The BNB Chain Hacker Had Exchanged 26 Million USDC Into ETH

Key Points:

• BNB Chain hacker transferred around 26 million USDC for ETH.

• MEV robot bribed package validators with 43.14 ETH to achieve backrun.

On December 23, According to the most recent Twitter post by PeckShield, a popular Realtime Alerts in the Crypto industry, has updated that the previous BNB Chain hacker moved 26 million USDC into ETH.

In two transactions, the previous BNB Chain hacker transferred around 26 million USDC for ETH. These are massive transactions that have created arbitrage space. As a result, in this block, a MEV robot bribed package validators with 43.14 ETH to achieve backrun.

This is the next hack action reported at BNB Chain. Previously, on October 9, BNB Chain hackers breached the BNB Chain and grabbed possession of around 2 million BNB tokens. More than 586 million dollars‘ worth of currency can be represented by these tokens.

According to the data provided by PeckSheild, an amount equal to $89.5 million has been removed from the system that BNB Chain uses. 58% of total amount was allocated to the Ethereum network, 33% to the Fantom network, and 4.5% to Arbitrum.

There was an exploit in the cross-chain bridge operation between BNB Beacon Chain (BEP2) and BNB Smart Chain, according to BNB Chain (BEP20 or BSC). By exploiting that weakness, the hacker was able to withdraw a total of 2 million BNB.

BNB Chain has announced that the newest upgrade has restored service. This update will include a new on-chain method that will safeguard the system from future attacks that are analogous to those that have been seen in the past.

However, the recent occurrence has raised a significant concern regarding the safety of the BNB Chain in particular and the cryptocurrency industry as a whole in general. The market is in the midst of its continuous winter, during which time several troubling reports have emerged. Numerous investors are concerned about the industry’s future after witnessing the fall of many Crypto giants.

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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