Binance Estimates $100 Million Was Stolen In Blockchain Hack

Crypto exchange Binance stated late Thursday that almost $100 million worth Binance Coins were “likely” stolen due to a hack on its BNB Chain blockchain network. Changpeng Zhao (CZ) said on Twitter that the issue involved BSC Token Hub, a so-called cross-chain bridge. These enable the transfer of digital assets and information from one independent blockchain to another. 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 $100 Million Stolen In Blockchain Hack Hacks on cross-chain bridges are now frequent occurrences. In August, attackers stole $190 million worth of cryptocurrency from a cross-chain bridge, Nomad, after a hacker took advantage of a flaw in a platform upgrade. According to blockchain intelligence company Chainalysis, cross-chain bridge breaches have so far this year taken nearly $2 billion in cryptocurrencies. BNB Chain Suspended Operations After Exploit After the infringement, Binance Smart Chain temporarily paused transactions and fund transfers after detecting what it said was an exploit on a bridge between two blockchains. An official Twitter account for BNB Chain initially reported the unexpected pause as “irregular behavior” on the blockchain. However, a s...