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$100 million hack on Binance

An alleged $100 (€101M) attack has been reported against the major cryptocurrency exchange Binance.

The troubled cryptocurrency exchange, which has come under fire from regulators throughout the world for its anti-money laundering defenses, revealed that tokens valued between $100 and $110 million had been stolen.

According to the Financial Times, Binance disclosed that they had halted the impacted blockchain's operations for eight hours as they investigated any hacking attempts against BSC Token Hub.

The cryptocurrency sector is now experiencing turmoil as a result of the value collapses of Bitcoin and Ethereum earlier this year, which resulted in billions of dollars being wiped off the value of some of the most precious assets.

According to Chainalysis data, up until the end of July this year, cybercriminals had stolen up to $2BN, a considerable rise from the same period last year.

One of the biggest crimes this year was the $600M that was erased from the cryptocurrency game site Axie Infinity.

Changpeng Zhao, the founder and CEO of Binance, responded to customer complaints on social media.

"The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly," Mr. Zhao added.

The cryptocurrency exchange has recently had a rocky relationship with international regulators.

Binance was penalized €3.325 million by the Dutch Central Bank in May for providing cryptocurrency services there "without a legally required registration with DNB."

Despite the "significant risk" that its products provide, the UK's Financial Conduct Authority stated last year that Binance was "not capable" of effectively overseeing Binance.

Binance UK "failed to respond adequately" to the FCA's demands, including by refusing to "answer questions about the wider global business model," the FCA said in an 11-page notice.

However, in May, following the company's protracted attempts to win over French regulators, Parisian officials chose to register a Binance subsidiary as a supplier of virtual currency services.


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