Crypto

Binance Smart Chain Exploited by Hackers

The post Binance Smart Chain Exploited by Hackers appeared first on Coinpedia Fintech News

CEO of Binance Changpeng Zhao (CZ) revealed in the recent tweet that a cross-chain bridge and the BSC Token Hub were exploited.

Initial token movements suggested that up to 2 million BSC tokens were targeted by an attacker late Thursday, but the true losses may be much lower. BNB Chain estimated $100 to $110 million in assets were moved off chain but said in a tweet that $7 million was already frozen.Soon after, the hacker began spreading some of the funds across a variety of liquidity pools, attempting to transfer the BNB into other assets.

Binance acknowledged the security incident at 6:19 PM EST and paused the BNB Smart Chain while they investigated the incident. While the majority of the stolen funds remain on the BNB Smart Chain, and are now inaccessible to the hacker, Binance estimates that between $70M – $80M were taken off-chain


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