The BNB chain BNB/USDthe native cryptocurrency that powers the binance Exchange, was operational after being temporarily suspended following a major exploit worth around $100 million.
According to that Blockchainnetwork validators “confirmed” their status and upgraded the community infrastructure.
A few hours before the network lock was lifted, BNB Chain sent a tweet to the community informing them that validators were working to block hacker accounts and urging node-runners to update their software.
Initial estimates put the value of the stolen money at up to $100 million in cryptocurrencies.
A few hours after the hack, the network revealed that $7 million out of an estimated $70 million to $80 million in stolen cash had been successfully frozen.
According to an official Reddit postthe origin of the hack lay in the BSC Token Hub, which ultimately led to the creation of “extra BNB”.
Zhao assures the safety of funds
Founder and CEO of Binance Changpeng “CZ” Zhao tweeted about the incident: “An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have asked all validators to temporarily suspend BSC. The problem is now contained. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”
On Twitter, cyber sleuths were busily investigating the problem and the stolen money; Some estimated the hacker had blocked nearly $400 million in assets Network of the BNB chain.
Tether blacklists hackers
tether USDT/USD also stated that the hacker’s wallet address had been blacklisted.
Just weeks before the hack, the BNB chain launched a community-driven security initiative to protect consumers on its network. The AvengerDAO was created to fight fraud, hackers and potential exploits on the BNB chain.
Also read: Time is up for Mt. Gox creditors: register by this date to collect lost crypto
Photo: phive via Shutterstock
