Binance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network. Know more:
Zhao the issue took place on the BSC Token Hub, a cross-chain bridge that allows for the transfer of both digital assets and data between block chains.Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.
“A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks,” the post read. Binance also said that there would be an increase in community validators as it moves towards further decentralization. Its BNB Smart Chain currently has 26 active validators.. The company acknowledged at the time that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.
Binance is just the latest crypto company to experience a targeted hack. In August Nomad was struck, with media reports saying it was for nearly $200 million. The Nomad hack was also an exploitation of cross-chain bridge intended to allow the transfer of assets and information.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lender offers hybrid digital banking for barangays - BusinessMirrorYUCHENGCO family-led Rizal Commercial Banking Corp. (RCBC) has launched a “physical-digital” banking service, the country’s first mobile human-assisted remote banking service. The new service called “Moneybela Barangayan Banking,” is part of RCBC’s push to create an inclusive financial ecosystem in the country that caters to unbanked Filipinos in geographically isolated and disadvantaged areas, the lender’s
Read more »
Security Bank taps AWS to speed up digital push - BusinessMirrorSECURITY Bank Corp. announced it has selected Amazon Web Services (AWS) Inc. to support its digital transformation and innovation mandate to provide differentiated products, services, and experiences for its customers. AWS, a subsidiary of Amazon.com Inc., will help accelerate Security Bank’s data transformation initiatives to meet evolving customer requirements and demands, the lender’s statement read.
Read more »
To broaden tax base, DOF eyes imposing VAT on digital goods - BusinessMirrorTHE Department of Finance (DOF) will prioritize the imposition of value-added tax on digital goods and services to broaden the country’s tax base and make lower taxes possible. With this, Finance Secretary Benjamin E. Diokno said the DOF budget for 2023 includes P4 billion for the digitalization and modernization initiatives of the Bureau of Internal
Read more »
PHL raises $2B from latest global bonds issue - BusinessMirrorTHE Philippines tapped the international debt market and raised $2 billion from its latest offering, according to the Bureau of the Treasury (BTr). The BTr said the new 5- and 10.5-year tranches were priced at US Treasury plus 120 and 185 basis points (bps) with a coupon of 5.17 percent and 5.609 percent, respectively. This
Read more »