$570 million hack on BNB blockchain

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Changpeng Zhao, CEO of Binance told CNBC that are getting closer to the identity of the hacker who orchestrated $570 million hack on the BNB blockchain.

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After getting several leads about the possible hacker from law enforcement, Binance is now "narrowing down" the person behind the attack.

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Binance limited the damage caused by the attack and ceased activity on the BNB Chain blockchain network after coordinating with network validators.

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Zhao said “The blockchain was able to freeze about 80% to 90% of it, so the actual loss of it was much smaller,”.

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At the time of hack, Binance said in a statement that "the majority of the funds are still under control."

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Only $100 million fund was non-refundable, BNB Chain added.

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BNB chain was first developed by Binance in 2019. It has a native token called BNB that can be traded and used in games and other applications.

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