Binance network is back online after hacker attack

Binance network is back online after hacker attack

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BNB Chain's blockchain is back up and running after the BSC Token Hub bridge was hacked. Hackers managed to steal over $544 million in cryptocurrency, but only managed to withdraw $100 million. The network was then temporarily suspended.

Binance network is back online after hacker hack and theft of $100 million
Attackers stole more than $544 million worth of cryptocurrency, but did not manage to withdraw most of it

BNB Chain's blockchain is back up and running after the BSC Token Hub bridge was hacked. Hackers managed to steal over $544 million in cryptocurrency, but only managed to withdraw $100 million. The network was then temporarily suspended.

Blockchain bridges allow the transfer of tokens between different networks.

Changpeng Zhao, the head of Binance, published a link to a post on Reddit that details the incident. In particular, it is claimed that according to an initial estimate, the attackers managed to take from $100 million to $110 million from the BNB Chain network, while with the support of partners managed to freeze $7 million worth of cryptocurrency.


There is $543 million worth of cryptocurrency at the attackers' address, $432 million of which remain in the BNB Chain network and cannot be withdrawn. At the same time, these funds are not the users' cryptocurrency. Zhao explained that attackers were able to create additional BNB tokens using a vulnerability.

Later, the BNB Chain team presented a code update. After it was activated by the network's validators, the hackers' accounts were blocked and asset transfers between BNB Beacon Chain and BNB Smart Chain were frozen.

 

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