BNB Chain Team Restored Network Operation after $100 million Hack

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The BNB Chain team suspended the network amid the hacking of the BSC Token Hub bridge. Hackers stole digital assets worth over $544 million, but managed to withdraw only $100 million.

“The initial estimate of the funds withdrawn from BSC is from $100 million to $110 million. However, thanks to the actions of the community, as well as our internal and external security partners, about $7 million has already been frozen,” a Binance representative said in a statement on Reddit.

BSC Token Hub is an internal cross-chain bridge of the BNB Chain ecosystem.

It provides token transfer between the BNB Beacon Chain management blockchain and the BNB Smart Chain Consensus Level (BSC).

According to Binance CEO Changpeng Zhao, the attackers took advantage of an exploit that “led to the appearance of additional BNBs.” The project team asked the validators to suspend the BSC.

Update: The BNB Chain team has published a code update. Activation of the hard fork by validators will lead to:

blocking of the attacker’s accounts;

freezing of asset transfers between BNB Beacon Chain and BNB Smart Chain.