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Blockchain

BNB Chain Is Once Again Available Following Cross-Chain Exploit

October 7, 2022 - Around 2 mins mins to read

As of October 7, BNB Chain, the native blockchain that powers the Binance cryptocurrency exchange, is operational.

BNB Chain Is Once Again Available Following Cross-Chain Exploit
BNB Chain Is Once Again Available Following Cross-Chain Exploit

Following confirmation of rumors of a cross-chain vulnerability, network activity was briefly stopped.

A few hours prior to resolving the network suspension, BNB Chain updated the community on Twitter saying validators are working to stop hacker accounts and asking node runners to update their versions.

Initial calculations put the value of the stolen money at up to $100 million in cryptocurrencies. Hours later, the network revealed that the amount of cash currently believed to have been exploited is between $70-80 million, with $7 million having been successfully frozen.

The genesis of the compromise took place on the BSC Token Hub, which in the end created “extra BNB” according to an official post on Reddit. 

Binance’s founder and CEO, Changpeng Zhao, also tweeted on the incident, stating that validators had been requested to temporarily halt BSC while the network was suspended in order to address the problems.

Zhao reaffirmed to users the security of their frozen assets – BNB Chain

BNB Chain Is Once Again Available Following Cross-Chain Exploit
BNB Chain Is Once Again Available Following Cross-Chain Exploit

Internet sleuths on Twitter avidly investigated the problem and the stolen money; some of them estimated that the hacker had about $400 million in frozen assets on the BNB Chain network.

Tether also stated that the hacker’s wallet address had been blacklisted.

A community-powered security initiative that BNB Chain initiated a few weeks prior to this incident was designed to protect consumers on its network. In order to combat fraud, hostile actors, and potential exploits, the AvengerDAO was created.

The recent event on the network was not discussed in reference to the AvengerDAO.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

Binance cryptocurrency exchange

BNB

BNB Chain

BSC Token Hub

Changpeng Zhao

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Author

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.
Blockchain

BNB Chain Is Once Again Available Following Cross-Chain Exploit

As of October 7, BNB Chain, the native blockchain that powers the Binance cryptocurrency exchange, is operational.

BNB Chain Is Once Again Available Following Cross-Chain Exploit
BNB Chain Is Once Again Available Following Cross-Chain Exploit

Following confirmation of rumors of a cross-chain vulnerability, network activity was briefly stopped.

A few hours prior to resolving the network suspension, BNB Chain updated the community on Twitter saying validators are working to stop hacker accounts and asking node runners to update their versions.

Initial calculations put the value of the stolen money at up to $100 million in cryptocurrencies. Hours later, the network revealed that the amount of cash currently believed to have been exploited is between $70-80 million, with $7 million having been successfully frozen.

The genesis of the compromise took place on the BSC Token Hub, which in the end created “extra BNB” according to an official post on Reddit. 

Binance’s founder and CEO, Changpeng Zhao, also tweeted on the incident, stating that validators had been requested to temporarily halt BSC while the network was suspended in order to address the problems.

Zhao reaffirmed to users the security of their frozen assets – BNB Chain

BNB Chain Is Once Again Available Following Cross-Chain Exploit
BNB Chain Is Once Again Available Following Cross-Chain Exploit

Internet sleuths on Twitter avidly investigated the problem and the stolen money; some of them estimated that the hacker had about $400 million in frozen assets on the BNB Chain network.

Tether also stated that the hacker’s wallet address had been blacklisted.

A community-powered security initiative that BNB Chain initiated a few weeks prior to this incident was designed to protect consumers on its network. In order to combat fraud, hostile actors, and potential exploits, the AvengerDAO was created.

The recent event on the network was not discussed in reference to the AvengerDAO.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

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