Binance, the world’s largest cryptocurrency exchange, confirmed on Friday that $570 million was stolen in a major hack targeting its Binance Smart Chain (BSC) — a blockchain bridge used for transferring assets across networks.
The incident exposed critical vulnerabilities in decentralized finance (DeFi), where transactions are governed by code rather than centralized authorities.
Changpeng Zhao (CZ), Binance’s CEO, told CNBC:
> “Software code is never completely bug-free.”
He assured users that no customer funds were lost, but acknowledged that cross-chain bridges remain a weak point in the ecosystem, requiring stronger security and faster learning from past attacks.
In a follow-up blog post, Binance Smart Chain stated:
> “We’ve seen repeated attacks exploiting bridge vulnerabilities. We deeply apologize and will fully share a postmortem along with strategies to implement enhanced security moving forward.”