Scam Alert

Binance Smart Chain Hacked, Damage Estimated $600 Million

The crypto community learned that Binance Chain had been compromised on the morning of October 7 when it noticed an unusually high volume of tokens being transferred between wallets.

Binance Smart Chain Hacked, Damage Estimated $600 Million

In particular, a number of transactions transferred a significant number of tokens from the BSC Token Hub to an ambiguous address. This address now holds more than 291 million USD in BNB and 421 million USD in other tokens that are part of the BNB Chain ecosystem. This address has been flagged as a “BNB Bridge Attacker” on the BSCScan website.

Binance Smart Chain Hacked, Damage Estimated $600 Million

In addition, the hacker was able to transfer $89.5 million to other ecosystems like Ethereum, Fantom, Avalanche, etc. and into liquidity pools like Venus, Geist, etc. in order to first launder money, according to the DeBank statistics platform. Wintermute, a hacker, recently employed this technique using Curve Finance.

Binance Smart Chain Hacked, Damage Estimated $600 Million

DeBank claims that hackers took 2 million BNB, which is equal to more than 580 million USD. Peckshield, a blockchain security company, concurs with the findings presented above.

The incident was then discussed by Binance CEO Changpeng Zhao

Changpeng Zhao confirmed that BNB Chain had been compromised and the blockchain had been stopped.

BSC Token Hub serves as a link between BNB Chain and BNB Beacon Chain, which both use the BEP2 token standard (using BEP20 or BSC token standard).

In addition, Mr. Zhao provided an estimate of the attack’s damage of about $100 million, which is less than the quantity of tokens in the hacker’s wallet. While the remaining funds on the BNB Chain can be recovered or reimbursed in some other manner by the project, this figure most likely represents the quantity of tokens that have been removed from the ecosystem of the BNB Chain to other blockchains. there. The money lost, according to the CEO of Binance, is just enough to cover the most recent quarterly BNB burn for the exchange.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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