Binance, the world's largest cryptocurrency exchange, suffered a $100 million loss in a cross-chain hack earlier this week.
Binance suffers a $100 million loss as a result of a cross-chain hack.
The world's largest cryptocurrency exchange announced earlier this week that it had been the victim of a BNB cross-chain bridge hack. Overnight, hackers attempted to steal $560 million in BNB tokens from the BSC Token Hub, BNBChain's cross-chain bridge.
However, the attackers were able to drain between $100 million and $130 million from the network.
The BNBChain was down for a few hours while the development team worked on fixing bugs. Binance announced earlier today that the BNBChain is back up and running, with the blockchain's validators resuming operations.
The attack sent shockwaves through the crypto space, emphasising the dangers of decentralisation even more.
The hack also occurred just hours after Binance received its licence to operate in Kazakhstan. After receiving its licence, Binance can now operate its cryptocurrency exchange in the country.
The EU has banned cryptocurrency payments from Russia.
Since the start of the Ukrainian conflict, the European Union and the United States have imposed a slew of sanctions on Russia. The EU imposed yet another sanction on Russia earlier this week.
The EU has announced a ban on cryptocurrency payments from Russia. The ban is intended to put a stop to Russia's war in Ukraine and to lay the groundwork for the implementation of an oil price cap.
Russia has blocked the website of the cryptocurrency exchange OKX. According to records, OKX's website was blocked at the request of the Russian Federation's Prosecutor General's Office. However, it is unclear what prompted the move.
Do Kwon has been ordered by South Korean authorities to return his passports.
Do Kwon, the founder of Terraform Lab, has been in the news since the Terra project failed earlier this year. Do Kwon was ordered by South Korea's Ministry of Foreign Affairs to return his local passport earlier this week.
Do Kwon was given a deadline of 14 days to return his passport. The passport will be revoked if it is not surrendered. This implies that if Do is in South Korea, he will be unable to leave.
Bitwise introduces a web3-focused ETF.
Manager of cryptocurrency index funds Bitwise Asset Management announced earlier this week the launch of a web3 exchange-traded fund (ETF). The ETF provides investors with exposure to five types of web3 companies.
Infrastructure providers, finance, metaverse and digital worlds, web3-enabled creator economy, and development and governance are the five categories of companies. The Bitwise Web3 ETF (BWEB) is now traded on NYSE Arca.
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