Bitcoin News and Finance
Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4% Skip to main content

Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%

Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%

On Thursday, 6:19 p.m. (ET), the official Twitter account for the Bnb Smart Chain explained that the team was temporarily pausing the blockchain, after citing that it noticed irregular activity. Sources say that more than $600 million in Bnb tokens were reportedly stolen from the chain’s cross-chain bridge. The Bnb Smart Chain team detailed on Reddit that funds “taken off BSC are between $100M – $110M.”

Bnb Smart Chain Temporarily Pauses Amid Hack Rumors

The crypto token BNB is down 4% lower against the U.S. dollar during the last 24 hours following an alleged cross-chain bridge attack that saw around 200 million BNB worth $600 million siphoned. Reports further noted that “Tether blacklisted the account” and it pushed Binance to pause the entire chain.

Through the official Bnb Smart Chain Twitter account, the team announced the chain pause. “Due to irregular activity, we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding,” the account said at 6:19 p.m. The official Bnb Smart Chain Twitter account added:

To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe. We want to thank all node service providers for their quick and attentive response.

At the time of writing, there’s a lot of speculation surrounding the attack. “Before the hack, the Bnb bridge exploiter registered as a relayer for this bridge,” one person wrote. “Several hundred million dollar BNB hack reported,” Will Clemente tweeted on Thursday. “The team has just announced a temporary pause of Binance Smart Chain. Wow.”

The Twitter account operated by Green Jeff Capital summarized the situation. At the end of the thread, he noted that the attackers may get around $100 million when all is said and done.

Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%

“The attacker’s next moves will probably pull [ethereum] out of bridges back to mainnet and then [Tornado Cash]. They have around $45 million in [ethereum] on mainnet, another $20 million in bridges (Avalanche and Fantom official),” Green Jeff tweeted. “With overcollateralized [ethereum] borrows, they may get $100mm max.”

At 7:51 p.m. (ET), Binance CEO Changpeng Zhao, commonly known as “CZ,” tweeted about the affair. “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB,” CZ said. “We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”

Bnb Smart Chain’s team explained on Reddit that the estimate for the exploit loss is around $100 to $110 million. “Initial estimates for funds taken off BSC are between $100M – $110M,” the Reddit post explains. “However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen.”

Some Redditors questioned the veracity of the numbers stemming from the Bnb Smart Chain exploit Reddit announcement, and others criticized the BNB chain’s decentralization. The exploit has been a topical conversation on social media sites like Reddit and Twitter since the Bnb Smart Chain bridge exploit was first noticed.

What do you think about the potential BNB Smart Chain cross-chain bridge exploit? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory