Binance is on the verge of uncovering the hacker(s) behind the $570 million exploit on its cross-chain bridge, BSC Token Hub, earlier this month. In a recent interview with CNBC’s ‘Squawk Box Europe,’ Binance CEO Changpeng “CZ” Zhao said the firm had received substantial tips from law enforcement authorities to identify the hacker(s) that drained two million BNB tokens. A series of attacks on targeting vulnerabilities in cross-chain bridges over the past year. A recent study by Chainalysis revealed that $2 billion worth of crypto had been stolen across 13 cross-chain bridge attacks, mostly in 2022. As a result, CZ said the team is “chasing” the bad actors and is in the process of narrowing down the perpetrator(s). “We’re still actually chasing … helping [authorities] 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. Actually, in this particular instant, law enforcement gave us some tips on who they think it might be. So we’re actually narrowing down.” According to the recent update by the exec, the BNB blockchain was able to prevent most of the targeted funds from being taken by the hacker by freezing 80% to 90% of them. He added that the actual loss was “much smaller” while the “vast majority of the funds remain under the control” of Binance.
About OODA Analyst
OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.