Binance Smart Chain Belt Finance loses $6.2 million to hackers

Not even the most technologically inclined organizations are immune to hackers.

A hacker in front of a laptop
A hacker

Cryptocurrency trading company, Binance, took to Twitter to announce that funds in its Belt Finance platform have been tampered with by hackers who successfully made away with a total of $6.2 million BUSD, Binance’s native USD-pegged stablecoin.

The Binance Smart Chain Belt Finance was created in order to allow users to maintain the stability of their assets and get high profits with few risks while still providing their users with loan offers.

Binance has kick-started the investigative, precautionary, and compensation process required following the hacking.

Binance’s Belt Finance has since then experienced a 16.80% decline as investors have been advised to sit on the fence and avoid making investments until it is safe to.

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.