A wallet valued over $536 million began acting strangely, causing the BNB Chain to come to a standstill. The BNB Chain has been paused after a significant BNB holder began exhibiting irregular on-chain activity, implying a hack.
Compromise in the BNB Chain
According to on-chain data, a significant BNB holder was hacked. Around 17:30 UTC, the wallet began withdrawing large amounts of money staked in several blockchain ecosystems. It then began rapidly exchanging and borrowing tokens from a wide range of other protocols. The wallet now controls around $536,930,715 in various assets.
The wallet’s inconsistent on-chain activity shows that it has been compromised. Tether, a stablecoin issuer, has already intervened to block the address, prohibiting it from transmitting USDT to new wallets.
At the time of writing, the wallet held 1,020,094.7687 BNB (about $287,870,744), 33,772 ETH and wETH (approximately $45,696,989), and roughly $63 million in stablecoins such as USDT, BUSD, USDC, and fUSDT. The wallet also includes approximately $127.7 million in assets locked across Venus, Geist, and Trader Joe lending procedures.
The official Twitter account of the BNB Chain stated that the chain would be terminated owing to “irregular activity.”