Sad news fell last night: activity on the BNB channel is at a standstill. The Binance crypto exchange blockchain has been put on hold for the time being. This is due to “abnormal activity”.
The vulnerability of a bridge in question
Spectacular new hack in the crypto world. Binance, one of the most widely used cryptocurrency exchange apps, suffered an impressive theft of over $100 million on October 7.
The attack apparently took place on the night of October 6-7, when the criminals made two transactions of one million Binance Coins (BNB). Today, one BNB equals $286. Initially, the criminals therefore had more than 566 million dollars (577 million euros).
“Due to irregular activity, we are temporarily suspending the BSC (the exchanges on the application). We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding,” Binance alerted around midnight.
We learned more about the massive attack that hit Binance Smart Chain (BSC) late overnight. According to a statement from the Binance team, the vulnerability affects the Token-Hub cross-chain bridge.
The gateway allows the interconnection between the distributed network BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC) belonging to the platform. As of this writing, an investigation is ongoing.
A gateway, a bridge in the crypto vocabulary, is a protocol that connects two blockchains together. If you own a currency like Bitcoin and want to quickly participate in Ethereum purchases, this system will allow you to quickly exchange your cryptocurrencies without having to sell them first.
A debrief should probably be made to clarify the modus operandi used by the hackers. Note that various cybersecurity experts have already tweeted the results of their first investigation.
The Binance Smart Chain completely shut down around midnight. Eight hours after the incident, service has not been restored and all BSC blockchain node validators have been notified that they must take the entire network offline.
Binance has strong shoulders
With 30 million users worldwide, the Binance app is very popular among crypto enthusiasts. This new attack proves that no platform is safe.
It didn’t take long for Binance boss Changpeng Zhao to personally step in and report back to the community. “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,” the BNB Chain team clarified. Additionally, CZ said user funds were not impacted.
CZ woke up in the middle of the night by his own admission, noting that the hack was “only” equivalent to a quarter of the exchange’s last voluntary BNB token destruction. A way of reminding that the platform has the shoulders wide enough to withstand this attack without weakening, as it has proven in the past.
Still, CZ advises the community to give developers “the time to fully understand the root cause of the outage.” They still need to carefully install and test the programs needed to correct the problem.
Therefore, the founders of Binance invite the community to be more patient while thanking the community for their support.
A few hours ago, the BNB Chain team asked validators on the network to contact them urgently. Stakeholders plan “node upgrades” together. All that remains is to hope that things return to normal.
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Binance was the target of hackers: 100 million dollars stolen!
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