Binance-linked blockchain hit by $570 million crypto hack

A blockchain linked to Binance, the world's largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said, the latest in a series of hacks to hit the crypto sector this year.

Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain "bridge" used in the BNB Chain, known until February as Binance Smart Chain.

Blockchain bridges are tools used to transfer cryptocurrencies between different applications. Criminals have increasingly targeted them, with some $2 billion stolen in 13 different hacks, mostly this year, researcher Chainalysis said in August.

BNB Chain supports the BNB cryptocurrency, formerly known as Binance Coin, which is the world's fifth-largest token with a market value of some $46 billion, according to CoinGecko data.

BNB Chain said it would introduce a new "governance mechanism" to counter future hacks, as well as to expand the number of validators. On the Binance website, BNB Chain is described as a "community-driven, open-sourced and decentralized ecosystem".