Once again, crypto hacks are on the rise. This time around, the hackers have targeted Binance, the largest global cryptocurrency exchange. The alleged exploit of the BNB Chain has revived the issue of centralized versus decentralized money once more.
The theft of about $100 million worth of Binance Coin has exacerbated the cryptocurrency industry’s already a dismal year. BNB Chain consists of BNB Smart Chain and BNB Beacon Chain (BSC).
BNB Chain suspends operations after ‘potential exploit’
A Binance-backed blockchain BNB Chain representative estimates that between $100 and $110 million worth of digital tokens were implicated in the incident. At least $7 million in stolen cash have been frozen, according to the spokesperson. The BSC Token Hub bridge has been temporarily halted.
Initial token movements suggested that an attacker targeted up to two million BSC tokens on Thursday evening. However, the actual losses may be significantly less. Later, the BNB Chain tweeted from its Twitter account that they were temporarily suspending BSC due to unusual activities.
BNB Chain stated that it orchestrated a shutdown of the chain after identifying problems with the BSC Token Hub protocol, the clearinghouse for crypto transactions traveling…
