#BinanceSafetyInsights On Friday, Binance, the largest cryptocurrency exchange globally, revealed that a staggering $570 million was stolen in a cyberattack targeting a blockchain it operates, which facilitates asset transfers across different networks. The breach on the Binance Smart Chain network exposed vulnerabilities in decentralized finance (DeFi), a system where transactions are managed through automated code.

“Code is never completely free of flaws,” Changpeng Zhao, Binance’s CEO, told CNBC in an interview. He reassured users that no one lost funds in the incident but pointed out that cross-chain bridges—systems enabling transfers between blockchains—are especially prone to such attacks, urging the industry to improve by learning from these incidents.

Binance Smart Chain addressed the issue in a blog post, expressing regret to its users. “We’ve observed multiple attacks exploiting weaknesses in cross-chain bridges,” the post stated. “We’ll transparently share the findings from our investigation and the steps we’re taking to implement stronger security measures to address these risks.”