Binance suspends Smart Chain on potential exploit; Peckshield reports US$572 mln hack




  • In Business
  • 2022-10-07 01:17:47Z
  • By Forkast News
 

The Binance Smart Chain (BSC) - the blockchain operated by the world's largest crypto exchange, Binance Global inc. - has suspended operation as developers have identified a potential exploit on the network, according to an official Binance Twitter account.

See related article: Chainalysis says $2 bln stolen in cross-chain bridge hacks this year, more expected

Fast facts

  • Blockchain security and data analytics company Peckshield Inc. tweeted on-chain analytics that suggested the network had suffered an exploit with hackers making off with roughly two million BNB, the native token of the chain, worth US$572 million.

  • The extent of the hack and when the network will be running again are not currently known. Binance has not commented directly on the loss reported by Peckshield.

  • The issue arose on a cross-chain bridge, BSC Token Hub, which resulted in an extra BNB token being created, Binance founder and chief executive officer, Changpeng Zhao, confirmed via Twitter.

  • Zhao said all funds are safe and that the issue is now contained.

  • BNB was trading down 2.9% to US$286 in the past 24 hours to 8:30 a.m. in Hong Kong.

  • Cross-chain bridges allow for cryptocurrencies to be moved from one blockchain to another, but are considered to be highly vulnerable to exploits.

See related article: Binance stablecoin conversion controversial, but what does it mean for users?

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