Binance Smart Chain halts after $100 million exploit, CZ says

Binance Good Chain paused on Thursday evening soon after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later verified the issue on Twitter, declaring, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB.” The BSC Token Hub impacted is the cross-chain bridge involving the BNB Beacon Chain and the BNB Chain, he included.

“The issue is contained now,” CZ wrote. “Your cash are secure.”

“This is an isolated situation on BSC,” a Binance agent told Fortune.

CZ also pointed to a Reddit post with more particulars of the exploit, which mentioned an initial estimate of resources stolen ranging from $100 million to $110 million, introducing that an estimated $7 million experienced been frozen.

In reaction to a request for comment, the BSC Hub and BNB Chain groups referred Fortune to the Reddit post cited by CZ.

Cross-chain bridge hacks are really frequent. Scenario in issue: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this 12 months.

Lots of on crypto Twitter also pointed this out: “Bridges are the weak point.”

CZ said on Twitter that there isn’t a rush to resume. “Let’s give the devs time to entirely understand the root bring about, put into action the fixes, take a look at them totally, and then resume,” he wrote. “Let’s not hurry it now.”

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