The BNB chain BNB/USD, the native cryptocurrency that powers the Binance exchange, was operational after being suspended temporarily following a major exploit of around $100 million.
According to the blockchain, network validators were “confirming their status” and upgrading community infrastructure.
A few hours before the network suspension was lifted, BNB Chain sent out a tweet to the community informing them that validators were working to block hacker accounts and requested node runners update their software.
Initial estimates put the value of the stolen money at up to $100 million in cryptocurrencies.
A few hours after the hack, the network revealed that $7 million had been successfully frozen out of the estimated $70 to $80 million in cash that had been stolen.
According to an official Reddit post, the hack’s origin was on the BSC Token Hub, which ultimately resulted in the creation of “extra BNB.”
Zhao Reassures Security Of Funds
Binance’s founder and CEO Changpeng “CZ” Zhao tweeted about the incident: “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.”
On Twitter, internet sleuths eagerly investigated the problem and the stolen money; some estimated that the hacker had almost $400 million in assets blocked on the BNB Chain network.
Tether Blacklists Hacker
Tether USDT/USD also stated the hacker’s wallet address had been blacklisted.
Just weeks before the hack, the BNB Chain launched a community-powered security initiative designed to protect consumers on its network. The AvengerDAO was created in order to combat fraud, hackers and potential exploits on the BNB Chain.
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