Why 2M BNB Possibly Hacked?

[Editbar]

For anybody wondering how bad this is in terms of the dollar amount stolen, this is one of the biggest hacks of all time if not the biggest.

[zasad@]

For anybody wondering how bad this is in terms of the dollar amount stolen, this is one of the biggest hacks of all time if not the biggest.

https://www.bleepingcomputer.com/news/security/hacker-steals-566-million-worth-of-crypto-from-binance-bridge/
"While the majority of the stolen funds remain on the BNB Smart Chain, and are now inaccessible to the hacker, Binance estimates that between $70M - $80M were taken off-chain."

This is not the biggest defi hack, the full list is here
https://bitcointalk.org/index.php?topic=5267124

Some of the stolen tokens have already been blocked
https://twitter.com/SlowMist_Team/status/1578208487976452100?
"~4.8 Million USDT blacklisted on #ETH
~1.7 Million USDT blacklisted on #AVAX
~2 Milllion USDT has not been blacklisted yet on #Arbitrum"

[malcovi2]

Nope, Ronin and Poly Network are still the biggest because both lost around $600m+ each

https://cointelegraph.com/news/the-aftermath-of-axie-infinity-s-650m-ronin-bridge-hack
https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html

well the hack on the BNB chain showed that it is a centralized blockchain because CZ was able to freeze the assets very quick.

[Cryptoababe]

According to Binance CEO, Most of the most popular news headlines are wrong.
So, this isnt the biggest hack
https://twitter.com/cz_binance/status/1578626966542249984

[Lagduf]

For anybody wondering how bad this is in terms of the dollar amount stolen, this is one of the biggest hacks of all time if not the biggest.

It's around 100 millions being stolen - 7 millions USD already frozen by tether. It's not the biggest all time but it can be considered as a big hack caused by the stolen amounts were around 93 millions USD which was in BNB form but hacker has been exchange some of minted BNB to the new token.This is not the biggest hack in the crypto but this must become a thing to be observed by the developers of token hub

[Coin_trader]

For anybody wondering how bad this is in terms of the dollar amount stolen, this is one of the biggest hacks of all time if not the biggest.

It's around 100 millions being stolen - 7 millions USD already frozen by tether. It's not the biggest all time but it can be considered as a big hack caused by the stolen amounts were around 93 millions USD which was in BNB form but hacker has been exchange some of minted BNB to the new token.This is not the biggest hack in the crypto but this must become a thing to be observed by the developers of token hub

Yeah. CZ considering its not a big deal but someone manage to get extra 2M BNB on his blockchain and 97M USD of it got escaped. This is very huge amount since the liquidity on exchange will suffer and it will not be paid by CZ using his own pocket. BNB holder should think twice and re-evaluate there position for investing with this such blockchain that viewing this kind of loss as contained.

There is a possibility that this might happened again in the future so while people still blindly invest on this kind of blockchain by just looking at Binance exchange.

[Bananington]

For anybody wondering how bad this is in terms of the dollar amount stolen, this is one of the biggest hacks of all time if not the biggest.

You should not always trust the news, and even if this is the biggest hack currently, I don't think It will be the biggest forever, as the formerly seen and known as impossible is now becoming more possible with technology and some kind of improved knowledge. There is a likelihood to see more hacks in the crypto environment, if not to BNB, maybe another. This attack on BNB should spur others to improve their security against hackers.

[FriedeFritz]

This will alter the perception of Binance as a secure place to store anything. I wouldn't be surprised if this is the work of a large organization. Government-sponsored hackers are well-known to target cryptocurrency.

Bridges will never be safe, and they are causing a lot of bad press for the entire crypto ecosystem, as at least half of the large hacks reported are the result of bridge flaws.

[zasad@]

This will alter the perception of Binance as a secure place to store anything. I wouldn't be surprised if this is the work of a large organization. Government-sponsored hackers are well-known to target cryptocurrency.

Bridges will never be safe, and they are causing a lot of bad press for the entire crypto ecosystem, as at least half of the large hacks reported are the result of bridge flaws.

The bridge runs on a smart contract written by people. And since this is a very complex system that combines many smart contracts, hacker attacks are possible. But the trend lately is that the security service finds hackers and they return the money, minus a small payment for the found bug.

[serjent05]

Nope, Ronin and Poly Network are still the biggest because both lost around $600m+ each

https://cointelegraph.com/news/the-aftermath-of-axie-infinity-s-650m-ronin-bridge-hack
https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html

I wonder what is the update on these cases.  It was a huge money and yet it looks like the incident is already forgotten.

well the hack on the BNB chain showed that it is a centralized blockchain because CZ was able to freeze the assets very quick.

It has been argued and possibly agreed by lots of members here that BNB smart chain is centralized due to the structure of its system but regardless, this is one of the advantage and disadvantage of having a centralized authority.  But according to the news, CZ asked validators to suspend the operation that was quick to respond.  So basically it isn't just CZ that freeze the operation of the smart chain but the consensus of the validators.

This will alter the perception of Binance as a secure place to store anything. I wouldn't be surprised if this is the work of a large organization. Government-sponsored hackers are well-known to target cryptocurrency.

Bridges will never be safe, and they are causing a lot of bad press for the entire crypto ecosystem, as at least half of the large hacks reported are the result of bridge flaws.

The bridge runs on a smart contract written by people. And since this is a very complex system that combines many smart contracts, hacker attacks are possible.

Any script can have glitches and bugs that a hacker can exploit.

But the trend lately is that the security service finds hackers and they return the money, minus a small payment for the found bug.

This reminds me of a bounty hunting movies where the protagonist hunts villains for money. 

I've always said this. While the markets are going smoothly, we do not face these hacking events. But whenever the markets go bad, we always face hacking incidents. In general, it always happens in these hacking events from the cz end to the coast. Let's see what is going to happen.

The condition of the market doesn't have to do with the timing of the hack unless it is organized by the people inside.  Hacker attacks whenever they got access to the platform.  They have to do it quickly the moment they break in or else it will be too late for them to move funds if the exploit is discovered.