Binance suspends all transactions on the blockchain to curtail some irregular activities on BNB
Take away Points
- About $70M- $80M has been exploited from BNB
- Binance suspended all transactions on the blockchain to bring a halt to the exploit
- They also aim to introduce a new on-chain governance system
An Exploit on a Cross-Chain Bridge
Earlier this morning, Binance suspended every withdrawal and deposit on the BNB Chain. According to the report, some irregular activities on the blockchain result in the loss of about $70M -$80M, with that binance froze $7M and on-hold all transactions made on the chain.
The popular blockchain white hacker known for tracking suspicious activities on Blockchain, Samczsun, said he was working with some parties to know the cause of the hack and how to find a solution to the issue. He discovered that the attacker had somehow convinced the Binance Bridge to simply send them 1,000,000 BNB Twice, and they deposited it in Venus. furthering his investigation, he said he discovered that the proof used by the attacker is shorter than the original withdrawal’s proof and he concluded that this hacker has somehow found a way to forge the proof for a particular number 110217401.
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“In summary, there was a bug in the way that the Binance Bridge verified proofs which could have allowed attackers to forge arbitrary messages. Fortunately, the attacker here only forged two messages, but the damage could have been far worse”
Changpeng Zhao, Binance Ceo commenting on the hack, explained how it happened and assured users of the safety of their money.
“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.” He said.
A New On-Chain Governance
To checkmate BNB Smart Chain, some accounts that were suspected to be hacker accounts were frozen by validators.
A new on-chain governance vote will be introduced so that every user will be able to express their view on some topics for the good of the blockchain. Users will vote regarding what to do with the hacked funds, (to freeze or not to freeze?) the introduction of a program called Whitehat and other topics to be discussed according to the press release.
For some time now, hackers have been exploiting money from blockchains. A few months ago, Solana was hacked and millions were stolen.
