According to CEO Changpeng Zhao (CZ), the prominent cryptocurrency exchange Binance is inching closer to identifying the perpetrator(s) responsible for the $570 million attack on its own BNB blockchain.
CZ stated that Binance is collaborating with law enforcement to find the offender(s) and added, “the law enforcement gave us some tips on who they think it might be, […] so we’re actually narrowing down [the hacker].”
The CEO suggested three components that work together to make the environment more secure. Changpeng Zhao remarked, “we’re still actually chasing– helping [authorities] to chase the bad players, working with law enforcement around the globe. Working with law enforcement is one of the ways that we can try to make the space safe.”
CZ claimed that the exchange collaborates with security firms and invests in them so they can perform code inspections. He concluded by saying that people need to be educated on possible risks in the sector.
As previously mentioned, on October 6, Binance declared the ban of deposits and withdrawals from the native BNB network after discovering an illicit transfer of BNB tokens.
The BNB Chain team noted in an aftermath analysis that in order to break the string of events leading to these breaches and prevent the problem from escalating, they had to get in touch with public validators one by one. The team explained that it was difficult because BNB Smart Chain has 44 validators overall, 26 of whom are now active and located in various time zones.
The hacker or hackers were successful in withdrawing BNB 2 million, which is now worth $576.6 million. In the interview with CNBC, CZ reiterated that the blockchain was capable of freezing 80%–90% of it, meaning that the actual loss was considerably lower.