From The Verge: It’s been a rough year for cryptocurrency, and things are not looking any better after over half a billion dollars of cryptocurrency tokens were stolen from crypto giant Binance on Thursday night.
The exploit hit the Binance Bridge, a cross-chain bridge that allows for the transfer of tokens between two related blockchains operated by the Binance cryptocurrency exchange, and collectively known as BNB Chain. According to well-known smart contract analyst samczsun, the attacker was able to forge transactions that allowed them to withdraw two million BNB tokens from the bridge, worth roughly $570 million.
Funds estimated at around $87 million were removed from the BNB ecosystem entirely; but the remaining funds could not be immediately transferred because BNB Chain took the drastic step of halting the blockchain entirely, meaning no transactions whatsoever could be processed.
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB,” Binance CEO Changpeng Zhao said in a tweet posted soon after the attack. “We have asked all validators to temporarily suspend BSC [Binance Smart Chain].”
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