15/07/2024 8:18 PM


business knows no time

Binance Smart Chain halts after $100 million exploit, CZ says

Binance Smart Chain halts after 0 million exploit, CZ says

Binance Wise Chain paused on Thursday evening soon after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao afterwards verified the difficulty on Twitter, saying, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in more BNB.” The BSC Token Hub impacted is the cross-chain bridge involving the BNB Beacon Chain and the BNB Chain, he extra.

“The situation is contained now,” CZ wrote. “Your funds are risk-free.”

“This is an isolated situation on BSC,” a Binance agent advised Fortune.

CZ also pointed to a Reddit submit with far more details of the exploit, which pointed out an preliminary estimate of cash stolen ranging from $100 million to $110 million, including that an believed $7 million had been frozen.

In response to a ask for for comment, the BSC Hub and BNB Chain teams referred Fortune to the Reddit write-up cited by CZ.

Cross-chain bridge hacks are really common. Case in point: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this calendar year.

Lots of on crypto Twitter also pointed this out: “Bridges are the weak spot.”

CZ said on Twitter that there is not a hurry to resume. “Let’s give the devs time to fully realize the root result in, carry out the fixes, test them comprehensively, and then resume,” he wrote. “Let’s not hurry it now.”