BNB Chain hack: the hunt for pirates is on

Get ready for a fight at Binance – Last week Binance Token Hub was the target of an attack. A total of 2 million BNB tokens were stolen. Following the attack, the BNB Chain teams made every effort to find the funds and the hacker.

Colossal hack on the BNB Chain

On the night of October 6 to 7, the BNB Chain has been paused. Quickly, the thesis of the hack is confirmed and the teams of the BNB Chain announce the detection of irregular activities.

Finally, the number falls: 2 million BNB were stolen on the Binance Token Hub. In total, this represents more than $500 million in cryptocurrency.

Following this event, many web investigators went on a hunt for clues. Indeed, faced with the lack of information, many wanted to understand the origin of the attack. Quickly, developers identify a flaw in proof checking when using the bridge.

After several hours of downtime, the developers finally released a patch before relaunching the blockchain.

At the same time, the BNB Chain teams have surrounded themselves with many experts in the field to try to trace the hacker.

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The Hacker Hunt

After successfully securing the rest of the infrastructure, the BNB Chain teams set off on the hacker’s trail.

As a first step, the teams were able to freeze all the funds that had remained on the BNB Chain. In total, almost $400 million could have been frozen on the BNB Chain.

However, the attacker had already made several transfers outside the chain. So it has:

  • $57 million on Fantom;
  • $53 million on Ethereum;
  • $400,000 on Polygon.

Of these $110 million, Binance announced that it had managed to freeze 7 million off the BNB Chain.

Vis-à-vis funds frozen on the BNB Chain, Binance is preparing to fetch thecommunity notice as to how to proceed. Thus, in a published publication a few hours after the hackthe BNB Chain teams explain that this vote will answer the following questions:

  • What to do with hacked funds: to freeze or not to freeze?
  • Use BNB Auto-Burn to cover remaining hacked funds, or not?
  • A Whitehat program for future bugs found, $1 million for each major bug found?
  • A bounty for catching pirates, up to 10% of funds recovered?

The validators of the network will have to decide on the occasion of this vote to develop the framework of the BNB Chain.

In addition, as announced at the time, the BNB Chain teams want to put in place new governance mechanisms to defend against such an attack.

Cybersecurity remains a game of cat and mouse. In many cases, the current architecture of Web3 presents many systemic risks due to the interconnection of protocols and certain fragilities of the open source code.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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