BNB $100M Hack

BNB Chain Paused After $100M Valued Cross-Chain Bridge Hack

The blockchain network of cryptocurrency exchange Binance was shut down on Friday after hackers stole more than $100 million worth of its BNB coin.

The unexpected pause was initially reported by the BNB Chain’s official Twitter account as the result of “irregular behavior” on the blockchain; however, a suspected exploit was added shortly after. When the blockchain went “under maintenance,” all deposits and withdrawals were halted, according to an update from Binance.

Earlier, On-chain analytics indicated that claimed attackers allegedly exploited almost two million BNB, the chain’s native token, for a value of almost $600 million.

A BNB Chain developer later confirmed the existence of the attack on Reddit, noting that the value of the exploit was first estimated to be between $100 million and $110 million, with about $7 million frozen.

BSC Temporarily Suspended

We have requested that BSC be temporarily suspended from all validators, commented Zhao on Twitter. “The problem is now under control. Your money is secure. We apologize for the inconvenience and will inform you as necessary’’.

Zane Huffman, strategy head of DeFi platform Vesper Finance, concluded that the attacker stole about $100 million from an initial exploit of close to $600 million.

BNB Trading View
BNB/USDT Graph on Binance – Source: TradingView

As a result of the hack, the BNB price has experienced a price plummet, and it is currently trading at $284.15 which is a 3.40% price fall. In the last 24 hours, BNB has traded as low as $279.80 and as high as $296.03 with a market capitalization of $56,850,797,153 and a trading volume of$1,136,490,998.

The debate about decentralization started with the suspension of BNB. Also, Changpeng Zhao, the CEO of Binance, shared a blog post about centralization and decentralization after 3 years on October 9.

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