Binance has got substantial tips to identify BSC token hub hackers

The hacker(s) responsible for the $570 million exploit on the crypto exchange platform Binance’s cross-chain bridge, BSC Token Hub, earlier this month are about to be identified.

Changpeng “CZ” Zhao, CEO of Binance, stated in a recent interview with CNBC that the company had got substantial information from law enforcement officials to identify the hacker(s) who stole two million BNB tokens.

Binance is ‘chasing’ the bad guys

Over the past year, a number of attacks have targeted cross-chain bridge vulnerabilities. CZ claimed that the investigative team of Binance is “chasing” the bad guys and working to identify the offender(s):

“We’re still actually chasing … helping [authorities] to chase the bad players, working with law enforcement around the globe. Working with law enforcement is one of the ways that we can try to make the space safe. Actually, in this particular instant, law enforcement gave us some tips on who they think it might be. So we’re actually narrowing down.”

According to the most current report from the executive, the BNB blockchain was able to stop the hacker from taking the majority of the targeted funds by freezing 80% to 90% of them. He continued by saying that the actual loss was “much smaller” and that Binance still had control over “the vast majority of the funds.”

According to Token Terminal’s most recent research, cross-chain bridges are the weakest spot in the decentralized finance (DeFi) space and are responsible for almost 50% of exploits. According to a recent report by Chainalysis, 13 cross-chain bridge attacks totaling $2 billion in cryptocurrency were largely committed in 2022.

While cross-chain bridges built using the Cosmos Inter-Blockchain Communications (IBC) protocol have mainly been successful in preventing such attacks, the same cannot be said for those built using blockchains powered by the Ethereum Virtual Machine (EVM).

In fact, EVM blockchain has faced a significant number of cross-change vulnerabilities so far, including the Nomad bridge hack, the Wormhole token bridge hack, and the Axie Infinity Ronin bridge hack.

Notably, Binance has recently hired a renowned former FBI agent to lead its new investigation team, as TheCoinRise reported.