Hack Binance: $100 million haemorrhage on the BSC blockchain

The Binance SmartChain (BSC), eponymous network of the crypto platform Binance was hit by a large-scale hack on Thursday and Friday night. This attack targeted a bridge between two blockchains. According to the first estimates, more than 100 million dollars of crypto assets (BNB and BUSD for the most part) would have been embezzled.

The targeted Token Hub bridge

We know a little more about the circumstances of the massive attack that hit the Binance Smart Chain (BSC).

According to statements from the Binance team, the vulnerability affected the Token-Hub interchain bridge.

This gateway allows interconnection between distributed networks BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC) both belonging to the platform. At the time of writing, investigations are ongoing. A post mortem should probably be established to clarify the modus operandi used by the hacker(s). Note that various cybersecurity experts have already exposed on Twitter the results of their first hot investigations.

The Binance Smart Chain has been completely shut down since around midnight. The service was not yet restored 8 hours after the incident, all the node validators of the BSC blockchain having been informed the need to take the entire network offline.

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Hack Binance: 100 million loss, but funds safe

As is, so to speak, a tradition in such circumstances, it did not take long for Changpeng Zhaothe boss of Binance does not intervene in person to report to the community.

“CZ” thus relayed the information of its teams according to which the piracy would expect a total of more than 100 million dollars.

Disclosure of Changpeng Zhao following the hack

“An exploit on a cross-chain bridge, BSC Token Hub, led to the hijacking of BNB. We have asked all validators to temporarily suspend the BSC. The problem is now under control. Your funds are safe […] The current damage estimate is around US$100 million equivalent, about a quarter of the last BNB burn. »

Connoisseurs will find that the CEO of Binance has not formally issued its famous “Funds are SAFU”, the name of the insurance reserve that can be called up in such a case. The person concerned, however, indicated that the funds of the users were safe.

Finally, note that, according to the declarations of the platform, $7 million Assets from the hack were also reportedly frozen by various partners working in concert with Binance.

Awakened in the middle of the night by his own admission, CZ pointed out that this hack corresponded to “only” a quarter of the last voluntary destruction of BNB tokens by the exchange. A way of reminding that the platform has broad enough shoulders to withstand this kind of disappointment without wavering, as ithas already demonstrated in the past.

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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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