This is the cross-chain bridge linking BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC) (BEP20 or BSC) (BEP20 or BSC). A few hours ago, Binance chief Changpeng Zhao declared that the issue has been “contained now”. On his Twitter page, CZ wrote:
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.
One of the spokespersons of BNB Chain, the Binance-backed blockchain disclosed that the incident involved $100 million to $110 million worth of digital assets stolen. In them, $7 million in digital tokens have already been taken.
Cross-chain bridges have been the common point of attack for hackers. These are basically technologies that allow transferring tokens across blockchains. Interestingly, the Binance chairman has declared that they would be compensating for all the cash stolen. “In all likelihood, Binance will cover any fund that the hackers get away with,” he concluded.
Binance Coin (BNB) Price Tanks 4%
Following the news of the exploit, the price of BNB Coin came under rapid selling pressure. As of press time, BNB Coin is trading 3.8% down at a price of $285 with a market valuation of $46 billion. As a result, the BNB Coin has lost almost all of its last week’s gains. The data from blockchain security and analytics firm PeckShield shows:
BNBchain exploiter has bridged ~$89.5M to other Chains (non-BSC chains), ~58% out to Ethereum and ~33% out to Fantom, ~4.5% out to Arbitrum.
The case of Binance Chain is the newest of numerous bridge-exploits taking place this year.