Binance Hacked: Here’s How It Happened

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Hackers stole $570 million from Binance-linked blockchains. The largest cryptocurrency exchange had to temporarily suspend the operation of its Binance Smart Chain after being exploited. The price of Binance Coin (BNB) has also fallen notably since the hack, down 3.5% in the past 24 hours. At the time of writing, it is trading at $281.

Binance Hack
Binance lost over $100 million in crypto

According to Binance’s BNB Chain blog, on Oct. 6, hackers stripped the network of 2 million BNB tokens, equivalent to about $570 million at current prices. Binance co-founder and CEO Changpeng Zhao said the exploit occurred on the cross-chain bridge BSC Token Hub, resulting in additional BNB tokens being created out of thin air. Cross-chain bridges allow users to port their digital assets from one blockchain to another. BSC Token Hub is a bridge between BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). The exchange asked validators to suspend the network, and Zhao confirmed that users’ funds were safe.

Binance is a cryptocurrency exchange that represents the largest trade volume of any exchange in the world.

Launched in July 2017, Binance is the world’s largest cryptocurrency exchange by daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of global financial activity. The idea behind the Binance name is to showcase this new paradigm of global finance – binary finance or Binance.

Not only is Binance the largest cryptocurrency exchange in the world, but it has also introduced a complete ecosystem of functionality for its users. Binance Network includes Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, all harnessing the power of blockchain technology to bring a new era of finance to the world. BNB is an important part of the successful operation of many Binance sub-projects.

The binance smart chain is a decentralized application that supports trading and clearing of blockchain assets.

Binance Smart Chain allows the world’s largest cryptocurrency exchange to open its doors, allowing developers to build applications using smart contracts based on Binance’s own tokens. Binance launched its new chain in September 2020, at a time when the cryptocurrency industry was seeing widespread interest in decentralized finance projects.

Binance Blockchain, also known as BNB Chain and Binance Smart Chain, has rarely suspended transactions and fund transfers after discovering a vulnerability affecting the BSC Token Hub cross-chain bridge. These bridges are designed to facilitate the transfer of assets from one independent blockchain to another.


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