Binance Smart Chain On Halt Following $600 Million BNB Hack

BNB Token Meltdown, artwork Ⓒ 2023 – Crypto Coin Opps
BNB Token Meltdown, artwork Ⓒ 2023 – Crypto Coin Opps
BNB Token Meltdown, artwork Ⓒ 2023 – Crypto Coin Opps

Transactions on the Binance blockchain, commonly known as the BNB Chain and the Binance Smart Chain, were paused today after a possible network vulnerability was discovered via an increase in “irregular behavior.”

An attacker is said to have hacked another BNB chain user for 2 million BNB ($600 million).

The temporary suspension is due to irregular behavior and a possible exploit, according to BNB Chain on Twitter.

“All systems are now contained, and we are immediately investigating the potential vulnerability,” said the Binance team.

Binance Announced Hack via Twittter

BNB Chain made the original notice on Twitter at 9:19 p.m. EDT, stating that there will be a short stop on the BSC network. However, at 9:35 p.m. EDT, the network pause had transformed into a complete shutdown.

On the other hand, Binance informed customers that all money is secure, since all systems are now contained, and we are promptly researching the potential vulnerability.

The flaw enabled scammers to steal more than $570 million in digital assets like as Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.

The exact worth of the cybercrime has yet to be calculated, and it presently differs depending on how the value of frozen vs moved tokens is accounted for.

Covering BNB Hack Losses

According to Sam Sun, a Paradigm researcher, the hacker persuaded the Binance Bridge to give out 1 million BNB tokens. When it succeeded, the hacker used the same attack to send another 1 million BNB tokens to an address under their control.

“The answer was that the attacker had somehow convinced the Binance Bridge to simply send them 1,000,000 BNB. Twice.” Sam Sun wrote in a Tweet. “Either Binance was finally running the biggest giveaway that Web3 had ever seen, or the attacker had found a critical bug.”

By 10:20 p.m. EDT, BNB Chain had declared that $7 million in assets had been stopped before being moved – but it had also admitted that between $70 million and $80 million had been taken from the Binance Smart Chain.

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