BNB Chain suspends network after $100 million cross-chain bridge exploit

BNB Chain suspends network after $100 million cross-chain bridge exploit 

Due to an issue with its cross-chain bridge, Binance’s blockchain was halted on October 6 with attackers stealing an estimated $100 million worth of cryptocurrency.

The brief delay was first reported by BNB Chain’s official Twitter account as being due to “irregular activity” on the blockchain, but it was quickly clarified to be due to a potential exploit. The blockchain is “under maintenance,” stopping all deposits and withdrawals, according to one update from Binance.

On-chain analytics revealed that the claimed attackers allegedly used two million BNB, the chain’s native coin, with a market value of nearly $600 million, according to earlier Twitter rumors.

A BNB Chain developer and acknowledged the existence of the Reddit hack and stated that the cost of the attack was initially estimated to be between $100 million and $110 million, with about $7 million frozen.

While publicly assuring that its systems are under control and customer assets are safe while the vulnerability is investigated, BNB Chain admitted that the hack, which was used on the BSC Token Hub, generated “more BNB.”

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Before the formal disclosure, Twitter users conducted an initial on-chain analysis which revealed that the attacker used the token hub to claim a reward of one million BNB before put the remaining funds into the decentralized finance (DeFi) lending platform Venus Protocol.

BNB Smart Chain (BSC), formerly known as Binance Smart Chain. Smart contracts and decentralized applications are supported (DApps). BSC is associated with BNB Chain, formerly known as Binance Chain. While the second allows a high transaction volume with a 3-second block time, the first supports smart contracts. Together, the two blockchains make up the Binance Chain.

The native cryptocurrency of BNB Beacon Chain, BNB, as well as BEP20 tokens are supported by BNB Smart Chain. A consensus known as proof-of-stake (PoS) is used in the blockchain. Users can stake BNB to become validators, to be more accurate. Transaction fees are paid to validators for each block verified.

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