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Binance Smart Chain stopped after fatal hack

 


The Binance Smart Chain had to be completely halted tonight because its cross-chain bridge was hacked. Such a bridge allows digital assets to be transferred from one blockchain to another. The smart contracts required for this are considered particularly vulnerable and are a popular target for hackers. In the last two years alone, more than 1.5 billion US dollars have been stolen via such bridges.


In the present case, the amount of damage is particularly interesting, because independent sources speak of loot of 600 million US dollars, which, however, could not be completely removed. It is primarily about 2 million BNB, which the hacker had created artificially through an exploit. This appears to be a record amount and is on par with the Ronin hack , which caused just over $600 million in damage.


At the same time, the record hack harms the company's image because it is the company's own blockchain and BNB is also an integral part of the exchange's discount model.


The blockchain has been stopped

Even more worrying is the fact that the Binance Smart Chain was simply paused. The move was taken to prevent the hacker from escaping with the stolen goods. In the recent past, Solana has come under criticism for involuntary stops . But the Binance Smart Chain is a deliberate halt, which makes matters worse at its core.


A blockchain should not be able to be stopped and changed. So the interference clearly shows that the Binance Smart Chain represents nowhere near the values ​​that can be found in Bitcoin.


After all, you could limit the effective damage significantly. Because according to Binance, “only” $100 million was moved away from the Binance Smart Chain . Of this, $7 million has since been frozen. Two hours ago, the Binance Smart Chain was restarted after the validators applied updates at lightning speed. According to the company, since the exploit created an additional amount of BNB, no digital assets belonging to users of the BSC were at risk.

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