{"id":9288,"date":"2022-10-07T02:53:44","date_gmt":"2022-10-07T06:53:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=9288"},"modified":"2022-10-07T02:53:44","modified_gmt":"2022-10-07T06:53:44","slug":"bnb-chain-halts-operations-due-to-potential-hack","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/07\/bnb-chain-halts-operations-due-to-potential-hack\/","title":{"rendered":"BNB Chain Halts Operations Due To Potential Hack"},"content":{"rendered":"

Binance\u2019s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is \u201ctemporarily paused,\u201d according to the official BNB Chain Twitter account<\/a> and Binance\u2019s CZ<\/a>.<\/p>\n

Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let\u2019s take a look at the details we know thus far.<\/p>\n

Binance Bridge Can\u2019t Avoid The \u2018Bridge Problem\u2019\u00a0<\/p>\n

One of the biggest issues around crypto vulnerabilities often seems to be bridges \u2013 where movement from one chain to another adds a layer of complexity that has proved to be a challenge. According to Paradigm researcher @samczsun <\/a>(who provides a detailed thread on the the exploit), the BSC Token Hub bridge was tricked to send the attacker two transactions of 1M BNB each.<\/p>\n

However, in early reports it seems that the tokens were not owned user tokens, but rather tokens not in existence before the exploit.<\/p>\n\n

Binance’s BNB token faced impacts from today’s exploit. | Source: BNB-USD on TradingView.com<\/a><\/p>\n

Criticism Around Halting The Chain<\/p>\n

BSC reps went on to explain<\/a> that they \u201ccoordinated with validators to temporarily suspend BSC,\u201d which led to many critics emerging around the degree of centralization surrounding the chain. It seems that today\u2019s hack is the second largest in history, and while Binance CEO Changpeng \u2018CZ\u2019 Zhao has assured holders that their funds are safe, there\u2019s still a lot to discover here.<\/p>\n

Featured image from Pixabay, Charts from TradingView.com
\nThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Binance\u2019s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is \u201ctemporarily paused,\u201d according to the official BNB Chain Twitter account<\/a> and Binance\u2019s CZ<\/a>.<\/p>\n

Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let\u2019s take a look at the details we know thus far.<\/p>\n

Binance Bridge Can\u2019t Avoid The \u2018Bridge Problem\u2019\u00a0<\/p>\n

One of the biggest issues around crypto vulnerabilities often seems to be bridges \u2013 where movement from one chain to another adds a layer of complexity that has proved to be a challenge. According to Paradigm researcher @samczsun <\/a>(who provides a detailed thread on the the exploit), the BSC Token Hub bridge was tricked to send the attacker two transactions of 1M BNB each.<\/p>\n

However, in early reports it seems that the tokens were not owned user tokens, but rather tokens not in existence before the exploit.<\/p>\n

Binance’s BNB token faced impacts from today’s exploit. | Source: BNB-USD on TradingView.com<\/a><\/p>\n

Criticism Around Halting The Chain<\/p>\n

BSC reps went on to explain<\/a> that they \u201ccoordinated with validators to temporarily suspend BSC,\u201d which led to many critics emerging around the degree of centralization surrounding the chain. It seems that today\u2019s hack is the second largest in history, and while Binance CEO Changpeng \u2018CZ\u2019 Zhao has assured holders that their funds are safe, there\u2019s still a lot to discover here.<\/p>\n

Featured image from Pixabay, Charts from TradingView.com
\nThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-9288","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=9288"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9288\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=9288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=9288"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=9288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}