BNb Chain Hacked

[Gladitorcomeback]

Another Blow to the crypto. This time hacker attacked world No 1 exchange Blockchain BNb which is very negative sign for all crypto. Actually hackers Targeted Binance chain bridge and CZ said that they found extra Bnb there.
So far more than 100$ million stolen while 7 million freezed. All BSC Blockchain has been paused and CZ Report that community Fund are safe.

Source:
https://twitter.com/bnbchain/status/1578152039455916033?s=46&t=k7ZwWTzALSk2jJ7r4T9dUg

[vv181]

Fortunately, due to the smaller constraint of nodes and a few node operators, the vulnerability did not get executed too broad and for long. I beg to differ, a BSC hack should not be perceived will give a bad reputation for the whole of the cryptocurrency ecosystem, note that the BSC development process differs from a project like Bitcoin Core, or simply the amount of nodes participant in the communities and network.

There is also a somewhat detailed explanation at: https://www.reddit.com/r/bnbchainofficial/comments/xxjkpy/comment/irci9iy/

It seems there are no funds being lost, instead, the attacker printed a coin out of thin air. So, nobody gets stolen.

[libert19]

So much for decentralization and security  — and all those 'decentralized' projects that go along with it.

[cheezcarls]

This proves that BSC is not decentralized at all. Pretty much the same characteristics like SOL. Of course, I'm a bit concerned in the first place because I have some BUSD and USDT in my Metamask and Trust Wallet respectively, but at least they are safe for now.

But there will be many questions surrounding the BSC mainnet after this exploit, especially the fact that being not "fully decentralized" or so.

[worle1bm]

I think it's not the first time that it has happened and the chain has been hacked few times before also and fund stolen before that so which clearly tells us the state they are in. Your funds can also be lost even if the hacker has not done it this time but your funds are exposed to risk in BSC chain and could be stolen next time if it happens again.

They might be calling it decentralisation but they fail to do so and I don't trust over them.

[Hamza2424]

The early report says that this hacking is done by using the Bridge as i know that bridges are highly riaky still i think its Question that how the Frozen funds can be withdrawan. Another allegation of BNB chain again is the Centralization as they stopped their chain due to irregular activity dude thats the alarming update as SOL now BNB too POS is a piece of Shit it's proved.

[WalkerIVIV]

The early report says that this hacking is done by using the Bridge as i know that bridges are highly riaky still i think its Question that how the Frozen funds can be withdrawan. Another allegation of BNB chain again is the Centralization as they stopped their chain due to irregular activity dude thats the alarming update as SOL now BNB too POS is a piece of Shit it's proved.

I think that that's a common thing. I meant you must remember if any one or second layer blockchain that has only a few nodes can be considered as centralized blockchain. Solana is also centralized blockchain as the developers can stop and run the blockchain anytime as they want. BSC was also proving if it 's truly centralized blockchain. Truly decentralized blockchain was only bitcoin

[GreatArkansas]

Very scary. Seems the chain stopped for some time after this, I saw on Twitter that some validators are informed to temporarily suspend the Binance Smart Chain network which is really awful.
How this network became decentralized when they can control validators and suspend anytime the network.
I just checked and seems the network is already back and running again.

[rhomelmabini]

The funds are SAFU, the usual thing to say by CZ. I think in the future that will slowly decrease since mitigation always happen when something like this occur. It's just a good thing that they responded on it and there are compensation to those affected by it, unlike other hacks that happen that either no refund or it will take ages to happen.

[fvb]

The call is of course disturbing, but judging by the posts that I read, everything is safe. But in the end, I think that everything will be resolved for the better, since the network has a reputation and it is not in its rules to spoil its image. Something similar has already happened and they will come out with dignity from this situation.

[Gladitorcomeback]

This proves that BSC is not decentralized at all. Pretty much the same characteristics like SOL. Of course, I'm a bit concerned in the first place because I have some BUSD and USDT in my Metamask and Trust Wallet respectively, but at least they are safe for now.

But there will be many questions surrounding the BSC mainnet after this exploit, especially the fact that being not "fully decentralized" or so.

Yes this is big problem that their chain are not totally Decentralized and they can stop anytime their chain transaction. After being hacked They paise their system and all
bsc transaction including NFt were stopped.

[livingfree]

As usual, he'll just say that "funds are safu".

There are no other words to say when a hack has happened and even though he admits that there's already an attack, still, can't deny that fact that the exchange has been hacked.

Again, some words like they'll improve their security and funds that are kept are safe on their vault and whatsoever. But, they've fixed it as soon as they've found it out and lurkers are monitoring them so they can't really hide an incident that happens.

[Bananington]

All BSC Blockchain has been paused and CZ Report that community Fund are safe.

This is what has gotten my attention.

This proves that BSC is not decentralized at all.

Since BSC is not decentralized afterall, and CZ was able to pause the BSC blockchain, how different is this from our regular fiat banks that can easily just decide to freeze transactions?

From the link provided and the conversation on twitter, Binance where quick to thank all node service providers for quick response, but the community is not buying it, with people suggesting that CZ controls the nodes.

[TravelMug]

Everything that has CZ's fingerprints is not going to be decentralized isn't it?

And this hack just proved it time and time again, the we will hear the term "SAFU" from him. Could this be a bad news? of course every news of hacks will somewhat affect the market, but it's the question on how long it will have an effect and usually it doesn't last long though.

[Chainsmokers]

Another Blow to the crypto. This time hacker attacked world No 1 exchange Blockchain BNb which is very negative sign for all crypto. Actually hackers Targeted Binance chain bridge and CZ said that they found extra Bnb there.
So far more than 100$ million stolen while 7 million freezed. All BSC Blockchain has been paused and CZ Report that community Fund are safe.

Source:
https://twitter.com/bnbchain/status/1578152039455916033?s=46&t=k7ZwWTzALSk2jJ7r4T9dUg

This is very heartbreaking news for Binance, even though we are in October and good news should come this month,
but unfortunately at the beginning of the month bad news about hackers appeared, this is what makes crypto currencies really feared,
even though crypto currencies are called safe investment but after this news its a pitty.

[Hamza2424]

The early report says that this hacking is done by using the Bridge as i know that bridges are highly riaky still i think its Question that how the Frozen funds can be withdrawan. Another allegation of BNB chain again is the Centralization as they stopped their chain due to irregular activity dude thats the alarming update as SOL now BNB too POS is a piece of Shit it's proved.

I think that that's a common thing. I meant you must remember if any one or second layer blockchain that has only a few nodes can be considered as centralized blockchain. Solana is also centralized blockchain as the developers can stop and run the blockchain anytime as they want. BSC was also proving if it 's truly centralized blockchain. Truly decentralized blockchain was only bitcoin

That is what it is thats the alarming situation for the Alt investors as their funds are on the risk. Your is valid that the only secure and truly decentralized chain is called Bitcoin but i am sure that a time ago before POS switch the ETH was also an option at least for me but the priority is always BTC. I think we are early to the BTC chain development as i can see a bright future if market audience consider it.

[zasad@]

https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/

"There was an exploit affecting the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as “BSC Token Hub.” A total of 2 million BNB was withdrawn. The exploit was through a sophisticated forging of the low level proof into one common library.

Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control.

What happens next?  There will be on-chain governance votes to determine the following four actions for the common good of BNB:

What to do with the hacked funds, freeze or not to freeze?"

If the vote allows the centralized authority to freeze users' funds, then it is easier to keep money in the bank.

[Oneandpure]

Seems bad news with BNB chains was hacked and make all transaction trough BSC chain network suspended almost several hours, but now have back normally and sending altcoin with BSC network chain have been working well. Not believing with hack cases still happen because BSC Have great security actually with Binance as the developer of this chain. Not really bigger impact for Bitcoin price but have give bad news for many investor actually with BNB holder, they can't imagine with how much BNB hacked and will give bad impact later if all sell and price drastically dump.

Hope this last hacked case and later not any bad news again can give bad impact for Bitcoin and cryptocurrency bad reputation.

[serjent05]

Fortunately, due to the smaller constraint of nodes and a few node operators, the vulnerability did not get executed too broad and for long. I beg to differ, a BSC hack should not be perceived will give a bad reputation for the whole of the cryptocurrency ecosystem, note that the BSC development process differs from a project like Bitcoin Core, or simply the amount of nodes participant in the communities and network.

It will definitely affect the market and no matter how different is the development of BSC from other projects such as Bitcoin, many people don't understand cryptocurrency that well and is quick to judge that the current hack will possibly be the doomsday of crypto which is really not the case.  I do agree that the current hack will affect the cryptocurrency sentiments negatively.

There is also a somewhat detailed explanation at: https://www.reddit.com/r/bnbchainofficial/comments/xxjkpy/comment/irci9iy/

It seems there are no funds being lost, instead, the attacker printed a coin out of thin air. So, nobody gets stolen.

True no one holding BSC is hacked but rather the hub is exploited into creating a token out of thin air and it will greatly affect the market once it blend in the circulation so it was a great thing that CZ is able to hault the BSC chain on time and just have to deal with the 100M not the supposed to be 570m exploit.

Seems bad news with BNB chains was hacked and make all transaction trough BSC chain network suspended almost several hours, but now have back normally and sending altcoin with BSC network chain have been working well. Not believing with hack cases still happen because BSC Have great security actually with Binance as the developer of this chain. Not really bigger impact for Bitcoin price but have give bad news for many investor actually with BNB holder, they can't imagine with how much BNB hacked and will give bad impact later if all sell and price drastically dump.

Hope this last hacked case and later not any bad news again can give bad impact for Bitcoin and cryptocurrency bad reputation.

The simply shows that there are still glitches and bugs on the code of BSC, so CZ also launched a bug bounty in case there is still lingering bugs on the BSC/BNB network.

[BitDane]

What happens next?  There will be on-chain governance votes to determine the following four actions for the common good of BNB:

What to do with the hacked funds, freeze or not to freeze?"

If the vote allows the centralized authority to freeze users' funds, then it is easier to keep money in the bank.

Does the validators still need to vote for the exploited tokens?  The exploited token isn't part of the circulation so definitely it is a no brainer that the token will be frozen as long as it is still on its original address or haven't been exchanged yet.  And didn't the news stated that $7M of that $100m were already frozen?