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ARTICLE · 17 OCTOBER 2022

Blockchain Bites: BNB Chain suffers USD$570M exploit, EU extends Russian crypto sanctions, Coinbase secures Singapore licence approval.

Piper Alderman
Piper Alderman
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Piper Alderman

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This issue of Blockchain Bites brings you the latest legal, regulatory and project updates in blockchain and digital law.

AustraliaTechnology
Michael Bacina
Michael Bacina
Steven Pettigrove
Steven Pettigrove
Jake Huang
Jake Huang
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Michael Bacina, Steven Pettigrove and Jake Huang of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and Digital Law.

Binance suspends BNB Chain after USD$570M exploit

Binance, one of the world's leading crypto-asset exchanges, paused their BNB chain after the largest exploit of the BNB chain to date, with between USD$100M and 110M of value extracted but no user tokens impacted (other than a suspension of withdrawing tokens from the ecosystem) after attackers created USD$570M in new BNB Tokens.

BNB chain is managed by Binance and offered as an ecosystem for launching decentralised applications (DApps) and has been highly active in crypto, with average daily transactions of 2.78M.

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