Another Major Crypto Hack as $100M BNB Stolen

Another major hacker has struck the crypto industry.

After an exploit on a bridge between the blockchains, around $100 million worth of Binance Coin (BNB), was stolen.

Changpeng says the issue is now “contained”.CZ” Zhao, the billionaire cofounder of Binance, stated on Twitter.

The world’s biggest crypto exchange, Binance-backed blockchain BNB Chain, estimated that around $100 million to $110 million of digital tokens were involved in the incident.

Binance published this tweet:

@BNBchain is currently being maintained. We will temporarily suspend withdrawals and deposits via the BNB chain until further updates are available. We apologize for any inconvenience caused. Thank you for your patience!

BNB also tweeted that it requested that BSC Validators get in touch within the next few hours to plan a node upgrading.

According to a spokesperson for the FBI, $7 million in stolen funds have been frozen. The bridge, BSC Token Hub has also been suspended.

Another recent hack involved multi-chain decentralized Exchange (DEX) platform Transit Swap, which announced via Twitter that it had lost $21 million to hackers who exploited an internal flaw in its swap contract.

Transit Swap apologized to its users and said that it is working to recover the stolen money. TransitFinance’s team concluded that the hacker attack caused the incident. This was due to a code bug. The DeFi platform said that they were deeply sorry.

The DEX aggregator stated that it was working with cybersecurity specialists like Bitrace, PeckShield, Bitrace and TokenPocket security teams and technical teams to track down and recover funds from the hacker.

Transit Swap stated that a bug in their code allowed a hacker escape with $21 million. PeckShield a blockchain security company explained that the attack may have been due to a compatibility or misplaced faith in the swap contract.

According to ChainalysisThe total revenue from crypto crime for the first half this year was $1.6 billion. This is less than the figure in the first quarter of 2021. A drop in crypto crimes has been accompanied by a decline in crypto value. However, certain forms of cryptocrime have declined over the past year. For instance, the price of hacked crypto assets rose from $1.2 million to $1.9million.

Bloomberg reported that crypto hacks have cost $2 billion. Many of these hacks were committed by North Korea-linked organizations, and cross-chain bridges that allow tokens to be transferred across blockchains are a popular target.

Binance hack shows that even though Binance ecosystem is highly visible, it can still receive buffeting. 

Zhao stated on Twitter that Binance would cover any hacker-assisted fund.

BNB lost as much as 3.3% last Friday and was currently trading around $285 at 10:08 AM in Tokyo.

Image source: Shutterstock



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