An already bad year for cryptocurrencies took another turn for the worse after about $100 million worth of Binance Coin, better known as BNB, was stolen in what appears to be the latest hack to hit digital assets.
An exploit occurred on a bridge between blockchains and the issue is “contained now”, Changpeng “CZ” Zhao, billionaire co-founder of Binance, the world’s biggest cryptocurrency exchange, said on Twitter on Friday.
Earlier, BNB Chain tweeted from its official account that it was "temporarily pausing BSC [Binance Smart Chain]" due to irregular activity.
A representative for Binance-backed blockchain BNB Chain estimated the incident involved $100m to $110m of digital tokens.
At least $7m in stolen funds has already been frozen, the representative said. The bridge, BSC Token Hub, has been suspended.
About $2 billion has been lost in cryptocurrency hacks this year, many perpetrated by North Korea-linked groups. Cross-chain bridges used to transfer tokens across blockchains have been a popular target.
The Binance ecosystem is among the highest profile to be buffeted. Mr Zhao said on Twitter that “in all likelihood, Binance will cover any fund that the hackers get away with”.
BNB Chain said it was working with security services to freeze the transfers of stolen funds.
BNB fell as much as 3.3 per cent on Friday and was trading at about $285 as of 10.08am in Tokyo.
The cryptocurrency sector has been pummelled both by hacks and a deep rout that has wiped about $2 trillion off the value of digital assets.
The wider cryptocurrency markets took the latest developments in their stride. Bitcoin was little changed at about $20,000.
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Pakistan (1st innings) 181: Babar 71; Olivier 6-37
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Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
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UAE currency: the story behind the money in your pockets
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
