A group of threat actors exploited a cross-chain bridge to transfer $560 million worth of cryptocurrency from the world’s biggest exchange Binance Bridge.
The hack is deemed to have been perpetrated by a bug within the bridge. It enabled the hacker to breach the safety proofs of the BNB Chain.
Following the incident, Binance BNB/USD fell greater than 3% on Friday. A single-day hack on the BNB Chain led to a lack of at least $100 million. However, BNB Chain estimates the determination at $7 million, with about $560 million initially focused.
Binance is a cryptocurrency exchange designed to help with the transfer of information and assets between blockchains, it is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies.
The information about the hack was delivered to the public on Thursday by Binance CEO Changpeng Zhao. He announced on Twitter that the threat actors exploited vulnerability in the BSC (BNB Chain) Token Hub cross-chain bridge.
“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,” he added.
According to Zhao, the overall loss that the platform has to bear because of the attack is around $100 million worth of BNB. However, the threat actors’ wallet reportedly received two transactions of 1,000,000 BNB each, which is worth more than $560 million.
However, the platform assured its customers that their funds are safe and secure. When the platform learned about the heck it worked with validators to temporarily suspend BSC, to freeze transfers. Additionally, the platform reported that it has already recovered some of the stolen funds.
“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…” the platform reported. “…Initial estimates for funds taken off BSC are between $100M - $110M. However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen,”
