Hackers have once again carried out a significant exploit and spirited away $100 million worth of Binance Coin (BNB) tokens, the native token of the Binance blockchain.
Hackers conducted the exploit on a cross-chain bridge BSC Token Hub and stole $100 million BNB tokens.
The cross-chain bridge BSC Token Hub is a cross-chain bridge connecting BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).
The details of the hacking exploit were detailed by Binance chief Changpeng Zhao in a tweet a few hours ago. Zhao, however, tweeted that the issue has since been contained and the breach effectively plugged.
The hack on the cross-chain bridge BSC Token Hub led to the creation of an extra Binance Coin (BNB). The Binance officials have asked the validators to suspend BSC temporarily.
Thankfully the breach has been contained, and all the users’ funds are safe. Binance officials have also apologized for the inconvenience and will provide further updates accordingly.
A spokesman for BNB Chain, the Binance-backed Blockchain, stated that the exploit involved$100 million to $110 million worth of digital assets stolen. Of them, $7 million of digital tokens have been spirited away.
Cross-chain bridges are chinks in the armor of Blockchain and are often exploited by hackers. These are platforms that enable transferring tokens across blockchains. Binance Chief has already stated that the exchange will be compensating for the funds which have been lost.
Binance Coin (BNB) Price Sinks 4%
The news was met with dismay, and the values of the native token of Binance, Binance Coin (BNB), tanked by 4% and, as of press time, was changing hands for $285 and a market cap of $46 billion as per data received by Coinmarketcap. The exploit has chiseled away all the gains BNB had made during the week.