how cool is that?


Binance estimates roughly $100-$110 million worth of its cryptocurrency BNB was taken by unknown hackers on Thursday, according to a tweet from CEO Changpeng Zhao, considerably less than the $566 million originally estimated. But don’t worry if you’ve got an account with Binance, your crypto is safe. The hacker or hackers appear to have been able to convince the blockchain network to just produce more BNB out of thin air rather than stealing anyone’s particular crypto.

Hackers frequently target the bridges between blockchains, a weak point that has produced plenty of loot for thieves in recent months. About $190 million worth of crypto was stolen in a similar hack of the Nomad network back in August. The Wormhole bridge was also hacked for about $325 million in February.

Bridges allow blockchains with different cryptocurrencies to communicate with each other and trade, without the need of an intermediary. In Thursday’s hack, the BNB Beacon Chain uses proof-of-work and has limited capabilities, whereas the BNB Chain uses proof-of-stake and can communicate with the Ethereum network more easily.

BNB, the third most popular crypto, was trading down about 3% Friday morning at $285. Bitcoin, the most popular cryptocurrency in the world, was also down trading around $19,959. Ethereum, the second most popular, was down slightly to $1,355.
 

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