On Oct. 6, the Binance Chain, a blockchain used by the cryptocurrency exchange Binance, was paused because of an exploit on its cross-chain bridge, which was exploited by attackers who made off with an estimated $100 million worth of cryptocurrency.
According to the official Twitter account of the BNB Chain, the temporary pause in trading was announced initially due to irregular activity on the blockchain, but soon after it was added that it may have been due to an exploit. According to Binance, all deposits and withdrawals have been suspended until further notice due to the blockchain going under maintenance.
Due to irregular activity we're temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.
— BNB Chain (@BNBCHAIN) October 6, 2022
Thank you for your patience and understanding.
It was revealed in a report published by blockchain security firm SlowMist that the exploit made it possible for cybercriminals to steal more than $570 million in digital assets, such as Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.
Over half a BILLION dollars worth of $BNB was recently hacked.
— SlowMist (@SlowMist_Team) October 6, 2022
The hacker is now trying to spread the funds to every network to launder the funds. pic.twitter.com/LT5rRnIHWe
It has been confirmed by a BNB Chain developer on Reddit that a vulnerability had been exploited, stating that the initial estimates for the value of the exploit range from $100 million to $110 million, with roughly $7 million being frozen as a result of the vulnerability.
BNB Chain confirmed that the exploit, which was perpetrated on the BSC Token Hub, led to the creation of the extra BNB, but reassurances were given to the public that its systems are contained, and user funds are safe while it investigates the vulnerability. The Binance-linked blockchain has been shut down by BSC after spotting difficulties with the BSC Token Hub protocol, the clearinghouse for crypto transactions that pass between the interlocking components of the Binance-linked blockchain.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
— CZ 🔶 Binance (@cz_binance) October 6, 2022
To confirm, we have suspended BSC after having determined a potential exploit.
— BNB Chain (@BNBCHAIN) October 6, 2022
All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers.
All funds are safe.
