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Hackers Made Off with $570 Million Worth of BNB Token

CNBC | Ryan Browne | Oct 7, 2022

Binance BNB hack - Hackers Made Off with $570 Million Worth of BNB TokenCryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token:

  • Binance said late Thursday a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network.
  • The company said it had worked with network validators — entities or individuals who confirm transactions on the blockchain — to pause creation of new blocks on BSC, suspending all transaction processing while a team of developers investigates the breach.
  • "The issue is contained now. Your funds are safe. "  BNB Chain has since resumed operations.
  • Smart contract bug: The hack was caused by a bug in the bridge’s smart contract that allowed hackers to forge transactions and send money back to their crypto wallet, according to crypto security firm Immunefi.

See:  Caution: Binance Chain Red Alarm System Flags 50 New Projects as Potential Scams

It is the latest in a series of major hacks targeting cross-chain bridges, with instances of sloppy engineering making them a prime target for cybercriminals.  Adrian Hetman, tech lead of the triaging team at Immunefi:

As with many bridge designs, there is one central point that holds most of the funds that are moving through the bridge.  Ultimately, the Bridge was tricked into giving funds from that contract.

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