Binance Chain halted its operation as one of the biggest crypto exchanges suffered ‘Irregular Activity’ targeting millions of dollars in crypto. The initial announcement posted by BNB Chain reads, “Due to irregular activity, we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.” However, the network pause turned into a halt, as the blockchain tweeted; “To confirm, we have suspended BSC after having determined a potential exploit.”
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.
— BNB Chain (@BNBCHAIN) October 6, 2022
Hacker Allegedly Steals Millions of Worth of Crypto from Binance Chain
A Twitter user posted that around 2 million BNB, which amounts to more than $566 million, has been transferred to the attacker’s address, which managed to bridge out somewhere around $110 million. The on-chain data also shows two massive withdrawals of 1 million BSC tokens from the BSC token hub by an attacker, but BNB said that all funds are safe.
Over half a BILLION dollars worth of $BNB was recently hacked.
The hacker is now trying to spread the funds to every network to launder the funds. pic.twitter.com/LT5rRnIHWe
— SlowMist (@SlowMist_Team) October 6, 2022
Slowmist, a blockchain security firm, said that the exploit allowed the hacker to get away with over $570 million in digital assets, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism. “The hacker is now trying to spread the funds to every network to launder the funds,” reads Slowmist’s tweet. A Blockchain developer said that this hack could be either the first or second biggest hack of all time.
Binance Thanked Node Service Providers for Prompt Response
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. 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.
— CZ ? Binance (@cz_binance) October 6, 2022
Binance has thanked the node service providers for their quick response that helped freeze the funds. The providers include Hash, Neptune, TW Staking, BSCScan, Legend, CertiK, Figment, NodeReal, Namelix, Defibit, Fuji, InfStones, MathWallet, Pexmons, Ankr, BNB48 Club, Avengers, Tranchess and Coinbase Cloud. Binance CEO, Changpeng Zhao, tweeted, “We have asked all validators to suspend BSC temporarily. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”
Also read: Hackers Steal $100 Million in Crypto from Harmony Blockchain Bridge, Horizon
