Binance Smart Chain Hacked $600 Million!
A large number of hacks have occurred on the Binance Smart Chain (BSC) network.
Binance founder Changpeng Zhao (CZ) revealed the case on his Twitter tweet, he wrote that the hacking attack occurred in the bridge cross chain and the 'exploited' BSC Token Hub, Friday (10/7/22)
The BSC Token Hub is a bridge between the BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). As such, the exploit resulted in the loss of Binance Coin (BNB).
Binance Smart Chain Hack
According to blockchain security firm SlowMist, the exploit earned hackers an estimated $570 million in digital assets, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.
While another assumption from one of the blockchain developers stated that the results of the hack had been distributed to various networks by utilizing every existing brigade to make the distribution process more secure.
The estimated funds stolen at the time of the exploit were $100 million in cryptocurrency, then the last data before Binance Smart Chain temporarily halted operations, hackers had managed to move 2 million BNB or about $600 million through the cross chain.
CZ Ensures User Funds are Safe
CZ stated that it will ensure funds are secure and provide further updates.
BNB Chain would also like to thank all organizations such as CertiK, Ankr, and Coinbase Cloud who have been instrumental in helping to freeze any transfers on the BSC network.
For now Binance will temporarily suspend deposits and withdrawals via the BNB Smart Chain due to concerns that hacking will continue in the cross chain bridge.
Meanwhile, the price of BNB dropped as the market reacted to the Binance Smart Chain news. BNB was trading at $285.14 at 10:36 am EDT which is down 3.86% over the past 24 hours, according to CoinMarketCap data.
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