Binance’s first tweet alerted users on October 7 at 12:21 p.m. ” Due to irregular activity, we are temporarily suspending BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding. “.
The company, which claims 120 million users worldwide, suffered a theft worth between $100 million and $110 million, although it will certainly take some time to accurately estimate Binance’s total.
It is again a vulnerability in a bridge created to allow the circulation of assets between two blockchains, which has been exploited by an attacker(s). In this particular case, they took advantage of the bridge between BNB Smart Chain and BNB Beacon Chain (formerly Binance Chain) to mine BNB tokens, Binance’s token. According to the representative, Binance managed to freeze $7 million in funds with the help of security partners.
Crypto deposits and withdrawals resumed as normal on Friday morning. The BNB token fell more than 3% to $285.36 on Friday morning, according to data from CoinMarketCap.
According to blockchain analytics firm Chainalysis, an estimated $1.4 billion has been lost to date through the exploitation of “bridge” breaches.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.