Hackers have reportedly stolen $100 million worth of cryptocurrency from the Binance Bridge, issued by a popular crypto exchange.
Hackers have reportedly stolen $570 million worth of cryptocurrency from the Binance Bridge, issued by a popular crypto exchange.
The attack appears to have started at 2:30 pm EST today, with hackers receiving two transactions, each consisting of 1,000,000 BNB.
What are BSC and BNB?
Binance Smart Chain, or BSC, is a cryptocurrency platform for running decentralized apps. Binance Coin, or BNB, is the cryptocurrency issued by Binance.
Blockchain bridges are tools used to transfer cryptocurrencies between different applications.
According to samczsun's analysis, the attacker leveraged a bug in the BSC Token Hub to forge arbitrary, allowing them to mint (create) BNB coins out of thin air.
Binance CEO Changpeng Zhao said that hackers stole 2 million of the cryptocurrency BNB worth around $570 million.
"An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to suspend BSC temporarily. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," he tweeted.
Specifically, the hack affected BSC Token Hub, the bridge between BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).
Most of the stolen funds remain on the BNB Smart Chain and are now inaccessible to hackers.
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