October 7, 2022

Binance Smart Chain stopped due to large-scale exploit

BNB Chain

BNB Chain has been halted by all validators, following a hack that hit the BSC Token Hub cross-chain bridge, leading to the "creation of additional BNB". During the exploit, the attackers managed to steal 2 million BNB ($586 million).

Binance's CEO also confirmed the incident, adding that user funds are safe.

The hacker's wallet now has more than $700 million in funds. Tether has already blacklisted his address.

"To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers.  All funds are safe." - Confirmed on the official BNB Chain Twitter account

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

View All Posts By Jack Evans