BNB Chain assured users that their funds were safe after the exploit caused considerable concern in the community.
An exploit in the BSC Token Hub cross-chain bridge caused BNB Chain to pause late Thursday after an attacker nearly made off with $500 million worth of BNB. User funds remained safe as the attacker did not steal existing $BNB and instead created new tokens through an exploit.
2 million BNB tokens were initially targeted by the attacker when they exploited the BNB Beacon Chain (BEP2) to BNB Chain (BEP20) bridge to create and then send themselves 1 million BNB twice.
The attacker evidently didn’t move the tokens off-chain fast enough, however, as BNB Chain froze all activity before the bulk of the tokens could be moved. Reports from researchers indicate that the attack began just after 6:30pm UTC.
Initial estimates are that somewhere between $100 to $110 million worth of tokens were moved to Ethereum, Avalanche, Fantom, and other chains, while about $400 million remained on BSC. BNB Chain updated the community saying that out of this sum, around $7 million had been successfully frozen.
The hacker poorly executed the attack according to reports from community researchers on Twitter.
The price of $BNB was impacted quickly by the attack, dropping by nearly 5% from $294 to $280 USD before recovering slightly to $286 as of writing.
BSC News is closely monitoring this situation and will be providing updates as more information is revealed.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.