Binance CEO Changpeng Zhao told CNBC that the crypto exchange is narrowing down the individual or group responsible for the BSC Token Hub cross-chain bridge attack, which resulted in a $570 million loss earlier this month.

Law enforcement is assisting Binance’s search, Zhao told the business news channel:

“We’re still actually chasing … helping to chase the bad players, working with law enforcement around the globe. Working with law enforcement is one of the ways that we can try to make the space safe.”

Zhao also noted that:

“In this particular instant, law enforcement gave us some tips of who they think it might be… we’re actually narrowing down.”

The vulnerability occurred on a cross-chain bridge, which allows cryptocurrency users to transfer their crypto assets across blockchains. During the incident, Zhao requested that BSC be temporarily suspended. Coordination between validators and the updating of node operators eventually resolved the problem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Binance

BSC

BSC Token Hub

Changpeng Zhao

CZ

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Binance Is Narrowing Down The Identity Of BSC Token Hub Hacker

Binance CEO Changpeng Zhao told CNBC that the crypto exchange is narrowing down the individual or group responsible for the BSC Token Hub cross-chain bridge attack, which resulted in a $570 million loss earlier this month.

Law enforcement is assisting Binance’s search, Zhao told the business news channel:

“We’re still actually chasing … helping to chase the bad players, working with law enforcement around the globe. Working with law enforcement is one of the ways that we can try to make the space safe.”

Zhao also noted that:

“In this particular instant, law enforcement gave us some tips of who they think it might be… we’re actually narrowing down.”

The vulnerability occurred on a cross-chain bridge, which allows cryptocurrency users to transfer their crypto assets across blockchains. During the incident, Zhao requested that BSC be temporarily suspended. Coordination between validators and the updating of node operators eventually resolved the problem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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