$100M BNB Stolen in Another Massive Cryptocurrency Hack

Approximately $100 million worth of Binance Coin (BNB) was seized after a bridge connecting blockchains was exploited. Changpeng “CZ” Zhao, the affluent co-founder of Binance, posted on Twitter that the situation has been “contained now.”

The incident affected between $100 million and $110 million in digital tokens, according to assessments from the best cryptocurrency marketplace in the world, BNB Chain, which is sponsored by Binance.

Binance actually published the following on Twitter:

“@BNBchain is currently under maintenance. We will suspend all deposits and withdrawals via the BNB chain temporarily until there are further updates. We apologise for the inconvenience. Thank you for your patience!”

The BSC Validators are urged to contact Binance within the next few hours so that they can schedule a node update, BNB added on Twitter.

According to a spokeswoman, the bridge, BSC Token Hub, has been terminated and at least $7 million in stolen money has already been frozen.

Another significant attack took place recently. Transit Swap, a multi-chain DEX aggregator platform, tweeted that it had lost $21 million as a result of a hacker using a bug in its swap contract. After the event, Transit Swap appealed to its users and stated that steps were being taken to retrieve the funds that had been taken. The DEX aggregator said that in order to find the hacker and recoup the assets, it is collaborating with security analysts from SlowMist, PeckShield, Bitrace, and TokenPocket security and technical teams.

A defect in the programming, according to Transit Swap, allowed a thief to escape with an estimated $21 million. A further explanation from blockchain security firm PeckShield noted that the assault might have happened as a result of a compatibility problem or unwavering belief in the exchange contract.

Chainalysis forecasts that during the initial half of this year, crypto theft generated $1.6 billion in total revenue, which is less than the amount seen in the same period in 2021. The decline in crypto crime statistics and the decline in crypto values are related. However, some types of cryptocurrency crime have become more widespread recently, as illustrated by the hike in the value of hacked crypto assets from $1.2 billion to $1.9 billion.

Bloomberg stated that this year has seen a damage of around $2 billion due to cryptocurrency breaches. Cross-chain bridges used to transport tokens across blockchains have been a top choice of those hacks, which were frequently carried out by entities with ties to North Korea.

The Binance breach showed that, despite being one of the most well-known, an ecosystem may still be shaken.

On Twitter, Zhao stated that “Binance will most likely cover whatever fund that the hackers got away with.”

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

iOS: t.ly/UUCj

Android: t.ly/cfYt