23 April, 2024

Binance Smart Chain Hack – Official BNB Chain Quick Response

07 Oct, 2022

22 Feb, 2024

All movement on one of the largest Blockchain platforms, Binance blockchain came to a halt. A threat to the Binance Smart Chain (BSC) network was detected which has forced the team to force a halt in all transactions.

The team informed users on Twitter at 9:19 EDT of a temporary pause on all transactions on the BNB Chain. However, due to the disturbance in the chain, the pause had become a halt. They had detected “irregular activity” and had to halt the system to contain and investigate the potential threat to the network.

The attackers had exploited the BSC TokenHub to transfer BNB to the criminal’s wallet. Funds from the BSC TokenHub Exploiter are around 2 million BNB which resulted in over half a billion US dollars ($586 million) loss. However, reports claim that most of the funds have been contained and are inaccessible to criminals. From their exploit, they could only salvage at least 89.5 million US dollars in crypto assets.

These cybercriminals are distributing the laundered amount to other chains like Ethereum, FantomFDN, Arbitrum, and other safer chains to protect their stolen funds from being contained in the BNB chain.

An expert claimed that the vulnerability exploit could have resulted in one of the biggest hacks of all time. However, the community worked together to freeze transactions and validators stopped all activity. This reduced the real-time damage, which helped prevent larger losses for the entire crypto community.

CZ, the CEO of Binance informed that thankfully, those with pre-existing Bitcoins were not at risk, as these hackers had produced new tokens of their own. This could have severely affected the BTC and other crypto holders as the supply was increasing affecting the price of Bitcoin.

The BNB chain has now released a software update to freeze any movement by hackers and has resumed operations once again.

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