Home » Binance Smart Chain suffers $100m attack

Binance Smart Chain suffers $100m attack

7th Oct 22 3:05 pm

Binance Smart Chain was reentered into exploitation around 06:40 UTC today as chain nodes adopted a preventive software update, which would seal the exploit a hacker used to syphon funds off-chain, CoinDesk reported.

On Thursday, the blockchain was paused after suffering a “potential exploit.” Blockchain evidence suggests the hack could have incurred losses of hundreds of millions of dollars in crypto.

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Binance CEO CZ tweeted, “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.”

He added later in another tweet, “No ETA yet. Let’s give the devs time to fully understand the root cause, implement the fixes, test them thoroughly, and then resume. Let’s not rush it now. Thank you for your understanding, patience, and support.”

Attacker withdrew 1m BSC tokens

Blockchain data show an attacker made two withdrawals of 1 million BSC tokens from a BSC hub. He took the crypto assets via borrows, bridges, and cross-chain swaps.

Tether blacklisted the address

According to insiders on Twitter, leading stablecoin issuer Tether blacklisted the attacker’s address, indicating that they believed the token movement was due to an attack.

BSC lost $100 million in crypto in the attack, of which $7 million had already been frozen. At the time of writing, Binance’s BNB token is trading for $285.16 and has lost 3.26% in the last 24 hours.

BNB Chain consists of Binance Smart Chain and BNB Beacon Chain. It’s closely connected to Binance crypto exchange.

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