Blockchain News

Smart Chain is suspended by Binance due to a suspected exploit, and Peckshield reported a US$572 million hack

According to an official Twitter account run by Binance, the world’s largest cryptocurrency exchange, the Binance Smart Chain (BSC), has ceased operations after developers discovered a potential network vulnerability.

Peckshield Inc., a blockchain security and data analytics startup, tweeted on-chain analytics that revealed the network had experienced an exploit, with thieves stealing about two million BNB, the chain’s native token, valued US$572 million.

We don’t yet know how extensive the intrusion was or when the network will resume normal operation. Regarding the loss mentioned by Peckshield, Binance has not made any specific comments.

The problem, which led to the creation of an extra BNB token, was with the cross-chain bridge BSC Token Hub, confirmed Binance founder and CEO Changpeng Zhao via Twitter.

Zhao said that the problem has been resolved and that all money are secure.

BNB was down 2.9% to US$286 in the previous day of trading. Cryptocurrencies can be transferred between blockchains using cross-chain bridges, although they are thought to be extremely prone to security flaws.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.