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.