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.
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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.
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