December 2, 2022

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Binance Smart Chain halts after $100 million exploit, CZ says

Binance Good Chain paused on Thursday evening immediately after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later on confirmed the difficulty on Twitter, stating, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in further BNB.” The BSC Token Hub impacted is the cross-chain bridge among the BNB Beacon Chain and the BNB Chain, he additional.

“The issue is contained now,” CZ wrote. “Your money are safe.”

“This is an isolated situation on BSC,” a Binance representative instructed Fortune.

CZ also pointed to a Reddit submit with much more details of the exploit, which famous an preliminary estimate of cash stolen ranging from $100 million to $110 million, introducing that an approximated $7 million had been frozen.

In response to a ask for for remark, the BSC Hub and BNB Chain teams referred Fortune to the Reddit write-up cited by CZ.

Cross-chain bridge hacks are exceptionally common. Scenario in position: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this year.

Quite a few on crypto Twitter also pointed this out: “Bridges are the weak point.”

CZ explained on Twitter that there isn’t a hurry to resume. “Let’s give the devs time to completely realize the root cause, implement the fixes, test them carefully, and then resume,” he wrote. “Let’s not rush it now.”