Binance Smart Chain Been Halted Due to a Hack

Binance Completes BNB Smart Chain Security Patch Update
  • Due to an exploit, Binance has halted deposits and withdrawals.
  • Cryptocurrency has been hacked numerous times, resulting in a $2 trillion loss in the value of digital assets.

The BNB Chain has temporarily suspended deposits and withdrawals. As rumors spread that the BNB chain had been significantly exploited, the CEO of Binance, Changpeng Zhao (CZ), revealed Twitter as the platform and stated that their cross bridge and the BSC Token Hub were exploited.

BNB Chain Hack 

The Binance exchange’s BNB chain has hacked. And the hack resulted in a loss of $100 to $110 million on the cross bridge. As rumors arose on Twitter that the BNB chain had stolen $600 million, the BNB chain developer on Reddit admitted what had occurred.

CZ stated that 

“An hack on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have requested all validators to temporarily suspend BSC. The situation is now under control. Your money is secure. We apologize for the delay and will provide additional details as needed.”

Around $7 million has also frozen by security officials and community members. Before the formal declarations, Twitter users noticed that the attacker claimed a one million BNB reward via the token hub before transferring the funds to the decentralized finance (DeFi) lending site Venus Protocol. The BNB chain team stated that an investigation is ongoing to ensure the funds’ safety.

This year, around $2 billion has stolen in cryptocurrency hacks, with the majority of the operations carried out by North Korean-linked gangs. Cross-chain bridges, which allow tokens has transferred across blockchains, have been a top target. Cryptocurrencies have faced severely hit, both by hacking and a sell-off that has wiped off almost $2 trillion in digital asset value.

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