Binance Hacked For 2 Million BNB

Another major hack occurred in the crypto space, as the worlds biggest cryptocurrency exchange by trading volume was recently targeted. By exposing a vulnerability on the cross-chain bridge, hackers reportedly drained 2 million BNB, the Binance network&39s native token, which resulted in a loss of $570 million.

The initial report stated that the estimated losses were about $100 million, but this figure quickly increased as aforementioned. The hack occurred on a cross-chain bridge, where users transfer digital assets from one blockchain to another, according to Binance CEO and Co-Founder, Changpeng Zhao.

The hackers had apparently created 2 million BNB tokens out of thin air by exploiting a vulnerability in the Binance Bridge to send themselves one million BNB tokens twice in a row. The hack occurred due to a bug in the smart contract, which allowed the individuals responsible to forge transactions and subsequently transfer funds into their respective wallets.

As a result of the hack, all validators were requested to temporarily suspend BSC (Binance Smart Chain), which helped to keep the problem under control. When BSC discovered what had transpired, it immediately shut down the entire blockchain, and validators reportedly acted quickly to contain the issue.