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BNB Chain is attacked
A mining incident in the BSC Token Hub cross-chain bridge brought BNB Chain to a halt at the end of October 6.
A series of transactions move large amounts of tokens from BSC Token Hub to an unfamiliar address. At the press time, the address owned over $291 million in BNB and $421 million in other tokens in the BNB Chain ecosystem. The BSCScan site has marked this address as a “BNB Bridge Attacker”.
According to statistics platform DeBank, $9.5 million has been transferred to other ecosystems such as Ethereum, Fantom, Avalanche,… and into liquidity pools such as Venus, Geist,… to launder funds before trading on BNB Chain is suspended. The hacker stole 2 million BNB, worth more than $580 million.
The total stolen funds from BSC TokenHub Exploiter are 2M BNB (~586M loss), and here comes the ~$89.5m stolen funds that have been moved off-chains to others (~58% to @ethereum, ~33% to @FantomFDN and ~4.5% to @arbitrum). @BNBCHAIN @cz_binance @CoinDesk https://t.co/fuRvGSMo71
— PeckShield Inc. (@peckshield) October 7, 2022
Binance suspends BNB Chain
Binance CEO Changpeng Zhao spoke out about the incident, confirming that BNB Chain had been hacked and shutting down the blockchain.
The total stolen funds from BSC TokenHub Exploiter are 2M BNB (~586M loss), and here comes the ~$89.5m stolen funds that have been moved off-chains to others (~58% to @ethereum, ~33% to @FantomFDN and ~4.5% to @arbitrum). @BNBCHAIN @cz_binance @CoinDesk https://t.co/fuRvGSMo71
— PeckShield Inc. (@peckshield) October 7, 2022
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.
Read more on U.Today https://u.today/binance-halts-bsc-following-massive-hack
CZ also estimated the damage from the attack to be around $100 million, on par with the exchange’s last quarterly BNB burn.
The current impact estimate is around $100m USD equvilent, about a quarter of the last BNB burn.
— CZ 🔶 BNB (@cz_binance) October 7, 2022
BNB price Drops
The price of BNB quickly has hit by the attack, falling nearly 5% from $294 to $282 before recovering slightly to $284 at the press time.
