Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4% – Bitcoin News

Thursday 6:19 PM (ET) was the Official Twitter Account for Bnb Smart Chain. It stated that the team had temporarily suspended the blockchain due to irregular activity. Sources say that more than $600 million in Bnb tokens were reportedly stolen from the chain’s cross-chain bridge. The Bnb Smart Chain team detailed on Reddit that funds “taken off BSC are between $100M – $110M.”

The Bnb Smart chain Temporarily Resigns amid Hack Rumors

After an alleged attack on cross-chain bridges that was reported to have seen around 4,500 victims, the crypto token BNB has fallen 4% against the U.S. Dollar over the past 24 hours. 200 million BNBSiphon of over $600 millions Additional reports noted that “Tether blacklisted the account” and it pushed Binance to pause the entire chain.

The team made the announcement via the official Twitter account of Bnb Smart Chain. “Due to irregular activity, we’re temporarily pausing BSC. We are sorry for this inconvenience, and we will post further updates. Thank you for your patience and understanding,” the account said6.19 p.m. Updated: The official Twitter account for Bnb Smart Chain

We have now suspended BSC following the discovery of a potential exploit. The vulnerability is being investigated immediately and all systems have been shut down. The Community is ready to assist with any transfer freeze. All funds are secure. All node service providers are to be commended for being prompt and responsive.

At the time of writing, there’s a lot of speculation surrounding the attack. “Before the hack, the Bnb bridge exploiter registered as a relayer for this bridge,” one person wrote. “Several hundred million dollar BNB hack reported,” Will Clemente tweetedOn Thursday. “The team has just announced a temporary pause of Binance Smart Chain. Wow.”

Green Jeff Capital ran a Twitter account that summarized the entire situation. The end of thread,He said that attackers could be worth around $100 million.

Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%

“The attacker’s next moves will probably pull [ethereum]Out of bridges, back to mainnet. [Tornado Cash]. Their total assets are approximately $45 Million [ethereum] on mainnet, another $20 million in bridges (Avalanche and Fantom official),” Green Jeff tweeted. “With overcollateralized [ethereum] borrows, they may get $100mm max.”

At 7:51 p.m. (ET), Binance CEO Changpeng Zhao, commonly known as “CZ,” tweeted about the affair. “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB,” CZ said. “We have asked all validators to temporarily suspend BSC. Now, the issue is resolved. All funds are secure. We apologize for the inconvenience and will provide further updates accordingly.”

Bnb Smart Chain’s team explained on Reddit that the estimate for the exploit loss is around $100 to $110 million. “Initial estimates for funds taken off BSC are between $100M – $110M,” the Reddit post explains. “However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen.”

SRedditors on ome questioned whether the assertions were true. Numerous stemming from the Bnb Smart Chain exploit Reddit announcement, and others criticized the BNB chain’s decentralization. This exploit was a topical conversationReddit or Twitter, since the Bnb Smart Chain bridge breach was first discovered.

In this story, tags
$600 million, 200,000,000 BNB. 4% down. Binance, Binance Smart Chain.

How do you feel about the BNB Smart Chain cross–chain bridge exploit? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been actively involved since then. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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