Binance Halts BSC Following Massive Hack

[sneakyboi]

Binance Halts BSC Following Massive Hack

The cryptocurrency market has witnessed yet another hack. This time, the BNB Chain was exploited by hackers. As revealed on Twitter by the CEO of Binance Changpeng Zhao (CZ), a cross-chain bridge and the BSC Token Hub were exploited.  The BSC Token Hub is used to facilitate cross-chain transactions between BNB Beacon Chain and Binance Smart Chain. As such, the exploit resulted in the loss of extra Binance Coins (BNB). However, all validators on the network have been asked to suspend the Binance smart chain.   Although users remain worried about their funds, CZ maintained that all funds were safe and that the public will be updated with more details going forward. He wrote:

"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."

Additionally, Binance confirmed on Reddit that around $100 million to $110 million worth of funds had initially been moved from the BNB Chain. However, after alarming feedback from security officials and community members, Binance confirmed that funds worth $7 million have been frozen.  The official Binance handle also took to Twitter to note that the BNB chain will be halted for the time being, as it undergoes maintenance.

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[Bobcrypto]

This is one drawback on the entire crypto ecosystem, I meant Hacks; criminals will always find their way especially on Cex Exchange, and so many Cex exchange has experience hacks but I think these exchanges should be extra vigilant to safeguard users funds. Binance exchange had once experienced hack and they should take extra care in it's networks or BSC Chain.

[Fenix]

Hackers and scams will always be a big problem in the cryptocurrency market. Whatever we do, the attackers will always be one step ahead. A certain degree of anonymity, work via the Internet, large amounts in this sector will always attract the attention of intruders. Therefore, cryptocurrency presents a significant difficulty for users, especially for beginners. Protection against hackers in crypto-plugs, these are programs, and they can also be hacked by other programs. This fight is long.

[Bobcrypto]

Yes, hacks, scam are the biggest threat to to crypto ecosystem and I think exchanges like Binance should put more effort on security to protect it's global users. It gonna be difficult to cob this Hacks activities because there are several ways Hackers are using to manipulate the crypto programs but all Cryot exchanges should deploy more measure safeguard their funds everyday. All hand must be on Deck, and they should be very vigilant at all time.

[TomPluz]

This news is quite unbelievable all because this is the second time that hacks are able to get into the BNB platform. Obviously, experience has not totally protected the platform under the name of CZ. Anyway, it is good to see that the market has not reacted that bad to the news and so BNB has been shielded for now. Actually, I hate the fact that I have to be jumping from BNB Beacon Chain and Binance Smart Chain in creating transactions in the crypto platform.

[Citysatoshi]

Binance has suffered a lot on the hand hackers and I suggest that team should look deep on its security structures. This security structure will include the entire staff activities globally. I think that the internal security systems of Binance could also be comprised, Binance should look into their internal security because there may be a solutions from these external attack and nothing should be underestimated at all time.