A $568 Million Hack of Binance Coin Roils Crypto Sector Anew

Binance’s billionaire CEO Zhao says issue is ‘contained now’
The coin also known as BNB fell as much as 3.3% on Friday

WATCH: $100 million in Binance coins were stolen in what appears to be the latest hack of digital assets. Joanna Ossinger reports.Source: Bloomberg

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By Olga Kharif and Sidhartha Shukla

October 6, 2022 at 10:38 PM UTC

Updated on

October 7, 2022 at 7:54 AM UTC

This article is for subscribers only.

An already bad year for cryptocurrencies took another turn for the worse after a $568 million hack affecting Binance Coin became the latest in a string of security incidents to buffet digital assets.

An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng “CZ” Zhao, the billionaire co-founder of Binance, the world’s biggest crypto exchange, said on Twitter on Friday.