Crypto: Find out how BNB Chain got hacked

The sad news fell last night: activity on BNB Chain is at a standstill. The Binance crypto exchange blockchain has been temporarily put on hold. This, because of a “irregular activity”. Find out everything you need to remember on the subject.

About 100 million dollars in stolen cryptos!

According a tweet from BNB Chain on October 6, a potential hack led to the blockchain being put on hold. Indeed, a “irregular activity was seen on the network and to identify the problem, BSC was suspended. An initial estimate revealed that $70-80 million in funds were withdrawn from the blockchain. The following estimates revealed a loss of 100 and 110 million dollars.

However, thanks to the community and our internal and external security partners, approximately $7 million has already been frozen. We are touched by the speed and collaboration of the community to freeze the funds“, clarified the BNB Chain team. Additionally, CZ said user funds were not impacted.

Due to irregular activity, we are temporarily pausing the BSC.

It seems that the attack occurred on the BSC Token Hub cross-chain bridge. According to CZ,the BSC Token Hub is the bridge between the Beacon chain of BNB (BEP2) and the BNB chain (BEP20 or BSC)“. Meanwhile, BNB Chain said the issue has been resolved. The team apologizedfor the inconvenience“promising to provide”further updates accordingly“.

Understand the cause

Still, CZ recommended that the community let the developers “time to fully understand the root cause» of the breakdown.They still need to carefully install and test the programs needed to correct the problem. The founder of Binance therefore invited the community to be more patient while thanking it for its support.

A few hours ago, the BNB Chain team asked network validators to contact them urgently. Stakeholders plan togethera node upgrade“. It only remains to hope that the situation returns to normal.

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