Binance resumes operations after the $100M hack on the BSC chain

Binance Smart Chain suffered from a potential exploit of $100M - 110M resulting in a sudden halt of all services, including NFT. Now, the team has resumed operations on the chain again.

[{"selector":"#anim-73284ce7-da6a-41a1-9dd7-996451511123","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92dc6680-7786-47c0-a381-7c469bca91b4","keyframes":{"transform":["translate3d(0px, 122.70532%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

On Thursday, Binance detected suspicious activity within its BSC Chain, linked to the largest exchange. An attacker moved millions of dollars of crypto indicating a potential exploit.

[{"selector":"#anim-aadfd746-ae3d-4dfe-acd2-c53e48dc8dbe","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e131a96a-7462-4369-86c9-cbe7724281a7","keyframes":{"transform":["translate3d(-115.48388%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Resource: Twitter

Binance immediately halted its operations and contained all systems to ensure no further loss happens to users. The exchange is currently investigating what caused the exploit.

[{"selector":"#anim-3f001f0c-06b4-4ee2-987e-2eb02c05ac95","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-912ecb40-7939-4095-a16a-1dcc653db4fb","keyframes":{"transform":["translate3d(-116.44736%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-af27bc7c-8450-4f5a-8275-d17103c02569","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3b2ce94f-2ba7-45f7-9c12-1b1c8c9fd2a7","keyframes":{"transform":["translate3d(-116.29393%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] “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,” CEO Changpeng Zhao reported.

BSC Token Hub is basically the bridge between BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC) that attackers compromised and drained out $100M, which is a quarter of the last BNB Burn.

According to a Reddit post by Binance, the network along with the help of its internal and external security partners has frozen $7M from the exploit.

[{"selector":"#anim-6472bd31-7066-47e4-ab3f-cc49c6d29181","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19933f90-e40a-4bd5-ba63-6489377d788c","keyframes":{"transform":["translate3d(0px, 163.13423%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-b1750942-8adc-4218-8902-d80f255c53b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bcf2554b-a216-4631-8b3d-32f42c981469","keyframes":{"transform":["translate3d(-115.48388%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Binance thanked Hash, Neptune, TW Staking, BSCScan, Legend, CertiK, Figment, NodeReal, Namelix, and other node service providers for helping them freeze funds.

After a few hours, Binance announced they will suspend all NFT services from the BSC network temporarily. The NFT deposits and withdrawals on BSC and ETH networks are halted.

[{"selector":"#anim-2de99993-555b-4ed8-8060-d5972aeddd3d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-39fa0658-1e7c-4efe-89a7-5ef50e98295c","keyframes":{"transform":["translate3d(-117.76316%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-05acbaf2-81ab-4549-bc4f-7adf9d62aaa7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1f66424e-6579-4748-bac5-3f80b7ef746c","keyframes":{"transform":["translate3d(-115.48388%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Following the announcement, BNB coin prices dipped 4.08% and are currently trading at $283, based on CoinMarketCap.