$570 Million Hack, Binance might soon unveil culprit(s) CZ says

Changpeng ‘CZ’ Zhao, the founder and CEO of Binance, said law enforcement was helping in the quest to identify those behind the attack.Binance will be working with law enforcement to unveil the culprit(s), who were responsible for the recent attack on BNB Chain; where $570 million was stolen. This was revealed by Binance CEO Changpeng Zhao on Monday.

BNB’s value has stayed below $280 for the past day. A lull in action across the crypto market keeps Binance Coin prices down to around 1% gains. However, the investigation into the matter is progressing.

In an AMA on Monday, Binance CEO CZ stated that Binance was able to track the funds. From the attack and freeze them within an hour of detecting it. Additionally, the team is working with law enforcement to uncover the culprit(s) behind the attack.

CZ states that Binance will not condone this behavior and will make sure the attacker(s) are punished. He adds that they would do everything possible to ensure the person or people responsible are put in jail.

This update comes just over a week after Binance revealed the hack. Reassuring users that their funds were safe as Binance’s Secure Asset Fund for Users (SAFU) had enough funds to cover the losses.

Binance has also stated that it will reimburse users affected by the hack through the SAFU fund.

Binance ‘hunting’ down hackers

Zhao, who is known as CZ in the crypto industry, states during an interview with CNBC’s ‘Squawk Box Europe.’ That the leading crypto exchange would soon be able to identify the hacker or hackers.

The Binance chief says that they were getting help from people who work in law enforcement to figure out who did this.

Zhao says that the Binance team is working hard to stop the bad guys. By asking for help from law enforcement from different countries. They can find out who the hackers are and make the crypto space safe again.

Some hackers tried to take 2 million BNB early in the month, but Binance was able to stop them. Binance asked network validators to halt the BNB Chain, which stopped the hackers from taking any more money.

What does this mean for Binance?

Zhao hopes that Binance’s efforts to expose the hackers. And work with law enforcement will ultimately make the cryptocurrency space safer for all. He stresses, “We are not just protecting Binance, but also the industry as a whole.”

As Binance continues its pursuit of justice in the BNB Chain hack. It remains vigilant against future attacks and has implemented additional security measures. Zhao reminds users to always use 2FA and change passwords regularly to ensure their safety on Binance and beyond.

This incident is a prime example of why exchanges and other industry players. Need to have robust security measures in place and also work closely with law enforcement in cases of theft or hacking.

As Binance continues its investigation, we’ll be eagerly waiting for updates on potential culprit exposures.

In the meantime, Binance users can rest assured that their funds are safe and protected. Binance’s CEO, CZ, has reassured the community that all affected users will be compensated for any losses resulting from the BNB Chain hack.

Binance remains committed to keeping its platform secure and providing a safe environment for users to trade cryptocurrencies.

About Binance

Binance is one of the largest and most popular cryptocurrency exchanges in the world. Binance was founded in 2017 by Changpeng Zhao, also known as CZ, and has quickly risen to become a leader; in the industry.

Binance offers a variety of trading options, including spot trading and margin trading. As well as multiple platforms for both beginners and advanced traders.

Binance also has its native token, BNB. Which can be used for discounted fees on the exchange and other benefits within the Binance ecosystem.

What do think about this BNB Chain hack? Let us know in the comment section!