Binance Bridge hit by hack, BNB blockchain has now resumed

The Binance Bridge has been hit by a hack, which is why the BNB blockchain has been temporarily shut down. The damage is estimated at $100 million by Binance CEO Changpeng Zhao. However, nothing has been stolen from the wallets of BNB users.

Update October 21, 9:00 AM: The original version of this article stated that Binance has been hit by a hack. However, it is about the Binance Bridge and not the cryptocurrency trading platform. It also erroneously stated that cryptocurrency experts disagreed with Binance’s claims. The article has therefore been amended.

The blockchain has now resumed. The blockchain was temporarily suspended due to ‘irregular activity’, reports Binance on Twitter. All systems were temporarily shut down. The community was called in to freeze any transfers of the cryptocurrency. The BNB blockchain has now resumed.

The exploit had according to Binance affects the native cross-chain bridge between the BNB Beacon Chain and the BNB Smart Chain, also known as the BSC Token Hub. The exploit caused extra BNBBinance’s own cryptocurrency. According to Zhao about $100 million worth of BNB was stolen, the rest is frozen on the BNB Chain. About 7 million dollars of that would have been secured.

DeFi developer foobar reports that the hacker obtained two million in BNB. That is worth about 566 million dollars at the current price of the crypto coin. Most of these have been frozen because validators acted quickly. Paradigm researcher samczsun stilt that the hacker “somehow” got the Binance Bridge to send him 1 million BNB, twice. It is therefore not about BNB from the wallets of BNB holders, but about additionally made BNB.