BNB Blockchain hack!

[panjay]

welp, some big corp in crypto got hacked in their own token, I heard it's a bridge hack that cost them 500 $m and it's not affecting much on bnb side, I mean sure the price got hammered down, but eh it's not that much isn't?

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[capedbaldy]

According to this report by Bnbchain Corporation, the thief managed to mine 2 million BNB and withdraw them in different forms not only in the same currency bnb. And they were able to control the issue by communicating with the validators on the network, who number 44 around the world.

The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.

The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.

Great news, I know that CZ always has a way to handle it so that there is no loss for traders and investors because Binance will compensate for the loss, but if the wallet can be frozen then the supply will decrease because if 2 million bnb is successfully frozen it will have an impact like burning bnb at an amount 4x higher than the previous burn.

[FinneysTrueVision]

The Binance Smart Chain itself wasn't hacked but one of the smart contracts for one of their cross-chain bridges. These type of bridge hacks are quite common and have occured on various smart contract based blockchains.

The fact that CZ can just halt the blockchain shows the level of centralization on BSC. Even if it was for a benevolent cause there is no guarantee in the future that they won't freeze transactions due to government pressure or for some selfish reason. BSC has many benefits that make it a preferred choice for many projects to launch their tokens but it is unfortunate that censorship resistance and decentralization were sacrificed in favor of being a fast and low fee blockchain.

[NewRanger]

welp, some big corp in crypto got hacked in their own token, I heard it's a bridge hack that cost them 500 $m and it's not affecting much on bnb side, I mean sure the price got hammered down, but eh it's not that much isn't?

Binance able to stop the chain and that makes it's only 100m that goes to the off chain while the rest is still on chain and being halted by the nodes of binance chain. It's getting hammred but it's not too much. The only problem is how can cz will try to prevent the dump? i meant the hacker may convert it to the another token. It seems like bridge platform is very risky these days

id binance could stop coin goes to offchain ,i am believe they will have another solutioj for this problem. Maybe localized and tag for the next step. CZ as CEO Will do important act to solve it.

[Jackl87]

It happened unexpectedly. But then it happened.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

I also noticed the BNB hack today because i wanted to recompound one of my investments but i could not do that because the whole BNB chain was paused for quite a while after the hack has happened, so that definitely was a pretty big incident in my opinion. As of now everything seems to be working again. As far as i know the hacker got away with BNBat least worth 100 Million $. Also it seems like hacks on the BNB chain seem to happen at least once a year which is a little much for my personal liking. Therefore i am pretty surprised that the price of BNB only went down a little after that news became public.

[bounceback]

welp, some big corp in crypto got hacked in their own token, I heard it's a bridge hack that cost them 500 $m and it's not affecting much on bnb side, I mean sure the price got hammered down, but eh it's not that much isn't?

Binance able to stop the chain and that makes it's only 100m that goes to the off chain while the rest is still on chain and being halted by the nodes of binance chain. It's getting hammred but it's not too much. The only problem is how can cz will try to prevent the dump? i meant the hacker may convert it to the another token. It seems like bridge platform is very risky these days

According to cybersecurity hackenclub the 100 million funds that hackers managed to withdraw they converted it first to Ethereum, Polygon and Fantom via cross chain exchange and it's true that bridge platforms are getting riskier lately but regarding price then I don't think any big dumping is happening on the price of the BNB coin after the hack on the Binance chain because now if we look at the BNB coin it is still trading at $281 even though a few days ago it was at the level of $297 when the bitcoin price managed to rise to the $20k area.

[Smack That Ace]

The Binance Smart Chain itself wasn't hacked but one of the smart contracts for one of their cross-chain bridges. These type of bridge hacks are quite common and have occured on various smart contract based blockchains.

The fact that CZ can just halt the blockchain shows the level of centralization on BSC. Even if it was for a benevolent cause there is no guarantee in the future that they won't freeze transactions due to government pressure or for some selfish reason. BSC has many benefits that make it a preferred choice for many projects to launch their tokens but it is unfortunate that censorship resistance and decentralization were sacrificed in favor of being a fast and low fee blockchain.

If I remember correctly, the binance smartchain has a total of 44 nodes and it wouldn't be too surprising if most of the nodes are owned by CZ. Since launch BSC has been a centralized blockchain but people don't seem to care because what users care about is fast speed and cheap gas fees and BSC is doing it well. Through this incident, it can be seen that the POS is completely centralized, as long as the network operator has a problem, the entire system must stop working to be able to handle it. It is not like POW, if problem occurs on any node, just stop that node to handle.
But it's great for the CZ team that they handled the issue quickly and in a timely manner, always notifying the user immediately unlike Solana.

[virasog]

BNB block chain has been hacked. All users have been warned by CZ's official twitter account and told that users' funds are safe. You don't need to stress about CZ himself and his team hacking. For further updates, you all can visit CZ's official twitter. You can view the account. BSC Blockchain Now pause until any New Update About Hacking

Did anyone lose his coins on the bnb blockchain since we are talking about the hack here ?
Despite the CZ tweets to calm down an everything is under control, does not mean that BNB blockchain hack should be ignored. This means that there is some flaw in this block chain exploited by the hackers.

I am more concerned if anyone lost his coins during this hack? if you heard or have any news about it, please share it here.

[Bananington]

One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

The hack was unexpected and definitely it will prompt CZ and the management of Binance to make some improvement to their network but it has also raised some dust and questions about the nature of the binance smart chain network, questions that CZ wouldn't like answering at least not yet. This latest development as the news spread, will have an effect on the trust level people have for BNB.

[Kavelj22]

The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.

As expected of CZ, he always bears the responsibility for the hack and is always keen to compensate parties that are affected by the hack.  This kind of incident gives more reputation to the BNB because of its quick response and taking responsibility for the incident.

Theft of this type is not from user accounts, but rather from one of the bridges through which currencies are transferred from one blockchain to another. According to reports, the hacker managed to mine and transfer a large amount of BNB.

Binance has a reserve account whose function is to guarantee compensation to users in the event of theft or loss of money in the event of a defect in the platform's operating system. This makes it a gigantic and highly reliable platform.

What happened yesterday with Binance represents a new step to do more updates, and I find it good to quickly intervene to prevent bigger thefts despite the huge amount stolen. I expect Binance to go to find alternatives to the diversion bridges used after the number of thefts in a short time.

[Ever-young]

It happened unexpectedly. But then it happened.

https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/

One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

Your post title should be change because the chain was not hacked rather it was the bridge. lets get out headline straight in other not to mislead the reader.

One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

Indeed their security has been upgraded and everything was done as fast as they can. but the security increase does not mean its beyond hacking again. no one have ever imagined that the bnb bridge can be penetrated one day.
the higher the security the more the hackers and others will still continue giving it another try until they fine the vulnerability.
We should all just be security conscious and not feel reluctant. 

[Lambe Ndumble]

It happened unexpectedly. But then it happened.

https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/

One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

The Wallet case will be more widespread and make users more worried, the security system becomes an important issue for Exchanges, if cases like this continue to repeat then public trust will decline, but there are things that make us calm because everything that is stolen is fully replaced.

[fvb]

So they reacted quickly and froze the hacker's accounts. Binance has already reimbursed users from such attacks and the reputation suffers, of course, but not much. On the other hand, this only proves that everything can be hacked and there is nothing invulnerable.

[TastyChillySauce00]

So they reacted quickly and froze the hacker's accounts. Binance has already reimbursed users from such attacks and the reputation suffers, of course, but not much. On the other hand, this only proves that everything can be hacked and there is nothing invulnerable.

Only a few millions that got frozen and that's with the help from tether. It doesn't give a lot of impact to the binance. The point is this exchange site was doing regular burn. There's a lot of chance to eliminate the new token minted by hacker.
The only problem is when you are dealing with the code and it's about how smart you are to know which the vulnerabilities in the bridge.

[Kavelj22]

BNB's reputation is not in doubt, Top Exchanges with billions of dollars' Profit annually makes me do not hesitate to store large assets in BNB, because the market drops since 2018 I have left binance for almost 4 years and when logging in all assets safe and the value of coins that are stored increases Significant, while I can still withdraw frozen coins.

I don't quite agree with you, my friend.
No matter how reliable the platform is, it remains a central service managed by certain parties for pure profitability. On this basis, it is never recommended to store large amounts of money in them because nothing guarantees their credibility at the long level, especially if you are from a country that does not support cryptocurrencies, and therefore you will not have any rights if you lose your money for one reason or another.

[TomArayaSlaya]

I think they contained the situation pretty quick I mean anything could have gone down assuming they let it lose Although some issue of centralization was pointed I really dont see anything wrong with a pause and reset if it benefit the chain Voting will take time and hacker wouldnt stop so kudos to binance and hopefully they recover the remaining money by tracing the hacker

[posi]

BNB's reputation is not in doubt, Top Exchanges with billions of dollars' Profit annually makes me do not hesitate to store large assets in BNB, because the market drops since 2018 I have left binance for almost 4 years and when logging in all assets safe and the value of coins that are stored increases Significant, while I can still withdraw frozen coins.

I don't quite agree with you, my friend.
No matter how reliable the platform is, it remains a central service managed by certain parties for pure profitability. On this basis, it is never recommended to store large amounts of money in them because nothing guarantees their credibility at the long level, especially if you are from a country that does not support cryptocurrencies, and therefore you will not have any rights if you lose your money for one reason or another.

There is no denying that the reputation of binance to this day is undisputed, but we should know that anything bad is always lurking around us and it can happen at any time. Protect yourself before it's too late. I also agree with you that storing assets on a centralized exchange for such a long time is extremely risky, if you are a day trader then you can use and store assets on binance. But at the end of the day, the assets you decide to hold for the long term are better off moving them into a non-custodial wallet, where only you can own your assets.

[capedbaldy]

even though it seems so much money lost like that, it's still some measly money for binance I think the right thing that binance could do is giving reimbursement and then putting effort in freezing the money.
by that there will be no victims since it seems binance is really good at taking steps in preventing losing further money.

Binance is ready for hacking conditions and will replace it with a reserve fund that has been prepared, I was even very surprised when binance announced security guarantees and compensation of funds to all binance users after not long the hacking case occurred, the security reputation has improved even in the condition that the hack occurred in bridge network.