Cryptocurrencies have suffered huge losses this year (Getty)
trending world Cryptocurrencies Towards a new and even worse turn this year, following it was revealed that nearly $100 million in Binance coin was stolen, in the latest hack to hit digital assets This year, while regarding 12,100 encrypted codes turned into a “zombie” following the heavy losses they suffered, as they were not dead and are not completely alive, according to a report by the American Bloomberg Agency.
Zhang Bingchao, co-founder and CEO of Binance, the world’s largest crypto exchange, said on Twitter Friday that “a bridge to transition between blockchains has been hacked and the problem has been contained.”
But a technical source said that the hack included digital tokens worth between $100 million and $110 million, adding that at least $7 million of the stolen funds were frozen.
Cryptocurrency hacks have cost nearly $2 billion this year, and many of these hacks were perpetrated by groups linked to North Korea.
The Binance ecosystem is among the most attacked, and Zhao said on Twitter, “In any case, the crypto exchange Binance will cover the money that hackers will be able to get away with.”
The cryptocurrency sector has been hit in a row by the hacks on the one hand and the massive crash that wiped out nearly $2 trillion from the value of digital assets.
During the rapid rise in cryptocurrency prices last year, thousands of cryptocurrency startups issued new tokens to support these projects, and the bullish sentiment meant that there was significant demand allowing the market to absorb most of them and the price hikes continuing.
But that all changed this year, as macroeconomic conditions began to drive investors away from risky assets, and token prices dropped dramatically.
The biggest tokens, such as bitcoin and ether, plummeted before eventually finding support. But for many currencies, it has turned into a “zombie,” according to Bloomberg.
“During the 2021 bull market, there was a lot of money, interest and liquidity for new and existing projects, but in the current bear market, cryptocurrencies are struggling to maintain their operations and even lose ability to obtain capital and financing.