The crypto industry has witnessed another major hack.

Approximately $100 million worth of Binance Coin (BNB) was stolen after an exploit occurred in a cross-blockchain bridge.

The problem is “contained now, Changpeng”CZZhao, the billionaire co-founder of Binance, said on Twitter.

The world’s largest cryptocurrency exchange, the Binance-backed BNB blockchain, estimated that around $100 million to $110 million worth of digital tokens were involved in the incident.

A post published by Binance on Twitter reads:

“@BNBchain it is currently undergoing maintenance. We will suspend all deposits and withdrawals through the BNB chain temporarily until further updates. We apologize for any inconvenience. Thank you for your patience!”

A spokesperson said that at least $7 million of stolen funds have already been frozen and the bridge, BSC Token Hub, has been suspended.

In another recent case of a major hack, multi-chain decentralized exchange (DEX) aggregator platform Transit Swap announced via Twitter that it lost $21 million after a hacker exploited an internal bug in its swap contract.

Following the incident, Transit Swap issued a statement of apology to users, saying that efforts are being made to recover the stolen funds. “After a self-assessment by the TransitFinance team, it was confirmed that the incident was caused by a hacker attack due to a bug in the code. We are deeply sorry,” the DeFi platform stated.

The DEX aggregator said it is working with cybersecurity specialists like SlowMist, PeckShield, Bitrace, and TokenPocket’s security and technical teams to track down the hacker and recover the funds.

Transit Swap said a bug in the code allowed a hacker to get away with an estimated $21 million. PeckShield, a blockchain security company, gave a further explanation that the attack could have occurred due to a compatibility issue or improper reliance on the exchange contract.

According to ChainanalysisTotal crypto crime revenue in the first half of this year was $1.6 billion, less than the figure recorded in the first half of 2021. The drop in crypto crime figures has coincided with a drop in crypto values . However, some forms of crypto crime have increased in the last year, such as the value of hacked crypto assets rising from $1.2 billion to $1.9 billion.

While Bloomberg reported that around $2 billion has been lost in crypto hacks this year. Many of those attacks were carried out by groups linked to North Korea, and cross-chain bridges used to transfer tokens across blockchains have been a popular target.

Binance’s trick should be that even though the Binance ecosystem is among the most high-profile, it can still take a beating.

Zhao said on Twitter that “in all likelihood, Binance will cover whatever funds the hackers get away with.”

BNB fell as much as 3.3% on Friday and was trading around $285 as of 10:08 a.m. in Tokyo.

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