According to a network update published on October 7th, BNB Chain, Binance’s native blockchain, is now up and operational. Confirmed reports of a cross-chain exploit caused a temporary halt in the network’s operations.
According to the blockchain, validators in the network “confirm their status” and help to improve the community’s infrastructure.
A few hours before restoring network connectivity, BNB Chain sent an update to the community. It stated that validators are working to shut down hacker accounts and asked node runners to upgrade to the latest version:
“Native cross-chain communication between BNB Beacon Chain and BNB Smart Chain is disabled. We ask that all node runners try to upgrade to the version listed above. Validators and communities will discuss further upgrades to fully resolve the situation. ”
Early estimates suggest that up to $100 million in bitcoin was lost. However, just hours into the crisis, the network reported that the total amount of stolen money was likely between $70 million and $80 million, with only $7 million effectively frozen.
A public post on Reddit said that the breach, which started on the BSC Token Hub, led to the creation of “additional BNB.”
Changpeng Zhao, CEO and Founder of Binance tweeted about the incident, explaining that validators had been asked to temporarily halt BSC transactions while the network was down in order to contain the problems. Zhao also stated that users’ suspended funds were safe.
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly. ”
“Twitter detectives” dug deep into the situation and the stolen money; some estimate the hacker has frozen $400 million worth of assets on the BNB Chain system.
Tether also revealed the hacker’s wallet address, stating it had been blacklisted. BNB Chain was hacked just weeks after launching a community-driven security initiative to protect its members.
The AvengerDAO’s mission is to combat fraud, bad actors, and security flaws. The AvengerDAO was not mentioned in connection with the recent network outage.
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