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Binance Bridge Hit by $560 Million Hack

By Ionut Arghire on October 07, 2022

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Hackers have exploited a cross-chain bridge to divert greater than $560 million price of cryptocurrency from Binance Bridge.

Working on the Binance Cash (BNB) Good Chain, Binance Bridge is a blockchain bridge designed to assist with the switch of data and belongings between blockchains.

On Thursday, Binance CEO Changpeng Zhao introduced on Twitter that hackers exploited a vulnerability within the BSC (BNB Chain) Token Hub cross-chain bridge (blockchain bridge).

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in further BNB. We’ve got requested all validators to quickly droop BSC. The problem is contained now. Your funds are secure. We apologize for the inconvenience and can present additional updates accordingly,” he mentioned.

In response to Zhao, the general affect of the hack is of round $100 million price of BNB. Nonetheless, the attackers’ pockets reportedly acquired two transactions of 1,000,000 BNB every, price a complete of greater than $560 million.

Quickly after, the hackers began transferring funds to different cryptocurrency wallets, together with over $50 million to Etherium and roughly the identical quantity to Fantom.

Along with acknowledging the hack, Binance introduced that it labored with validators to quickly droop BSC, to freeze transfers. The cryptocurrency buying and selling platform says that it has already recovered among the stolen funds.

“We’ve got requested all validators to quickly droop BSC. The problem is contained now. Your funds are secure. We apologize for the inconvenience and can present additional updates accordingly,” Binance mentioned in a Reddit submit.

“Preliminary estimates for funds taken off BSC are between $100M – $110M. Nonetheless, due to the group and our inner and exterior safety companions, an estimated $7M has already been frozen,” the platform mentioned.

Binance has launched an investigation into the incident, however has not supplied particulars on how the hack has occurred. A repair has been rolled out to deal with the exploit in BSC.

Risk actors have more and more focused blockchain bridges. Victims embrace Nomad, ($200 million losses), Horizon ($100 million), Ronin Validator ($600 million), and Wormhole ($300 million).

Associated: Over $300 Million in Cryptocurrency Stolen in Wormhole Hack

Associated: Hackers Steal Over $600M in Main Crypto Heist

Associated: Practically $200 Million Stolen From Cryptocurrency Bridge Nomad

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