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The news that hackers stole nearly $570 million from leading crypto exchange Binance has recently become a hot topic. Better profile hacking is now prevalent in the industry. But this incident is said to be the biggest crypto theft ever. According to Investopedia, the Binance hack will be the biggest cryptocurrency attack ever. Below is all about the recent Binance hack.

Once again, hackers used a cross-chain bridging exploit to hack Binance.

Hackers used a bridge exploit in hacking Ronin Network, which resulted in the loss of $625 million. In the Nomad Bridge hack from August, thieves made off with $200 million. As with many recent crypto heists, the thieves exploited a weakness in a cross-chain bridge.

As of now, the company has temporarily suspended transactions and fund transfers, due to the discovery of an exploit between two blockchains.

“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Binance’s CEO, Changpeng Zhao, said in a tweet.

In a blog-spot message as of Friday, BNB Chain said it was working to lock down any vulnerable areas. 

“First, we want to apologize to the community for the exploitation that happened. We own this,”

In August, Nomad, a service that allows users to send crypto tokens between different blockchains, was hit with media reports that it had taken nearly $200m. Another exchange service, Harmony, lost about $100 million in a hack in June. 

Associated Press contributed to this article