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Binance Network Halts Due to Hack

The BNB Chain has halted deposits and withdrawals for the time being. Rumors of the BNB chain being significantly exploited sparked controversies. The CEO of Binance, CHangpen Zhao (CZ), stated that their cross bridge and the BSC Token Hub were exploited.

The Binance exchange’s BNB chain hack led to a loss of $100 to $110 million on the cross bridge. Twitter was rife with rumors that the BNB chain had stolen $600 million, and the BNB chain developer on Reddit admitted the incident.

CZ stated that a hack on a cross-chain bridge, BSC Token Hub, led to an additional BNB. He further added that all validators had been asked to temporarily suspend BSC. The situation is under control now, and the money is safe.

About $7 million has been frozen by security officials and community members. Before the official declarations, Twitter users remarked that the attacker claimed a one million BNB reward through the token hub before transferring the funds to the decentralized finance (DeFi) lending site Venus Protocol. The BNB chain team said that the investigation is in progress to ensure the funds’ safety.

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

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