Binance Smart Chain Hacked For An Estimate Of 100 million dollars

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Quote from: shasan on October 07, 2022, 02:04:36 PM

If the hacker hacked 100 million dollars and can't use 70-80 million dollars means they become successful in stealing 70 to 80 percent of the hacking amount. If they could prevent or solve the problem within a short time then it could be safe for the site as well as for the users who use bnb smart chain as well as Binance.

The hackers knew that the binance team might halt bsc's blockchain, so they tried to move the funds as fast as they could and the hackers were very successful. The team says that hackers who have moved funds to other blockchains will keep an eye on those funds and try to recover them. But time will tell how successful bnb team can be in this process.

shasan

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Quote from: TryNinja on October 07, 2022, 09:38:51 AM

The chain is back online.

The BSC team implemented a hard fork that blacklists the addresses of the hacker. Not that decentralized... Tongue

https://github.com/bnb-chain/bsc/releases/tag/v1.1.15
https://github.com/bnb-chain/bsc/commit/5b35b3902372dfcd9fb45fbd90683f0a1f66aa1e

Most funds should be safe, except for the $70-80m that left the chain already.

If the hacker hacked 100 million dollars and can't use 70-80 million dollars means they become successful in stealing 70 to 80 percent of the hacking amount. If they could prevent or solve the problem within a short time then it could be safe for the site as well as for the users who use bnb smart chain as well as Binance.

TryNinja

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The chain is back online.

The BSC team implemented a hard fork that blacklists the addresses of the hacker. Not that decentralized... Tongue

https://github.com/bnb-chain/bsc/releases/tag/v1.1.15
https://github.com/bnb-chain/bsc/commit/5b35b3902372dfcd9fb45fbd90683f0a1f66aa1e

Most funds should be safe, except for the $70-80m that left the chain already.

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Quote from: Awaklara on October 07, 2022, 12:35:59 AM

very surprising this happened to the Binance smart chain. that's an estimate of a very large number. but it looks like Binance has also announced that all funds are safe.

I am surprised you're surprised Binance smart chain got hacked. Don't you know that POS, PoSA, etc is never decentralized and also not secure as people think? Yes, it is but what most project owners said is that POW is old and POS is the future. However, this is all a lie and this is the same approach the so call CSW movement is using.

Pandu Geddon

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looks like the BSC is up and running again. there is no notice in bsc scan anymore. Binance's official Twitter has also announced that the BSC has started running.

I tried to access the BSC Scan, and it doesn't feel as heavy as it did a few hours ago. even BSC will not display the amount of BNB balance in our address.
somehow Binance claims all funds are safe. but now everything seems to be working normally.

Beparanf

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Binance is centralized blockchain which they have full control on the situation. I believe they can easily freeze the hacker wallet address or there blockchain just to recover the hack funds. CZ has a dedicated team for crypto security especially on large scale hacked like this. I don’t read the article yet but centralized exchange works that way and it’s one of the advantage of centralized blockchain in time like this since they can target hacker wallet address to freeze as long as the issue was reported earlier.

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Quote from: Awaklara on October 07, 2022, 12:35:59 AM

very surprising this happened to the Binance smart chain.

Nope, not that surprising at all. Binance was already hacked before so, another sequence of hack is no longer a surprising moment to those that have been aware of it. Well, if this new to you then it's really surprising but for everyone that have seen them getting hacked before, nothing new.

Quote from: Lucius on October 07, 2022, 05:39:44 AM

Cheap PR that costs nothing more than a few tweets, job done successfully.

You said it so, and even there's no other team that will work for it just to tell their customers shouldn't worry at all. By just a post from his own account and while his social media manager doing all the tweets/posts, everything's done.

Lucius

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When everything is taken into account, it seems to me that from time to time CZ and the team perform a small performance to show that "all funds are safe", which is actually the only thing that will remain behind this story. Cheap PR that costs nothing more than a few tweets, job done successfully.

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Quote from: shasan on October 07, 2022, 03:16:06 AM

Then who lost the funds all funds lost by the binance or someone from outside of the Binance? It seems something suspicious. And if loss of funds of users then binance will never take responsibility.

According to Binance, its not that hacker took someone else's money, but instead BSC was exploited and attacker created bunch of BNB out of thin air. Then again, if someone can do that you should ask yourself how much is your BNB actually worth and should you even have any.

Quote from: NeuroticFish on October 07, 2022, 03:34:36 AM

I would not be surprised if a rollback or (if that's possible) an alternate chain will be made leaving out the transaction(s) related to the hack.

This is what BSC people said on the matter, no mention of rollback.

Quote from: https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/

What happens next? There will be on-chain governance votes to determine the following four actions for the common good of BNB:

   What to do with the hacked funds, freeze or not to freeze?
   Whether to use BNB Auto-Burn to cover the remaining hacked funds, or not?
   A Whitehat program for future bugs found, $1M for each significant bug found.
   A Bounty for catching hackers, up to 10% of the recovered funds.

The BSC validator voting function for general opinions will be switched on in the next few days via an upgrade of BNB Beacon Chain.

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Quote from: Awaklara on October 07, 2022, 12:35:59 AM

very surprising this happened to the Binance smart chain. that's an estimate of a very large number. but it looks like Binance has also announced that all funds are safe.

Not surprising at all. Many shitcoins have suffered from hacks, exploits and other problems in the past... The Binance chain is no different in that it couldn't happen to them.
And, as for "all funds are safe", that's decentralization - In Binance style! Cheesy

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Quote from: shasan on October 07, 2022, 03:16:06 AM

If there are about 100 Million dollars become hacked for the exploit then how the fund can remain safe? Then who lost the funds all funds lost by the binance or someone from outside of the Binance? It seems something suspicious. And if loss of funds of users then binance will never take responsibility.

The part of the funds that have not arrived in centralized exchanges cannot be moved right now, since that blockchain is halted.
I would not be surprised if a rollback or (if that's possible) an alternate chain will be made leaving out the transaction(s) related to the hack.
I will add this, since it tells is very good:

Quote from: hugeblack on October 07, 2022, 03:04:37 AM

In Binance Smart Chain they relies on 21 validators with Proof of Staked Authority (PoSA) which mean that those 21 validators who can suspend the network, delete coins, add new one, and more.

Note that most or all of these 21 are directly or indirectly managed by Binance.

shasan

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Quote from: Awaklara on October 07, 2022, 12:35:59 AM

very surprising this happened to the Binance smart chain. that's an estimate of a very large number. but it looks like Binance has also announced that all funds are safe.

If there are about 100 Million dollars become hacked for the exploit then how the fund can remain safe? Then who lost the funds all funds lost by the binance or someone from outside of the Binance? It seems something suspicious. And if loss of funds of users then binance will never take responsibility.

Rikafip

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Quote from: Awaklara on October 07, 2022, 12:35:59 AM

very surprising this happened to the Binance smart chain.

Why surprising? It has happened before to other popular altcoins before, so it was just a matter of time to happen with BSC as well. I just hope people will take it as a warning that BSC is not the best blockchain to keep your money on, but knowing how people tend to have short memory I doubt that will happen and soon this will be forgotten.

Quote from: Awaklara on October 07, 2022, 12:35:59 AM

but it looks like Binance has also announced that all funds are safe.

Of course they announced the funds are safe, I wouldn't expect them to say anything else.

Awaklara

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very surprising this happened to the Binance smart chain. that's an estimate of a very large number. but it looks like Binance has also announced that all funds are safe.

https://twitter.com/BNBCHAIN/status/1578152039455916033

a notification has also been pinned for access https://bscscan.com/

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News circulating around this morning is that Binance smart chain has experienced an exploit and the chain is currently halted.
Rumor is confirmed by reliable sources.

Sources:
https://twitter.com/bnbchain/status/1578148078636650496
https://coinmarketcap.com/alexandria/article/binance-smart-chain-suspends-service-as-estimated-100m-drained-in-exploit

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