Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended its blockchain network after hackers stole $570 million U.S. worth of its BNB token.
In a statement, Binance said hackers exploited a cross-chain bridge to move BNB tokens off its network. Cross-chain bridges allow the transfer of tokens from one blockchain to another.
The company said it has suspended all transaction on its exchange while an internal team of developers investigates the breach and theft.
Current estimates are that the hackers stole two million BNB tokens worth $570 million U.S. from the network.
An earlier estimate from Binance placed the total amount of the theft at between $100 million U.S. and $110 million U.S.
The value of the BNB token fell about 3% to $285.36 U.S. per coin on news of the hack.
The BNB token was created by Binance in 2019 and can be traded or used in video games and other applications.
This is the latest in a series of major cyberattacks targeting cross-chain bridges at cryptocurrency exchanges and firms.
A total of $1.4 billion U.S. has been stolen by hackers using cross-chain bridges since the start of this year, according to data from blockchain analytics firm Chainalysis.
