Binance Coin Hack: BNB Price Falls Nearly 4% Due to Suspected Exploit

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Binance Coin hack: BNB has been seemingly stolen in a suspected hack. The exploit, rumored to be worth around $600m, has forced the BNB blockchain (BSC) to tweet a warning about “irregular activity.”

Due to irregular activity we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.

Thank you for your patience and understanding.

— BNB Chain (@BNBCHAIN) October 6, 2022

The tweet on the microblogging site said, “Due to irregular activity we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding.”

Binance Coin hack and decentralization

The suspected exploit of BNB has again raised the subject of centralized finance versus decentralized finance.

$600 million hack of BNB, and Binance has decided to halt BSC (Binance Smart Chain).

[De]Centralized finance.

— Dylan LeClair (@DylanLeClair_) October 6, 2022

The price of BNB has fallen 3.7% as the news of the exploit broke today.

Source

The exact type of theft is currently uncertain. However, the rumor mill is working overtime on Twitter. Many enthusiasts are crediting the hack to an “inside job” and say that the BNB was stolen from a smart contract.

Amateur Twitter detectives have also said that stablecoin Tether has blacklisted the suspected address. This could suggest Binance suspects an attack over something more harmless.

Binance have tried to quell fears by saying, “To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe.”

On-chain data highlights two withdrawals of 1 million BSC tokens. It seems that the attacker grabbed the crypto assets via cross-chains swaps, bridges, and borrows.

The decentralization vs centralization argument rages on.

Oh dang. Well, one of the few benefits of a more centralized chain I guess.

— David Wyly (Carc) #AllForOne (@CryptoCarc) October 6, 2022

This is a developing story and will be updated.

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The post Binance Coin Hack: BNB Price Falls Nearly 4% Due to Suspected Exploit appeared first on BeInCrypto.

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