Crypto exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token. CEO Changpeng Zhao joins SquawkCNBC to discuss the hack.
The hack was caused by a bug in the bridge's smart contract that allowed hackers to forge transactions and send money back to their crypto wallet, according to crypto security firm Immunefi. Smart contracts are pieces of code on the blockchain that allow agreements to execute automatically without human intervention.
An earlier estimate from the company placed the total amount withdrawn in a range of $100 million to $110 million. The company also said it managed to freeze $7 million of funds with the help of its security partners. BNB Chain has 26 active validators at present and 44 in total in different time zones, the spokesperson added.
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