Binance Victim of Potentially “Biggest Hack Ever”

Transactions on the Binance blockchain, also known as the BNB Chain and Binance Smart Chain, were halted today after the discovery of a potential hack and “unusual” activity. Initially, Binance announced a pause of the blockchain at 3:19 AM Dutch time. That break was turned into a complete shutdown of the project at 3:35 am.

What is going on?

“All systems are now at a standstill and we are investigating the potential weakness. We know the community supports us and wants to freeze assets if necessary.” thus the Binance team. According to blockchain security firm SlowMist, the hackers made off with $570 million in digital assets. Among these assets are Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum and Optimism.

Immediately after the hack, the criminals tried to distribute the funds across several other blockchains via digital bridges. They do this to create chaos and make it difficult to keep track of the funds. That is ultimately the only way in which it is possible to actually run off with the funds. If that does not work, it is very difficult to eventually convert the tokens into fiat money. All exchanges put the tokens in question on a blacklist.

“Biggest or second biggest hack ever”

This hack had the potential to be “the biggest or the second biggest hack of all time” told @oxfoobar to Decrypt. Incidentally, the actual impact of the hack is probably not that big, because the community immediately intervened and started freezing certain assets. As a result, the hackers can no longer move it and send it to other blockchains.

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It is not yet clear how much the hackers have extracted from the protocol. BNB Chain immediately made it clear to the community that all users’ funds are safe. It was not about existing tokens, but tokens created by the attacker in question.

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