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Changpeng Zhao Says Binance Zeroing In on Identity of Hacker Behind $570,000,000 Exploit

Binance CEO Changpeng Zhao says that the crypto exchange is making progress on identifying those responsible for the theft of Binance Coin (BNB) worth approximately $570 million in a cross-bridge exploit.

Responding to a question on what can be done to reduce crypto hacking incidents, Zhao says in a new CNBC interview that the exchange has received information from law enforcement authorities on a possible suspect involved in the heist.

“What was hacked was a cross-chain bridge that sits between two open blockchains that were hacked.

The total affected amount was two million BNB. But the blockchain was able to freeze about 80% to 90% of it. So the actual loss of it is actually much smaller.

We’re still actually helping them to chase the bad players working with law enforcement around the globe.

So working with law enforcement is one of the ways that we can try to make the space safe. And actually, in this particular instance, the law enforcement gave us some tips on who they think it might be, etc. So we’re actually narrowing down.”

According to the Binance CEO, educating users and assisting software developers to write safer code are some of the other measures that can be taken to reduce hacking incidents in the crypto space.

“The other part that’s really important is to help developers develop safer code. Everything is software and software could have bugs. So we’re working with many security companies, we’re investing in security companies to do audits on code, etc.

The last part is really just education. So we need to educate users about the potential risks in this new field.”

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