Bridge of Chain was hacked, damage estimated at 100 million USD


In the early afternoon of October 7, Chain claims to have fixed the problem and resumes operations on .

The changes applied include blocking the hacker's address and continuing to interrupt communications between the BNB Beacon Chain and the BNB Smart Chain until the situation is stabilized.

BNB Chain claims to join the community to discuss issues to be solved in the near future to ensure decentralization.

  • How to deal with stolen money – should it be permanently frozen or not?
  • Should the BNB Auto Burn mechanism be used to compensate for the lost money? ?
  • Set up a bug bounty program, with a prize of 1 million USD for each critical vulnerability.
  • Offer a hacker flip reward, with a prize of 10% of the amount that can be recovered from the attack.

Original post:

At dawn on October 7, the community BNB Chain has been hacked when witnessing an unusually large amount of tokens being circulated between wallets.

Read more  Samsung Launches Bitcoin ETF

Specifically, there was a series of transactions that moved a large amount of tokens from the BSC Token Hub to an unknown address. At the time of update, this address currently owns more than 291 million USD of BNB and 421 million USD of other tokens in the BNB Chain ecosystem. The BSCScan site has marked this address as “BNB Bridge Attacker”.

The hacker's wallet address hacked into BSC Token Hub at 07:30 AM on October 7, 2022

In addition, according to the statistical background DeBank, the hacker was able to transfer 89.5 million USD of money to other ecosystems such as , , ... and into liquidity pools like Venus, Geist, etc. to launder money before trading activities on BNB Chain are suspended. This is the tactic used by the hacker Wintermute recently with Finance.

Statistics of hacker wallets on ecosystems difference. DeBank screenshot at 07:30 AM on October 7, 2022

According to DeBank, the amount of money that hackers stole was 2 million BNB, worth more than 580 million USD. Security unit Peckshield also agrees with the above information.

Next, the floor CEO Changpeng Zhao spoke out about the incident, confirming BNB Chain was hacked and shutting down the blockchain.

“The BSC Token Hub cross-chain bridge has been hacked. We have asked the network validators to suspend operations in BSC. The problem is being handled. User funds are still safe. We apologize for the inconvenience this may cause and will provide further information.”

BSC Token Hub is a connection to the BNB Beacon Chain chain (using the token standard ) with BNB Chain (using token standard or BSC).

Read more  IMF & Peter Schiff's Economic Forecast for 2023

Mr. Zhao also gave an estimate of the damage from the attack at around $100 million, which is lower than the amount of tokens in the hacker's wallet. This is probably the amount that represents the amount of tokens that have been taken out of the BNB Chain ecosystem to other blockchains, while the remaining money on the BNB Chain can be recovered or compensated by the project in some way. there. The Binance CEO writes that the amount of money lost is only equal to burn BNB the exchange's most recent quarterly.

Join our channel to get the latest investment signals!