“Due to irregular activity, we’re temporarily pausing BSC,” the BNB Chain Official Twitter account tweeted.
Blockchain company BNB Chain said in a tweet that around $7 million worth of tokens had been frozen, and the total estimate is around $100 million to $110 million.
Binance Chain estimates that up to $110 million was moved off the chain, but they have already frozen $7 million.
With such a mere fraction of assets lost, the upside to BNB’s gamble was reasonably significant and illustrated why they halted the chain rather than risk more assets escaping.
Blockchains are touted as being decentralized and outside the control of individual entities. Unlike traditional databases, blockchain information is replicated across the entire network.
BNB Chain hacked for $100 million
The BSC Centre has confirmed that it’s coordinating the chain shut down. At the same time, they fixed a problem with their Token Hub Protocol, which is like a clearing house for moving crypto transactions between separate systems in their decentralized blockchain.
BNB chain has been back online, and they have announced that it will hold a series of on-chain governance votes if the hacked funds should be frozen.
Previously, there was a question of whether or not to introduce a bug bounty system to prevent future hacking incidents. Eventually, the vote passed, and this will now be discussed at length.
The recent attack on Bittrex caused the company’s native token, BNB, to lose value. After a day of trading at $293.10, it dipped to $280.40, according to CoinMarketCap.
On-chain data shows that this afternoon, two large withdrawals of 1 Million BSC coins were made. The attacker used swaps, bridges, and borrows to steal assets.
Regardless of the hack, BNB has reassured users that they’re “safe” and will be assisting in freezing any activity.
Twitter detectives point out that Tether – the largest stablecoin provider – has blocked the offending address.
The company suspects the movement of tokens results from an attack rather than something more benign.