YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

BNB Chain Halts Operations Following Massive Exploit

October 7, 2022
in Bitcoin
Reading Time: 3 mins read
A A
BNB Chain Halts Operations Following Massive Exploit
ShareShareShareShareShare

You might also like

Quant Hype Spikes As Price Surges 15%

Quant Hype Spikes As Price Surges 15%

June 3, 2023
MicroStrategy co-founder integrates Lightning into his corporate emails

Binance CEO hints at Bitcoin Lightning Network integration 

June 3, 2023

Binance’s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is “temporarily paused,” according to the official BNB Chain Twitter account and Binance’s CZ.

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’s take a look at the details we know thus far.

Binance Bridge Can’t Avoid The ‘Bridge Problem’ 

One of the biggest issues around crypto vulnerabilities often seems to be bridges – where movement from one chain to another adds a layer of complexity that has proved to be a challenge. According to Paradigm researcher @samczsun (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.

However, in early reports it seems that the tokens were not owned user tokens, but rather tokens not in existence before the exploit.

Binance's BNB token faced impacts from today's exploit. | Source: BNB-USD on TradingView.com

Criticism Around Halting The Chain

BSC reps went on to explain that they “coordinated with validators to temporarily suspend BSC,” which led to many critics emerging around the degree of centralization surrounding the chain. It seems that today’s hack is the second largest in history, and while Binance CEO Changpeng ‘CZ’ Zhao has assured holders that their funds are safe, there’s still a lot to discover here.

Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This 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.


Credit: Source link

Related Stories

Quant Hype Spikes As Price Surges 15%
Bitcoin

Quant Hype Spikes As Price Surges 15%

June 3, 2023
MicroStrategy co-founder integrates Lightning into his corporate emails
Bitcoin

Binance CEO hints at Bitcoin Lightning Network integration 

June 3, 2023
Trump’s Persistent Election Result Denials Demonstrate The Need For Bitcoin-Verified Truth
Bitcoin

Trump’s Persistent Election Result Denials Demonstrate The Need For Bitcoin-Verified Truth

June 3, 2023
Dogecoin Drama: Elon Musk Faces Lawsuit For Alleged Crypto Market Manipulation
Bitcoin

Dogecoin Drama: Elon Musk Faces Lawsuit For Alleged Crypto Market Manipulation

June 3, 2023
Next Post

Nothing's Cheaper Than Proof-Of-Work Consensus - Bitcoin Magazine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Wallet Warning: How to protect yourself from rising investment scams – Commercial Appeal

May 30, 2023
Ethereum Improvement Proposal 4844 Implementor Call: Deneb API Versioning, Execution Header Updates, and Devnet 6 Planning

Ethereum Improvement Proposal 4844 Implementor Call: Deneb API Versioning, Execution Header Updates, and Devnet 6 Planning

May 29, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 27,116.00 0.29%
    • ethereumEthereum (ETH) $ 1,889.68 0.86%
    • tetherTether (USDT) $ 1.00 0.06%
    • bnbBNB (BNB) $ 306.31 0.56%
    • usd-coinUSD Coin (USDC) $ 1.00 0.05%
    • xrpXRP (XRP) $ 0.522358 0.57%
    • staked-etherLido Staked Ether (STETH) $ 1,888.89 0.8%
    • cardanoCardano (ADA) $ 0.375610 0.72%
    • dogecoinDogecoin (DOGE) $ 0.072648 0.11%
    • solanaSolana (SOL) $ 21.08 0.78%
    • matic-networkPolygon (MATIC) $ 0.898983 0%
    • tronTRON (TRX) $ 0.081575 6.2%
    • litecoinLitecoin (LTC) $ 96.10 0.96%
    • polkadotPolkadot (DOT) $ 5.28 0.16%
    • binance-usdBinance USD (BUSD) $ 1.00 0.06%
    • shiba-inuShiba Inu (SHIB) $ 0.000009 1.18%
    • avalanche-2Avalanche (AVAX) $ 14.54 0.12%
    • daiDai (DAI) $ 1.00 0.11%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 27,104.00 0.54%
    • uniswapUniswap (UNI) $ 5.07 0.25%
    • leo-tokenLEO Token (LEO) $ 3.59 0.08%
    • chainlinkChainlink (LINK) $ 6.39 0.86%
    • cosmosCosmos Hub (ATOM) $ 10.69 0.53%
    • okbOKB (OKB) $ 45.89 0.9%
    • moneroMonero (XMR) $ 147.41 1.31%
    • the-open-networkToncoin (TON) $ 1.74 0.28%
    • ethereum-classicEthereum Classic (ETC) $ 18.13 0.03%
    • stellarStellar (XLM) $ 0.092147 0.28%
    • bitcoin-cashBitcoin Cash (BCH) $ 114.61 0.08%
    • filecoinFilecoin (FIL) $ 4.89 1.7%
    • internet-computerInternet Computer (ICP) $ 4.78 0.74%
    • true-usdTrueUSD (TUSD) $ 0.999756 0.08%
    • lido-daoLido DAO (LDO) $ 2.28 1.88%
    • aptosAptos (APT) $ 9.00 0.05%
    • quant-networkQuant (QNT) $ 115.85 2.85%
    • hedera-hashgraphHedera (HBAR) $ 0.050719 0.43%
    • crypto-com-chainCronos (CRO) $ 0.059501 0.24%
    • arbitrumArbitrum (ARB) $ 1.21 2.53%
    • nearNEAR Protocol (NEAR) $ 1.62 0.07%
    • vechainVeChain (VET) $ 0.019853 0.34%
    • the-graphThe Graph (GRT) $ 0.128772 1.96%
    • apecoinApeCoin (APE) $ 3.13 0.74%
    • algorandAlgorand (ALGO) $ 0.152549 0.02%
    • the-sandboxThe Sandbox (SAND) $ 0.569009 0.02%
    • eosEOS (EOS) $ 0.909963 0.16%
    • paxos-standardPax Dollar (USDP) $ 1.00 0.04%
    • fraxFrax (FRAX) $ 0.997600 0.16%
    • elrond-erd-2MultiversX (EGLD) $ 38.03 1.3%
    • rocket-poolRocket Pool (RPL) $ 49.07 0.52%
    • optimismOptimism (OP) $ 1.48 0.69%