Binance Smart Chain Halted Due To Potential Hack

Bitcoin_Arena

copper member

Activity: 2128

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฿itcoin for all, All for ฿itcoin.

Quote from: hugeblack on October 07, 2022, 02:22:25 AM

What amazes me is that this news does not affect the price.
The price hasn't gone down much, although news like this says two things:

Pretty sure Binance played a big role in making sure the price didn't dump Grin

I have noticed BNB in particular during market dumps, it doesn't dump that hard compared to all top coins, which means there is something fishy going on behind the orderbooks for it's trading pairs.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: dkbit98 on October 07, 2022, 10:27:03 AM

All other shitcoin blockchains are not decentralized and they had a bunch of down times, especially solana is known for this, and people still use them Roll Eyes

I can't believe that I saw some people in this forum praising CZ and Binance for quickly stopping their blockchain...

Thing is that an average crypto "enthusiast" doesn't really care about decentralization, "be your bank" thing & similar stuff, and those people are huge majority. As a matter of fact, I think that people even prefer to have someone over their head who can halt the blockchain and sort similar exploits, which is confirmed by people applauding BSC people how they handled the situation.

Quote from: dkbit98 on October 07, 2022, 10:27:03 AM

Nothing strange when you know that he and his buddies are holding most of the coin supply, and nobody can sell anything when network is not working.

You said it yourself, you saw people applauding how CZ handled the situation, and that's the opinion of vast majority of people so that's another reason why price hasn't moved much. As a matter of fact, in the last 24 hours BTC went down more than BNB (2% vs 0.8%) and that says a lot.

TryNinja

legendary

Activity: 2758

Merit: 6830

PSA:

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.

dkbit98

legendary

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Merit: 7064

Quote from: hugeblack on October 07, 2022, 04:40:37 AM

So Bitcoin is the only blockchain that have more than 99.99% up time?!

Correct, and it is not only applying for blockchain, it's the only network in the world that is up 99.98% of the time for more than 3489 days!
All other shitcoin blockchains are not decentralized and they had a bunch of down times, especially solana is known for this, and people still use them Roll Eyes

I can't believe that I saw some people in this forum praising CZ and Binance for quickly stopping their blockchain...

Quote from: hugeblack on October 07, 2022, 04:40:37 AM

So far, I am surprised that the price has not reacted to the news.

Nothing strange when you know that he and his buddies are holding most of the coin supply, and nobody can sell anything when network is not working.

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: Apocollapse on October 07, 2022, 04:10:23 AM

-snip-

Even though CZ gave all token owners with the assurance, but it doesn't stop a potential hacking where the hacker can access all of their coins and convert it to privacy coins. In this case there's no way CZ can recover clients coins and we will see Binance will bankrupt just like Mt.Gox.

CZ controls the network, changes the protocol (as recently), has many connections to several services in the ecosystem, just imagine if it is possible to blacklist hacker addresses by all services, hackers can do nothing. However, paranoia must be placed on the mind of the holder anyhow for the future.

Quote from: hugeblack on October 07, 2022, 04:40:37 AM

-snip-
So far, I am surprised that the price has not reacted to the news.

CZ quickly "safeguards" followers' negative assumptions even though they actually have a lot to lose, it was done in the early hours of the morning before the news media messed up.

Quote from: https://twitter.com/cz_binance/status/1578190677241778177

Full transparency, I was asleep (yes, I sleep). By the time I was woken up at 3AM, the community of validators had already paused. I just did the tweeting. The community & team did all the work.

hugeblack

legendary

Activity: 2702

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Quote from: Asiska02 on October 07, 2022, 03:03:23 AM

Updated:

So Bitcoin is the only blockchain that have more than 99.99% up time?!
I imagine that many will be happy because their money was returned to them without looking for the reason for this "Potential Hack" or the steps that have been taken to ensure that it does not happen in the future.

So far, I am surprised that the price has not reacted to the news.

Apocollapse

hero member

Activity: 1148

Merit: 796

Oh no another user who attach a big images, please use "width=500" to resize the image.

Even though CZ gave all token owners with the assurance, but it doesn't stop a potential hacking where the hacker can access all of their coins and convert it to privacy coins. In this case there's no way CZ can recover clients coins and we will see Binance will bankrupt just like Mt.Gox.

With this news, it's remind for the clients to not trust anything about Binance (exchange, coins and chains) since you can't know what the future would be.

Asiska02

hero member

Activity: 1008

Merit: 702

Quote from: Asiska02 on October 07, 2022, 12:07:32 AM

Binance Smart Chain was put on hold. Following the discovery of a "possible exploit" on Thursday evening.

Updated:

Deposits and withdrawals of BNBCHAIN on Binance are now fully operational and back online. Changpeng Zhao, CEO of Binance, gave all token owners the assurance that their money is secure.[/list]

hugeblack

legendary

Activity: 2702

Merit: 4002

What amazes me is that this news does not affect the price.
The price hasn't gone down much, although news like this says two things:

- BSC is flawed and its flaws could be exploited further if undetected.
- BSC is centralized and Binance can request all validators to temporarily suspend BSC.

However, you will find that more people trust them for nothing but lower fees.

Rikafip

legendary

Activity: 1722

Merit: 5937

Don't worry, your funds are SAFU. Cheesy

That part of the CZ tweet about "asking all validators to temporarily suspend BSC" reminded me of the meme that perfectly explains BSC and how decentralized it actually is.

Asiska02

hero member

Activity: 1008

Merit: 702

Binance Smart Chain was put on hold. Following the discovery of a "possible exploit" on Thursday evening.

Initial token movements suggested that an attacker targeted up to two million BSC tokens late on Thursday, although actual losses may be substantially lower. BNB Chain stated in a tweet that $7 million had already been frozen despite estimating that $100 to $110 million in assets had been removed off the chain.

Binance CEO Changpeng “CZ” Zhao later confirmed the issue on Twitter, saying “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”

https://twitter.com/cz_binance/status/1578171072067031042?s=46&t=BbwgnV5FhWvrK6AUVeuCrg

https://twitter.com/watcherguru/status/1578153617403805696?s=46&t=BbwgnV5FhWvrK6AUVeuCrg

https://www.coindesk.com/business/2022/10/06/binance-linked-bnb-price-falls-close-to-4-on-hack-rumors/%3FoutputType%3Damp

https://www.cointelegraph.com/news/bnb-chain-confirms-bsc-halt-due-to-potential-exploit/amp

Topic: Binance Smart Chain Halted Due To Potential Hack (Read 135 times)