In the latest development, Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, faced a major exploit in which hackers stole $100 million worth of BNB tokens. The exploit took place on a cross-chain bridge BSC Token Hub.

This is the cross-chain bridge connecting BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). A few hours ago, Binance chief Changpeng Zhao tweeted that the issue is “fixed now”. On his Twitter handle, CZ wrote:

An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have asked all validators to temporarily suspend BSC. The matter is now under control. Your money is safe. We apologize for the inconvenience and we will provide further updates accordingly.

One of the spokespersons for BNB Chain, the Binance-backed blockchain, stated that the incident involved $100 million to $110 million in stolen digital assets. From them, $7 million worth of digital tokens have already been stolen.

Cross-chain bridges are the most common attack point for hackers. These are basically platforms that allow tokens to be transferred over blockchains. Interestingly, the Binance chief has said that they would compensate for all the money lost. “In all likelihood, Binance will cover whatever fund the hackers get away with,” he added.

Binance Coin (BNB) Price Tanks 4%

Following news of the exploit, BNB Coin’s price came under direct selling pressure. At the time of writing, BNB Coin is trading 3.8% lower at a price of $285 and a market cap of $46 billion. As a result, the BNB Coin has lost almost all of its gains from the past week. The data from blockchain security and analytics firm PeckShield shows:

BNBchain exploiter has bridged ~$89.5 million to other Chains (non-BSC chains), ~58% to Ethereum and ~33% to Fantom, ~4.5% to Arbitrum.

Binance Chain’s case is the latest of several bridge exploits taking place this year.

Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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