Can crypto's blockchain technology stand the test of time?
Two days ago, Binance, the world's largest cryptocurrency exchange, admitted that its blockchain had suffered a double blow when hackers stole nearly $100 million worth of cryptocurrency from its blockchain bridge that runs on the BNB chain. A blockchain bridge is a device used to transfer cryptocurrencies between different applications running on the blockchain.
However, Binance's misery did not end there. Later, BNB Chain said in a blog post that a total of two million tokens of their cryptocurrency BNB – approximately $570 million worth – had also been withdrawn by hackers.
How secure are blockchains? Blockchain projects are known to be highly secure, but several hacks this year have exposed flaws in the armor. According to blockchain data platform Chainalysis, over $1.6 billion worth of cryptocurrency has been stolen from users in 2022.
Six of the seven biggest cryptocurrency hacks to date have occurred in the past two years, with the Ronin Network ($625 million, 2022), the Poly Network ($611 million, 2021) and Binance ($570 million, 2022) topping the charts.
This suggests that while blockchains themselves are virtually immune to hacking, vulnerabilities outside of these digital ledgers provide opportunities for thieves, especially when it comes to crypto transactions and wallets.
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