Changpeng Zhao, the CEO of Binance, claims that the cryptocurrency exchange is making progress in finding those in charge of the theft of Binance Coin (BNB), which was worth about $570 million as a result of a cross-bridge exploit.
Zhao says that the exchange has information from law enforcement authorities on a potential suspect involved in the heist in response to a question about what can be done to reduce cryptocurrency hacking incidents.
“What was hacked was a cross-chain bridge that sits between two open blockchains that were hacked. The total affected amount was two million BNB. But the blockchain was able to freeze about 80% to 90% of it. So the actual loss of it is actually much smaller.”
In addition, CZ said that they are still actually helping them to chase the bad players working with law enforcement around the globe.
Furthermore, he noted that working with law enforcement is one way that we can try to make the space safe.
The CEO of Binance claims that among the additional steps that can be taken to reduce hacking incidents in the cryptocurrency space include educating users and helping software developers write safer code.
Following this, CZ said,
“The other part that’s really important is to help developers develop safer code. Everything is software and software could have bugs. So we’re working with many security companies, we’re investing in security companies to do audits on code, etc. The last part is really just education. So we need to educate users about the potential risks in this new field.”