According to reports, Binance lost up to $570 million as a result of a network hack, making it one of the biggest blows to a reputable cryptocurrency company.
Following the hack, the corporation was compelled to temporarily halt transactions after discovering a vulnerability between two blockchains that allowed for the realization of the digital heist.
Changpeng Zhao (CZ), CEO of Binance, stated that the problem had been resolved and that the funds of the users were secure.
CZ stated, “We regret the inconvenience and will offer future updates as necessary.”
Previously, Binance claimed that the loss was in the neighborhood of $110 million, however CNBC swiftly refuted this claim by citing sources who claimed that the actual loss was more in the neighborhood of $570 million.
Binance acknowledged that it wants to fix security flaws. The corporation “owed an apology” to customers, according to the blog, and it made a commitment to improve.
The business was upbeat nevertheless, citing the assistance of security specialists and its own team who were able to immediately get the problem under control.
As a result of unanticipated losses and a negative market, competitors like Crypto.com have had to scale back their operations. At the same time, Binance is dealing with a sizeable amount of missing cash.
It appears that Binance, which is intended to start assisting law enforcement in combating crypto crime, is not all that secure.
Binance has also been asking international regulators to cooperate and create a uniform framework that may assist businesses in expanding into new jurisdictions and conducting business in accordance with plain and precise standards.
The news that the European Union has approved a draft of its pan-European regulations for the cryptocurrency sector was also welcomed by Binance.
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