Binance's blockchain, BNB Chain, was halted on Oct. 6 owing to an issue on its cross-chain bridge, with attackers stealing an estimated $100 million in cryptocurrency.
Blockchain, has experienced a massive exploit, with hackers stealing $100 million in BNB tokens.
The exploit took place on the BSC Token Hub, a cross-chain bridge.
This is the cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). Binance CEO Changpeng Zhao tweeted a few hours ago that the matter has been "controlled now." On his Twitter handle, CZ wrote:
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have requested all validators to temporarily suspend BSC. The issue has been resolved. Your funds are safe. We apologize for the delay and will give more updates as needed.”
According to a representative for BNB Chain, the Binance-backed blockchain, the breach involved $100 million to $110 million in digital assets stolen. Of them, $7 million in digital tokens have been stolen.
Cross-chain bridges have been a popular target for hackers. These are systems that allow tokens to be transferred across blockchains. Surprisingly, Binance's CEO stated that they will compensate for all the lost funds.
Binance Coin Price Tanks 4%
Following the disclosure of the exploit, the price of BNB Coin immediately plummeted. As of press time, BNB Coin is trading 4% down at a price of $284.5, with a market valuation of $46.32 billion. As a result, the BNB Coin has lost nearly all of its gains from the previous week.
According to data from a blockchain security and analytics firm, the BNBchain exploiter has transferred $89.5 million to other chains (non-BSC networks), with 58% out to Ethereum, 33% out to Fantom, and 4.5% out to Arbitron.
The case of Binance Chain is the most recent of multiple bridge exploits that have occurred this year. Last month, Wintermute, a cryptocurrency market maker headquartered in the UK, became the victim of decentralized finance (DeFi) hacks for about $160 million.
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