Crypto Surges While Binance Hunts For Half A Billion Hacker

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Last Updated on 26 October 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The crypto market moved sharply higher last night, following US stock markets after renewed investor positivity. In the past 24 hours, Bitcoin went up almost 7%, Ethereum increased by 14% higher and Cardano climbed 13%.

Changpeng Zhao, commonly referred to as “CZ”, is not a man you want to steal from. The Binance CEO appeared on US media earlier this week, to comment on his company’s ‘hunt’ for the perpetrator of the $570 million hack on its BNB blockchain. From the looks of it, they are about to catch the thief.

Binance Chain

Back in 2019 Binance developed the BNB Chain, originally called Binance Chain. Just like most other blockchains, it has a native token, called BNB, which can be traded, used in apps or games, and which became very popular.

Last month a hacker attacked a so-called cross-chain bridge, a weak spot in the blockchain’s code of the BNB Chain. The story made all the front pages.

Thanks to this weak spot, he was able to withdraw 2 million BNB tokens. At their current price, about half a billion dollars worth. Speaking to CNBC’s Squawk Box, CZ reassured crypto traders that:

The blockchain was able to freeze about 80% to 90% of it, so the actual loss of it was much smaller.

Furthermore, thanks to tips from law enforcement, the Binance team is now “narrowing down” on the attacker.

We’re still actually chasing … helping [authorities] to chase the bad players, working with law enforcement around the globe, Zhao said. 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 of who they think it might be. So we’re actually narrowing down.