Hackers targeted Binance, over $100 million stolen in a cross-chain attack
The BNB Chain estimate over $100 million of assets stolen or lost, whose $7 million almost immediately been frozen.
World’s leading cryptocurrency exchange Binance has lost approximately $100 million in a cross-chain hack carried out earlier this week.
The native chain of the crypto exchange was suspended on Thursday after detecting an exploit between two blockchains - BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). Hackers targeted the cross-chain bridge intended to allow the transfer of assets and information from one blockchain to another, a method that has been largely used recently in other major hacks.
“We have asked all validators to temporarily suspend BNB Smart Chain (BSC) after having determined an exploit on a cross-chain bridge, BSC Token Hub - which resulted in extra BNB. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” explained the company in a statement published on Reddit.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.— CZ 🔶 Binance (@cz_binance) October 6, 2022
The BNBChain underwent maintenance for a few hours and resumed operations later on Friday.
According to Binance, while hackers attempted to stole $570 million worth of cryptocurrency, funds taken off the blockchain are estimated between $100M - $110M. However, $7M has already been frozen by the exchange.
According to a recent study, the total volume of crypto funds lost by web3 ecosystem due to hacks and scams in Q3 2022 assessed to over $428.7 million. Approximately $190,000,000 were stolen in the Nomad bridge hacks on August 2nd, 2022, while kackers drained around $160,000,000 during the global crypto market maker Wintermute hacks on September 20th, 2022.