welp, some big corp in crypto got hacked in their own token, I heard it's a bridge hack that cost them 500 $m and it's not affecting much on bnb side, I mean sure the price got hammered down, but eh it's not that much isn't?
Binance able to stop the chain and that makes it's only 100m that goes to the off chain while the rest is still on chain and being halted by the nodes of binance chain. It's getting hammred but it's not too much. The only problem is how can cz will try to prevent the dump? i meant the hacker may convert it to the another token. It seems like bridge platform is very risky these days
Topic: BNB Blockchain hack! - page 2. (Read 409 times)
The Binance Smart Chain itself wasn't hacked but one of the smart contracts for one of their cross-chain bridges. These type of bridge hacks are quite common and have occured on various smart contract based blockchains.
The fact that CZ can just halt the blockchain shows the level of centralization on BSC. Even if it was for a benevolent cause there is no guarantee in the future that they won't freeze transactions due to government pressure or for some selfish reason. BSC has many benefits that make it a preferred choice for many projects to launch their tokens but it is unfortunate that censorship resistance and decentralization were sacrificed in favor of being a fast and low fee blockchain.
The fact that CZ can just halt the blockchain shows the level of centralization on BSC. Even if it was for a benevolent cause there is no guarantee in the future that they won't freeze transactions due to government pressure or for some selfish reason. BSC has many benefits that make it a preferred choice for many projects to launch their tokens but it is unfortunate that censorship resistance and decentralization were sacrificed in favor of being a fast and low fee blockchain.
According to this report by Bnbchain Corporation, the thief managed to mine 2 million BNB and withdraw them in different forms not only in the same currency bnb. And they were able to control the issue by communicating with the validators on the network, who number 44 around the world.
The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.
Great news, I know that CZ always has a way to handle it so that there is no loss for traders and investors because Binance will compensate for the loss, but if the wallet can be frozen then the supply will decrease because if 2 million bnb is successfully frozen it will have an impact like burning bnb at an amount 4x higher than the previous burn. The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.
welp, some big corp in crypto got hacked in their own token, I heard it's a bridge hack that cost them 500 $m and it's not affecting much on bnb side, I mean sure the price got hammered down, but eh it's not that much isn't?
According to this report by Bnbchain Corporation, the thief managed to mine 2 million BNB and withdraw them in different forms not only in the same currency bnb. And they were able to control the issue by communicating with the validators on the network, who number 44 around the world.
The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
At least the problem is quickly sorted out. Thanks to the cooperation and quick response of the validators and good leadership of CZ. I commend the action of CZ and the announcement of the bounty bug campaign to make BNB chains more stable and bug free. Rather than making hacker target the vulnerabilities, CZ makes it a bounty hunt to make good use of the talent of these hackers.
The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.
As expected of CZ, he always bears the responsibility for the hack and is always keen to compensate parties that are affected by the hack. This kind of incident gives more reputation to the BNB because of its quick response and taking responsibility for the incident.
... Just because something isn't hacked doesn't mean it's as secure as possible, just that hackers haven't discovered the vulnerabilities yet...
Nice comment, but this part is probably the best! I would just add "but they are working hard on finding those vulnerabilities", of course, the higher reward will attract more hackers who will make more effort in finding them!
Well, one thing is sure, Binance is handling pretty well with all the problems! They always come out with some explanations and plans for how the problem will be solved, they keep the community calm. One of the reasons why they are on top!
According to this report by Bnbchain Corporation, the thief managed to mine 2 million BNB and withdraw them in different forms not only in the same currency bnb. And they were able to control the issue by communicating with the validators on the network, who number 44 around the world.
The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.
The same article mentioned that the Foundation is studying the move to freeze these digital assets and that bounty bug campaign rewards of up to $1 million were allocated for each vulnerability reported (The thief in this case can earn extra millions) and about 10 percent of the stolen money if someone points to the hacker.
The CEO had announced that the platform will compensate the entire amount stolen and that the users' money is safe.
~
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
So you are certain that you need someone to hack and expose a security flaw to secure the architecture and if that is the case, there will be more hackers trying to exploit more holes in the system and with multiple hacks they can ultimately secure the architecture One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
.One thing evident with this hack is the decentralized nature of BNB where they were able to freeze and seize the hacked funds, so much revealing the control they have and the nature of decentralization
. 
It happened unexpectedly. But then it happened.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
This is not a blockchain problem, one of the bridges in the Binance smartchain ecosystem was hacked, so CZ decided to suspend transactions in the ecosystem to prevent the hacker from doing more harm to other projects.https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
Temporary Pause of BSC
https://www.reddit.com/r/bnbchainofficial/comments/xxjkpy/temporary_pause_of_bsc/
So much for decentralization. Its not that I'm happy BSC was hacked but a CEO pausing his blockchain doesn't sound really cool all because they were hacked. Is he going to let everyone suffer not to make transaction?
Tether also froze 6.5M USDT that was associated with this attack. They are probably tracing all these tokens to be recovered, kinda like a dragnet.
If the blockchain is stopped, then it is no longer a blockchain, but centralized shit. Although it is no secret that 21 binance blockchain validators are affiliated with binance
https://bscscan.com/validators
This proves once again that no matter how many audits a smart contract undergoes, whoever is behind its development and maintenance, it can still be hacked. All those DeFi, cross-chain bridges, liquidity pools, etc., they're all vulnerable. Just because something isn't hacked doesn't mean it's as secure as possible, just that hackers haven't discovered the vulnerabilities yet. There is no full value protection, if you interact with smart contracts, whether it is ETH, BNB, Solana, etc., you have to be prepared for the fact that there might be a hack.
This is proof that all this technology is nothing but buggy. Even Binance who hires the best programmers managed to code something full of bugs. That's why almost every month we get some 9-10 figure hack happening.
This is a message for those never too keep too many funds in anything which is pretty much run by smart contracts. Because usually there is some undiscovered bug and usually your entire balance can get depleted.
This is a message for those never too keep too many funds in anything which is pretty much run by smart contracts. Because usually there is some undiscovered bug and usually your entire balance can get depleted.
It happened unexpectedly. But then it happened.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
Yes they were recognize of the hack very quickly. As a result their losses are reduced. Hackers stole $110M. But if they were unable to understand the matter in time, there was a risk of huge losses. This is a warning to all. Although it his no any major impact on BNB because when it is happened as soon as CZ informed everyone by his tweet. I think it was a good declension by him. https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
BNB block chain has been hacked. All users have been warned by CZ's official twitter account and told that users' funds are safe. You don't need to stress about CZ himself and his team hacking. For further updates, you all can visit CZ's official twitter. You can view the account. BSC Blockchain Now pause until any New Update About Hacking
The main thing about the story of this hack is that nobody cares about decentralisation now. Before they stopped the Solana blockchain, now they stopped the BNB blockchain and froze the stolen coins. On the one hand it is good that funds are saved, but on the other hand it shows that any one of us can lose your coins if just one person decides to do so.the question that will be asked is whether blockchain is still safe? I myself am now very careful about storing assets, and it is better to store them in a hardware wallet.
I think people should aware.
The hack is not the chain, is the bridge so completed different. Sometimes people are to paranoid and scared about the hack news while they're not reading the fully news. Keep in mind, hacker is always targeting
- Exchange
- Bridge
- Smart-contract of some project
They never can't hack the network, but they can targeting hacked on third service parties.
The hack is not the chain, is the bridge so completed different. Sometimes people are to paranoid and scared about the hack news while they're not reading the fully news. Keep in mind, hacker is always targeting
- Exchange
- Bridge
- Smart-contract of some project
They never can't hack the network, but they can targeting hacked on third service parties.
It happened unexpectedly. But then it happened.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
2 mln BNB stolen - 600 mln $ - official announcment - https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/
BSC will vote if stolen founds should be frozen.
https://twitter.com/lorem___/status/1578206162494685185
Another 60 ETH stolen by, seams to be, the same hakers by rugpull "BNBHACKINU" token.
BSC is still working perfectly during the hack. That's a bug from the bridge. To be honest i don't like we have so many bridge to be exist in the market. I just know how centralized BSC blockchain. CZ can stop it anytime as he want. It seems like that all of second layer blockchain were also centralized as BSC. It seems like that cz has been taking an action to prevent hacker. A big surprised to see that news.
BNB block chain has been hacked. All users have been warned by CZ's official twitter account and told that users' funds are safe. You don't need to stress about CZ himself and his team hacking. For further updates, you all can visit CZ's official twitter. You can view the account. BSC Blockchain Now pause until any New Update About Hacking
It is written in my wallet. As far as I know from this, and has tweeted about it on BNBCHAIN, you can see it and know the details.
And seeing this, many people mentioned the 2m BNB hack.
Due to irregular activity we're temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.
Thank you for your patience and understanding.
BNBCHAIN
Well it was on the binance smart chain and hacker would have found a vulnerability to exploit it.
Security of binance is pretty good though. Since users funds are safe, this news hasn't made much of a panic among the people.
Binance has handled the situation by halting the binance smart chain which is against decentralization but if not done so then the hacker would have stole more.
If this doesn't happen again then good because this is the second time a hack has happened in the binance ecosystem.
The third one might send a negative signal around the people.
Security of binance is pretty good though. Since users funds are safe, this news hasn't made much of a panic among the people.
Binance has handled the situation by halting the binance smart chain which is against decentralization but if not done so then the hacker would have stole more.
If this doesn't happen again then good because this is the second time a hack has happened in the binance ecosystem.
The third one might send a negative signal around the people.
It happened unexpectedly. But then it happened.
https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
This is not a blockchain problem, one of the bridges in the Binance smartchain ecosystem was hacked, so CZ decided to suspend transactions in the ecosystem to prevent the hacker from doing more harm to other projects.https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/
One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.
Temporary Pause of BSC
https://www.reddit.com/r/bnbchainofficial/comments/xxjkpy/temporary_pause_of_bsc/
So much for decentralization. Its not that I'm happy BSC was hacked but a CEO pausing his blockchain doesn't sound really cool all because they were hacked. Is he going to let everyone suffer not to make transaction?
Tether also froze 6.5M USDT that was associated with this attack. They are probably tracing all these tokens to be recovered, kinda like a dragnet.
Jump to: