November 30, 2022

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Bitcoin Business

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

Binance Good Chain paused on Thursday evening immediately after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later on confirmed the concern on Twitter, stating, “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 added.

“The challenge is contained now,” CZ wrote. “Your cash are safe and sound.”

“This is an isolated issue on BSC,” a Binance agent instructed Fortune.

CZ also pointed to a Reddit article with much more particulars of the exploit, which pointed out an first estimate of resources stolen ranging from $100 million to $110 million, including that an approximated $7 million experienced been frozen.

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

Cross-chain bridge hacks are particularly frequent. Case in stage: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this year.

Quite a few on crypto Twitter also pointed this out: “Bridges are the weak point.”

CZ claimed on Twitter that there is not a hurry to resume. “Let’s give the devs time to completely have an understanding of the root cause, carry out the fixes, examination them comprehensively, and then resume,” he wrote. “Let’s not hurry it now.”