Binance CEO says exchange is closing on $570 million hacker

• Changpeng ‘CZ’ Zhao, the founder and CEO of Binance, said law enforcement was helping in the quest to identify those behind the attack.

Binance is collaborating with law enforcement in a bid to unmask the person or persons behind the recent attack on the BNB Chain that saw $570 million drained, Binance CEO Changpeng Zhao revealed on Monday.

The price of BNB remains below $280, with a lull across the broader market restricting the Binance Coin price to about 1% gains in the past 24 hours. 

Binance ‘chasing’ down hackers

Speaking during an interview with CNBC’s ‘Squawk Box Europe’, Zhao, popularly known as CZ in the crypto industry, said the leading crypto exchange would soon be figuring out the identity of the hacker or hackers.

According to the Binance chief, tips from unnamed sources from across the law enforcement circles were helping with the bid to ID the perpetrators.

Zhao notes that the Binance team is “actually chasing” the bad guys, and that engaging law enforcement players from around the world is a step needed to help expose the hackers and contribute to making the crypto space safe.

The BNB Chain hack earlier this month involved a cross-chain bridge compromise that let attackers withdraw 2 million BNB. 

Binance was able to stop the attackers from draining even more funds when it asked network validators to pause the BNB Chain.