Binance Chain Hack: $100M Worth BNB Swindled

• An estimated $100 million to $110 million were initially understood to be taken off the Binance smart chain.
• Blockchain bridges allow users to transfer tokens from one network to another.

A hacker exploited a vulnerability in the Binance Smart Chain (BSC) to steal an estimated $100 million to $110 million worth of cryptocurrency. The hacker was able to manipulate the BSC Token Hub, a cross-chain bridge that allows users to transfer tokens between different blockchains, to create 2 million BNB tokens out of thin air.

The hacker then transferred the stolen tokens to an address that they controlled. Binance was able to freeze the BSC network and prevent the hacker from transferring the funds off-chain. However, the hacker still managed to make off with an estimated $7 million worth of tokens.

The hack is the latest in a series of attacks on blockchain bridges. In recent months, hackers have stolen over $1 billion worth of cryptocurrency from bridges, including the Ronin Network and Horizon Bridge.

Blockchain bridges are a critical part of the cryptocurrency ecosystem, as they allow users to move their assets between different blockchains. However, they are also a potential target for hackers, as they often contain vulnerabilities.

The Binance Smart Chain hack is a reminder of the risks associated with using blockchain bridges. Users should be careful when using bridges, and they should only use bridges that are well-vetted and have a good security track record.