Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%

Blockchain News Oct 7, 2022 597

The BNB Smart Chain's official Twitter account explained that the team was temporarily pausing the blockchain on Thursday at 6:19 PM.

Sources say that more than $600 million in BNB tokens were reportedly stolen from the chain's cross-chain bridge. The BNB Smart Chain team details on Reddit that funds taken off BSC are between $100M-$110M

The crypto token BNB is down 4% lower in the last day. cross-chain bridge attack that saw around 200 million BNB worth $600 million siphoned.

The official BNB smart chain Twitter account stated:

To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe. We want to thank all node service providers for their quick and attentive response.

The attack before the hack the BNB bridge exploiter registered as a relayer for this bridge. an anonymous person wrote "several hundred million dollar BNB hack reported" will Clemente tweeted on Thursday

The Twitter account operated by Green Jeff Capital summarized the situation. he noted that the attackers may get approx $100 million when all is said and done.

The hacker's moves will probably pull out of bridges back to the mainnet and then they have approx $45 million in on the mainnet and another $20 million in bridges Green jeff tweeted that with overcollateralized borrows they may get $100mm, Max.

Few Redditors questioned the veracity of the numbers stemming from the BNB smart chain exploit Reddit declaration and others criticized the BNB chain decentralization. the exploit has been a topical conversation on social media such as Reddit and Twitter.