Finst

Binance Smart Chain Halted After Bridge Hack

Binance Smart Chain halted after a bridge hack.

By Mike Hesp
• 2 min read
Binance Smart Chain Halted After Bridge Hack

The Binance Smart Chain has paused due to a bridge hack. Binance CEO Changpeng Zhao confirmed this morning in a tweet. The BNB Chain account on View post on X also confirmed that the blockchain was halted due to a "irregular activity".

The "BSC Token Hub", the bridge between the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 and BSC), was breached. An exploit here apparently caused the erroneous staking of additional BNB tokens, Zhao said.

The Binance CEO estimates the current damage at about $100 million. According to the official Reddit post from the BNB chain, seven million dollars have already been frozen. "All funds are safe," it adds.

There are rumors that the stablecoin provider Tether (USDT) has a suspicious wallet address on the View post on X in connection with the exploit. BNB tokens worth $590 million previously moved to this wallet.

Is the BSC exploit one of the biggest hacks of the year?

If confirmed, it would rank among the year’s largest hacks. The latest exploit once again highlights the security issue posed by blockchain bridges. The most notable example to date has been the Ronin Bridge hack, a sidechain for the blockchain game "Axie Infinity," worth $625 million.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.