Binance Smart Chain halts after $100 million exploit, CZ says

Binance Good Chain paused on Thursday night soon after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later on confirmed the situation on Twitter, expressing, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB.” The BSC Token Hub impacted is the cross-chain bridge concerning the BNB Beacon Chain and the BNB Chain, he additional.

“The problem is contained now,” CZ wrote. “Your resources are protected.”

“This is an isolated difficulty on BSC,” a Binance consultant informed Fortune.

CZ also pointed to a Reddit publish with much more facts of the exploit, which pointed out an preliminary estimate of cash stolen ranging from $100 million to $110 million, introducing that an approximated $7 million experienced been frozen.

In reaction to a request for remark, the BSC Hub and BNB Chain teams referred Fortune to the Reddit post cited by CZ.

Cross-chain bridge hacks are particularly typical. Circumstance in place: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this calendar year.

Lots of on crypto Twitter also pointed this out: “Bridges are the weak point.”

CZ explained on Twitter that there isn’t a rush to resume. “Let’s give the devs time to totally comprehend the root trigger, apply the fixes, test them thoroughly, and then resume,” he wrote. “Let’s not rush it now.”

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