Binance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network.
A Reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting 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,” CEO Changpeng Zhao said in a tweet.
Binance believes that $100 million to $110 million in funds were taken, but it was able to freeze approximately $7 million.
Last year Binance said that it was time for global regulators to establish rules for crypto markets. The company acknowledged at the time that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.
Binance is just the latest crypto company to experience a targeted hack. In August Nomad was struck, with media reports saying it was for nearly $200 million. Harmony lost about $100 million in a hack in June.