Binance hack

Binance Smart Chain Hacked for $100 Million

07.10.2022 09:04 (Updated 07.10.2022 12:10)
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by Gabriel Cross
1 min read

Binance Smart Chain has paused its operations following the exploit which saw the attacker take off with some $100 million. In addition, according to blockchain security company SlowMist, there is more than $400 million worth of crypto that was frozen on the BNB Chain before the hacker was able to pocket the money.

The cross-chain bridge, BSC Token Hub, was the target of the exploit, which the attacker manipulated to receive two million BNB tokens. Before the chain was halted, he managed to transfer more than $100 million to Ethereum, Phantom Protocol, and Polygon networks.

According to blockchain developer, oxfoobar, counting the frozen assets, this is one of the two largest crypto hacks of all time. Luckily for Binance Smart Chain users, the BNB tokens were not stolen from their wallets, but were instead created by the attacker.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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