Finance

BNB Chain halts BSC following ‘exploit’, $100m stolen

Published

2 years ago

October 7, 2022

Significant hack on the BNB Chain were confirmed by the blockchain’s team, with all deposits and withdrawals suspended on the network..

cryptocurrency exchange Binance has since paused on Oct. 6 due to what it states is “irregular activity” on the network with the team having determined a potential exploit.

The official Twitter account of the BNB Chain announced the temporary pause, soon after adding it had found a possible exploit. Binance provided an update that the blockchain was “under maintenance” suspending all deposits and withdrawals.

CEO of Binance confirmed the exploit but assured users that funds are safe. See Tweet Below

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.
— CZ 🔶 Binance (@cz_binance) October 6, 2022

Initial estimates for funds taken off BSC are between $70M – $80M.

However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen

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— BNB Chain (@BNBCHAIN) October 6, 2022

On reddit they posted

We want to confirm that we coordinated with validators to temporarily suspend BSC after having determined an exploit on a cross-chain bridge, BSC Token Hub- which 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.

The Community has already played a pivotal role in assisting and helping freeze any transfers. All funds are safe.

We want to thank the node service providers for their quick and attentive response.

A huge thank you to the following:

Hash, Neptune, TW Staking, BSCScan, Legend, CertiK, Figment, NodeReal, Namelix, Defibit, Fuji, InfStones, MathWallet, Pexmons, Ankr, BNB48 Club, Avengers, Tranchess, Coinbase Cloud

For their quick and decisive actions – a true community.

Initial estimates for funds taken off BSC are between $100M – $110M. However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen.

We are humbled by the speed and collaboration from the community to freeze funds.

Thank you to everyone who helped and gave their support.