Last Updated on October 7, 2022 by Bitfinsider
As of October 7, the native blockchain, BNB Chain that powers the Binance cryptocurrency exchange, is operational. Following confirmation of rumors of a cross-chain vulnerability, network activity was briefly stopped.
According to the blockchain, network validators are “confirming their status” and modernizing community infrastructure.
A few hours before the network suspension was lifted, BNB Chain sent out a Twitter tweet to the community informing them that validators are working to block hacker accounts and requesting that node runners update their software.
Initial calculations put the value of the stolen money at up to $100 million in cryptocurrencies. After a few hours had passed, the network revealed that $7 million had been successfully frozen out of the estimated $70-80 million in cash that had been misused.
According to an official Reddit post, the compromise’s origins were on the BSC Token Hub, which ultimately resulted in the creation of “extra BNB.”
Binance’s founder and CEO, Changpeng Zhao, also tweeted on the incident, stating that validators had been requested to temporarily halt BSC while the network was suspended in order to address the problems.
Zhao reaffirmed to users the security of their frozen assets.
On Twitter, internet sleuths eagerly investigated the problem and the stolen money; some of them estimated that the hacker had almost $400 million in frozen assets on the BNB Chain network. Tether also stated that the hacker’s wallet address had been blacklisted.
A community-powered security initiative that BNB Chain initiated a few weeks prior to this incident was designed to protect consumers on its network. In order to combat fraud, hostile actors, and potential exploits, the AvengerDAO was created.
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