The crypto space has recently been riddled with some of the worst crypto hacks to be seen in the modern day. Not only has the volume of the attacks grown in recent months, but their scope has as well.
Last year, the biggest hack was a little over $600 million that hackers stole close to the end of the year. However, just as the year started, hackers managed to break that record in three months. Hackers managed to steal well over $600 million in a single hack, leaving the company in a dire situation.
While hackers would often target much smaller firms, or as they call it low hanging fruit, some were bold enough to take on the biggest exchange on the platform Binance. The Binance attack saw the company lose $570 million in a single swipe, and has since been in pursuit of the hacker responsible.
Since the attack on Binance, many have become worried as to what could happen. If the biggest exchanges on the platform were not safe, then did the smaller platforms really stand a chance? Fortunately, not only is the firm looking for who the hacker was, but they are also beefing up security to ensure that things will go smoothly.
Working with Law Enforcement
Although the crypto market stands in stark contrast against more traditional types of finance, law enforcement was quick to help Binance with the case. IN fact, local law enforcement gave them the tip that would help Binance narrow down the hacker in question.
Thanks to the contribution from both local law enforcement and various other security firms, Binance has been able to significantly narrow down who the person is.
Targeting the Cross-Chain Bridge
The major hack in question was when a hacker was able to get away with over $500 million in BNB tokens, which they stole from the Cross-chain Bridge. The cross-chain bridge is similar to a super highway that is connecting all sorts of crypto exchanges and services.
It is an integral part of the crypto system, but it is also the most vulnerable to all sorts of attacks from bad actors. Therefore, many are concerned about the precedent that this sets for the rest of the platform.
The CEO Speaks Up
The best thing about the crypto market as a whole is how quickly word spreads. The CEO of Binance was also quick to talk to news outlets, where he made it clear that they are still chasing the individuals. They are working closely with various security firms and authorities to catch the hacker.
Following the event, the CEO for the biggest crypto exchange is now in favor of more traditional forms of regulation