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Binance hit by massive hack

The biggest news this week. The Binance Smart Chain has been halted due to a bridge hack.

By Finst News
• 1 min read
Binance hit by massive hack

The biggest news this week. The Binance Smart Chain has been paused due to a bridge hack. Binance CEO Changpeng Zhao confirmed this via a tweet. The BNB Chain account on Twitter also confirmed that the blockchain had stopped due to "irregular activity".

The "BSC Token Hub," the blockchain bridge between the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 and BSC), was hit by the hack. An exploit of this bridge led to the incorrect minting of BNB tokens, Zhao says. Binance's 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," the account said. More information about the hack can be found here.

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