

BNB Chain Pauses Activity After Attacker Makes Off With $100-$110M in BNB



BNB Chain assured users that their funds were safe after the exploit caused considerable concern in the community.
An exploit in the BSC Token Hub cross-chain bridge caused BNB Chain to pause late Thursday after an attacker nearly made off with $500 million worth of BNB. User funds remained safe as the attacker did not steal existing $BNB and instead created new tokens through an exploit.
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.
— CZ 🔶 Binance (@cz_binance) October 6, 2022
2 million BNB tokens were initially targeted by the attacker when they exploited the BNB Beacon Chain (BEP2) to BNB Chain (BEP20) bridge to create and then send themselves 1 million BNB twice.
The attacker evidently didn’t move the tokens off-chain fast enough, however, as BNB Chain froze all activity before the bulk of the tokens could be moved. Reports from researchers indicate that the attack began just after 6:30pm UTC.
Initial estimates are that somewhere between $100 to $110 million worth of tokens were moved to Ethereum, Avalanche, Fantom, and other chains, while about $400 million remained on BSC. BNB Chain updated the community saying that out of this sum, around $7 million had been successfully frozen.
The #BSC Bridge Hacks
— Ancilia, Inc. (@AnciliaInc) October 6, 2022
1/ Our first alert on 2022-10-06 18:37:59.181498, which shows the hacker drain a contract's fund over 99% and over $100M USD, from
0x489a8756c18c0b8b24ec2a2b9ff3d4d447f79bechttps://t.co/Jz3GUKUwmAhttps://t.co/srXrz3sHeD"
The hacker poorly executed the attack according to reports from community researchers on Twitter.
Unless they really wanted to long $ETH or pump DeFi markets, seems like a whitehat bounty could've been better r/r. They might only walk away with <20%
— GREEN JEFF (The Bread #9) (@jeffthedunker) October 6, 2022
The price of $BNB was impacted quickly by the attack, dropping by nearly 5% from $294 to $280 USD before recovering slightly to $286 as of writing.
BSC News is closely monitoring this situation and will be providing updates as more information is revealed.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News


Ether Futures ETFs Hit the Market: ProShares, VanEck, and More Offer Options

This marks the first-ever ETFs based on ether futures, following the introduction of the first bitcoin futures ETF two years ago.
Summary
- A range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched.
- These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
In a significant development for the crypto industry, a range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched. These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
Renowned for launching the first U.S. bitcoin futures ETF, ProShares leads the charge with the launch of the ProShares Ether Strategy ETF, along with two additional offerings that provide a blend of exposure to both bitcoin and ether. ProShares’ CEO, Michael L. Sapir, expressed optimism about the appeal of these crypto-linked ETFs to investors, stating, "We think that many investors who are interested in cryptocurrencies but are concerned about custody risks, or who are challenged by the learning curve and complexities required to buy them directly, will be attracted to our crypto-linked ETFs."
Bitwise also joined the fray with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
VanEck, a prominent asset manager, has also entered the arena with the VanEck Ethereum Strategy ETF. This ETF is designed to target capital appreciation by investing in ether futures contracts, providing investors with an alternative path to participate in the robust futures market centered around Ethereum.
Additionally, the VanEck Ethereum Strategy ETF has also entered the market, “designed to seek capital appreciation” through ether futures contracts. As highlighted by Kyle DaCruz, Director of Digital Asset Product at VanEck, these offerings provide a means for investors to tap into the robust futures market surrounding Ethereum.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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