Binance, the biggest cryptocurrency exchange in the world, was targeted in a hacking assault. The agency officially announced the news on Thursday. A $100 Million Bridge Hack Affects Binance, but it is at least that much.
The Binance blockchain, also known as the BNB bright chain and the BNB chain, concluded that it was necessary to halt transactions and money transfers. The Binance blockchain agency reached this conclusion after the BSC Token Hub cross-chain bridge was susceptible to a vulnerability. On the other hand, bridges simplify moving assets from one independent blockchain platform to another.
The BNB Chain team revealed this information in a blog post on Friday, stating that the hacker first removed 2 million BNB. A sum is comparable to $568 million. The blockchain security company SlowMist estimates that the attacker was only successful in stealing around 110 million dollars.
Because the BSC Token Hub Bridge included a flaw, a malicious user was able to exploit it and generate new BNB tokens by manipulating the message. As a result, the tokens taken were not the ones that had previously existed. As a result, it did not affect the funds of any users. Changpeng Zhao, the chief executive officer of Binance, said in a tweet that the business believes the hack’s damage to be between $100 million and $110 million. The group would like to extend their apologies for the trouble caused by accident. Ismael Garcia, a representative for Binance, was asked to provide more comments beyond what was written in the blog post that the BNB Chain team had written; however, he refused to do so. According to the statement, the BNB Chain is functioning normally again.
As announced in the blog post, a new on-chain governance structure will be built on the BNB Chain to prevent such incidents from occurring in the future. According to Adrian Hetman, the technical head of the Triaging Team at Immunefi, the flaw arises in how the Binance bridge evaluates the proofs of transactions.
The hacker created the message in such a manner that it compromised the legitimacy of the contract. Despite this, the hacker could not legally lay any claim to the money that was sent. As Hetman said, BSC Token Hub subsequently processed the payment as everything was in order.
Cross-chain bridge hacks have been an increasingly typical occurrence throughout the game’s history, and this incident was not the first time such a thing has happened. Another occurrence took place earlier in August. Hackers made off with bitcoin worth $190 million while it was stored on the Nomad cross-chain bridge. Following the successful use of vulnerability to steal one hundred million dollars from Harmony’s Horizon Bridge, action was taken.
According to research given by a business specializing in intelligence, hackers stole around $2 billion worth of cryptocurrencies through cross-chain bridges. In addition, hackers made around $625 million after the assault on Axie Infinity’s Ronin Bridge. Earlier on in this year, in March.