10/06/2024

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Binance Smart Chain halts after 0 million exploit, CZ says

Binance Smart Chain halts after $100 million exploit, CZ says

Binance Smart Chain halts after $100 million exploit, CZ says

Binance Smart Chain paused on Thursday night after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later on verified the problem on Twitter, stating, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in further BNB.” The BSC Token Hub impacted is the cross-chain bridge involving the BNB Beacon Chain and the BNB Chain, he included.

“The issue is contained now,” CZ wrote. “Your money are harmless.”

“This is an isolated situation on BSC,” a Binance consultant told Fortune.

CZ also pointed to a Reddit write-up with much more particulars of the exploit, which noted an first estimate of funds stolen ranging from $100 million to $110 million, incorporating that an estimated $7 million experienced been frozen.

In response to a request for comment, the BSC Hub and BNB Chain teams referred Fortune to the Reddit post cited by CZ.

Cross-chain bridge hacks are exceptionally widespread. Case in level: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this calendar year.

Numerous on crypto Twitter also pointed this out: “Bridges are the weak point.”

CZ claimed on Twitter that there is not a hurry to resume. “Let’s give the devs time to thoroughly fully grasp the root result in, employ the fixes, test them totally, and then resume,” he wrote. “Let’s not hurry it now.”