- October 7, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
After a brief network suspension as the result of a cross-chain hack, the activity on the BNB Chain is back online.
BNB Chain, the native blockchain behind the Binance crypto exchange, is up and running as of Oct. 7 according to an update from the network. Activity on the network was briefly suspended after confirmed rumors of a cross-chain exploit.
The blockchain reported that network validators are “confirming their status,” as well as upgrading community infrastructure.
BNB Smart Chain (BSC) is running ok from 20+ mins ago.
The validators are confirming their status and the community infrastructure are upgrading as well.
— BNB Chain (@BNBCHAIN) October 7, 2022
A few hours prior to resolving the network suspension, BNB Chain updated the community on Twitter, saying validators are working to stop hacker accounts and asking node runners to update their versions.
2. Native cross-chain communication between BNB Beacon Chain and BNB Smart Chain is disabled
We ask that all node runners try to upgrade to the version listed above.
Validators and communities will discuss further upgrades to fully resolve the situation.
2/2
— BNB Chain (@BNBCHAIN) October 7, 2022
Initial estimates of compromised funds were as high as $100 million worth of cryptocurrency. However, hours into the situation, the network announced current estimates of exploited funds to be around $70–80 million, with $7 million successfully frozen.
The genesis of the compromise took place on the BSC Token Hub, which in the end created “extra BNB,” according to an official post on Reddit.
Related: Reversible blockchain transactions are key to fighting crime in crypto
Changpeng Zhao, the founder and CEO of Binance, also Tweeted about the incident saying that in the midst of the network suspension, validators were asked to temporarily suspend BSC in order to contain the issues.
Zhao also assured users their suspended funds were secure.
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
Internet sleuths on Twitter actively looked into the issue and the stolen funds, with some estimating that the hacker has around $400 million in assets frozen on the BNB Chain network.
Tether also posted that it blacklisted the hacker’s wallet address.
This hack comes a few weeks after BNB Chain launched a community-powered security effort to secure users on its network. The AvengerDAO serves to fight against scams, malicious actors and potential exploits.
There was no mention of the AvengerDAO in relation to the recent incident on the network.
