Impact of Potential $566 Million Exploit on Binance BNB Chain

Binance, a major cryptocurrency exchange, has made the decision to temporarily halt the operations of its BNB Chain blockchain after hackers used a glitch to steal millions of dollars' worth of cryptocurrency.

BNB Chain tweeted, "Due to anomalous behavior we're temporarily pausing BSC," before stating that Binance Smart Chain (BSC), one of BNB Chain's components, has been suspended following the discovery of a potential exploit.

The statement reads, "All systems are now contained, and we are quickly assessing the possible exposure."

Changpeng 'CZ' Zhao, the CEO of the exchange, commented on the issue and stated that according to the platform's assessment, the most recent attack was aimed at nearly $100 million worth of cryptocurrency, or roughly 25% of the most recent BNB burn.

However, Twitter user and cyber-security expert samczsun offered a different estimate, claiming that the attacker may have taken up to 2 million BNB, or $566 million at the time, from the Binance Bridge. The expert claimed that in order to find a solution, he had been collaborating closely with all parties concerned.

In some way, the hacker had persuaded the Binance Bridge to just send them 1,000,000 BNB. "Twice," remarked Samczsun. "In conclusion, there was a flaw in the Binance Bridge's evidence verification process that may have allowed attackers to spoof any message. Thankfully, the attacker only falsified two messages here, but the harm could have been much greater.

BNB Chain tweeted on October 7 at 6:53 a.m. UTC that it was starting up again.

The blockchain reported that "the validators are certifying their validity" and "the community infrastructure is also improving."