Over $560 Million Worth of Binance’s BNB Stolen in Another Crypto Exploit

October 8, 2022

MCP News Free

Over $560 Million Worth of Binance’s BNB Stolen in Another Crypto Exploit

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Binance Hits With a Major Crypto Heist

The world’s largest cryptocurrency exchange, Binance suffered a major attack from the cyberpunks on Thursday and up to $570 million worth of Binance BNB was stolen from the hack.

Bridges have been the targets of many hackers in crypto and Binance’s recent hack is no different from this.

According to a crypto security firm, Immunefi, there was a bug in the bridge’s smart contract which eventually lets hackers forge transactions and send money back to their crypto wallet.

Smart contracts are pieces of code on the blockchain that allow agreements to execute automatically without human intervention.

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB,” Binance CEO Changpeng Zhao confirmed in a tweet on Thursday.

“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,” he added.

At exactly 6:19 PM EST Binance acknowledged and announced a pause in BNB smart chain transactions while it investigated the matter.

However, at 2:30 AM EST Friday, Binance again announced a resumption of transactions on BNB Smart Chain (BSC).

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