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    Crypto scammers make off with USD100M from Binance

    PARIS (AFP) – Scammers have stolen USD100 million in cryptocurrency from Binance, the world’s biggest exchange for cryptoassets, the firm said yesterday.

    Company Chief Changpeng Zhao wrote on Twitter that “an exploit” in the system led to extra production of the exchange’s dedicated currency, adding, “The current impact estimate is around USD100 million.

    “The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly,” he wrote.

    It is among the biggest thefts in cryptocurrency history, although it is still dwarfed by the mammoth heist of more than USD500 million from the Axie Infinity blockchain game earlier this year.

    Scammers are increasingly using weaknesses in “cross-chain bridges” – the means used by investors to move assets from one blockchain to another.

    Blockchains are digital ledgers that store details of transactions – the biggest is bitcoin but there are thousands of others.

    Changpeng Zhao wrote that the theft involved “an exploit on a cross-chain bridge, BSC Token Hub”, reassuring customers it had been fixed.

    The exchange said on Reddit that the amount taken was between USD100 and USD110 million, adding that USD7 million had already been recovered.

    The Axie Infinity hack and another heist last month on crypto firm Nomad of almost USD200 million also involved bridges being exploited.

    Chainalysis, a crypto analysis firm, said in August that bridge exploits had accounted for around USD2 billion in thefts this year already.

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