- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
- Home
- Blockchain
- Binance Keeps on Track of Hackers Who Stole $570M
Binance Keeps on Track of Hackers Who Stole $570M

Binance has been doing well in the wake of a security breach that resulted in the theft of $570 million worth of BNB tokens. Now, the company’s boss, Changpeng Zhao, referred to CZ on the Internet, has offered some assurances that his company is on top of the problem and police authorities and Binance sleuths are closing in on the people, or person, behind the attack in the first place.
Changpeng Zhao Confident in the Success of Investigation
CZ spoke to CNBC’s “Squawk Box Europe” detailing the fallout of the security breach that resulted in the theft of roughly 2 million tokens. Binance has been able to immediately block the exploit. CZ confirmed that from 80% to 90% of the amount that was being stolen was frozen by the blockchain.
“The actual loss of it was much smaller,” CZ told the media. Binance’s executive similarly confirmed that the company is already working with authorities around the globe to help narrow down the culprits’ identity. Detecting hackers in such a major bust would be an important step forward for the company and cryptocurrency security in general.
The team is still chasing, though, and is in the process of “narrowing down the perpetrators,” CZ added, choosing his language carefully. However, the fact that Binance was hacked is indicative that cryptocurrency security still needs to go some way.
If the biggest companies can be hacked resulting in millions of dollars’ worth of losses, this begs the question of why consumers would continue to invest so heavily in the sector. Cross-chain bridges, which is the type that was exploited in Binance’s case, usually attract significant amounts of tokens, translating into real value, which immediately invites hackers and other bad operators to look in and try and syphon off some of the funds.
Cross-Chain Bridge Vulnerabilities Targeted by Criminals
In many cases, they have been successful. This year alone, over $1 billion of funds lost to such attacks was reported. Binance’s $570 million was of course the biggest so far, but there have been others as well. Half of all DeFi hacks are because of these cross-chain bridges, amounting to $2.5 billion in the past two years. Some have criticized cross-chain bridges as being developed too quickly and without the necessary safety precautions.
Even Ethereum and Bitcoin, the biggest blockchains out there, were reported to have had historic weaknesses but managed to dodge a bullet as it were. Binance didn’t, but the company seems to be doing well despite the latest attack. In fact, Binance is even helping train police officers and departments around the globe on how to stop digital crime.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at Gambling News is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
Previous Article
Blockchain
October 25, 2022
Turkey’s President Says Crypto Gambling Should Be Shut Down
Must Read
Blockchain
September 16, 2025
DOJ Wants to Take $5M in Bitcoin Connected to SIM-Swap Attacks
Blockchain
September 1, 2025
Erik Bergman Feels “Ashamed and Stupid” After $1.25M Scam
More Articles
Business
September 16, 2025
Kaizen Gaming Hires HR Powerhouse as Chief HR Officer
Casino
September 16, 2025
Suspended Florida Sheriff Tied to $21M Gambling Network
Blockchain
September 16, 2025
DOJ Wants to Take $5M in Bitcoin Connected to SIM-Swap Attacks
Casino
September 16, 2025
Prison Time for Former Washington State Employee Who Embezzled $900K
Legal
September 15, 2025
FanDuel to Pay $5M to the Jacksonville Jaguars Following Recent Scandal
Casino
September 15, 2025
Maryland Man Arrested with Guns, Ammo Near Casino
Industry
September 12, 2025
Animo Launches Next-Gen Live Gaming with Animated Hosts on Stake
Business
September 12, 2025
Flutter Names Stefan Bomhard Non-Executive Director
Slots
September 12, 2025
Make Winning Investments in Dragon Gaming’s Crypto Jackpots