BNB Chain back online after around $100 mln lost in possible exploit

By CryptoGurukul

October 08, 2022

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By CryptoGurukul

October 08, 2022

"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.

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.

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.

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.

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