$100 million worth of BNB coin was stolen…Full details here
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Answer $100 million worth of BNB coin was stolen…Full details here
In the latest development in the crypto world, one of the bridges based on the Blockchain Binance has encountered a major vulnerability.
Hackers targeted this loophole and stole $100 million worth of BNB coins.
The exploitation occurred on the BSC Token Hub bridge based on the Binance blockchain.
This bridge connects the BNB Beacon Chain (BEP2) and the BNB Network (BEP20 or BSC).
A few hours ago, Binance Chairman CZ tweeted that the issue is now contained, writing to the effect:
The exploitation of the bridge across networks, the BSC Token Hub, resulted in an increase in BNB.
Read:South Korea plans to invest more than $380 million in blockchain research and development
We have asked all validators to temporarily suspend the Binance BSC Blockchain.
Currently the problem is now contained.
Your money is safe.
We apologize for the inconvenience and will provide more updates later.
stated One developer on Binance said the incident involved the theft of $100 million to $110 million worth of BNB.
In addition to stealing $7 million in other digital currencies.
Recently, bridges across blockchain networks have become the common point of hacker attack.
Bridges are basically platforms that allow digital currencies to be transferred over blockchain networks.
Interestingly, the chairman of Binance said that they would make up for all the lost money.
He added:
In all likelihood, Binance will cover any funds that the hackers managed to steal.
BNB affected by the hack:
After news of the exploit spread, the price of BNB came under immediate selling pressure.
At press time, BNB is trading down 4% at $283 and a market capitalization of $45.8 billion.
Read:The founder of the “DigiByte” project criticizes “TRON” and describes it as a scam from China
As a result, BNB lost almost all of its gains recorded last week.
Show data from company Picshield For security and blockchain analytics:
The value of the stolen Binance Bridge was $89.5 million.
It was 58% of Ethereum, 33% of cryptocurrency Fantom, and 4.5% of Arbitrum.
The Binance blockchain hacking incident is the latest among several bridge exploits that have occurred this year.
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