#BinanceSafetyInsights BinanceSafetyInsights

On Friday, Binance, the world's ever largest cryptocurrency exchange, confirmed that $570 million had been stolen from a blockchain it manages, which connects asset transfer networks.

Decentralized finance, also known as DeFi, which uses code to control transactions, had vulnerabilities exposed by the attack on the Binance Smart Chain network. In an interview with CNBC,

Binance's chief executive officer Changpeng Zhao stated that "software code is never bug free." He stated that so-called cross-chain bridges were particularly vulnerable to hacks and that the industry needed to improve its capacity to learn from them, despite the fact that he emphasized that none of the users had suffered financial losses as a result of the breach.

"We have seen a series of attacks on targeting vulnerabilities in cross-chain bridges," Binance Smart Chain wrote in an apology to users. "We will openly share the specifics of the postmortem and all lessons learned on how to implement more advanced security measures to shore-up these vulnerabilities,"the statement reads.

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