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.

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.

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.

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.

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.

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— CZ ???? BNB (@cz_binance) October 6, 2022

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.

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