Overall, the cumulative market capitalization of all crypto assets has seen $15 billion gone in a day and is down to $950 billion on CoinMarketCap. Tron, Uniswap, and OKB are among the few exceptions with insignificant gains. Thanks for subscribing, you will get your first report in the next hours! These include Ethereum, Ripple, Cardano, Solana, Dogecoin, Polkadot, and Shiba Inu. Most of the larger-cap alts are with slight losses as well. Despite recovering some ground to $285 as of now, BNB is still 4% down on the day. The asset dropped from $293 to $278 minutes after the attack became public. Initial reports claimed that the attacker managed to steal roughly $600 million worth of BNB.Īlthough BNB Chain’s official Twitter page indicated that the network has been resumed, the native token that supports it – BNB – has suffered the most from the larger-cap alts. BNB Drops as BNB Chain Gets ExploitedĪrguably the biggest news in the cryptocurrency space yesterday came when Binance announced halting the entire Binance Smart Chain following an exploit. Most other larger-cap alts are also with slight declines, and the crypto market cap has settled at approximately $950 billion. That’s up from $1.2 billion the same time a year earlier.While bitcoin continues to trade around the coveted $20,000 line, Binance Coin is among today’s worst performers following yesterday’s hack against the BNB Chain. Chainalysis Inc., a venture-backed blockchain analytics startup, estimates that about $1.9 billion was stolen between January and July through cyberattacks targeting cross-chain bridges. BNC Chain currently has 44 validators.Ĭyberattacks against cross-chain bridges have become more common over the past few quarters. Additionally, it plans to add more validators, the term for the organizations or individuals tasked with verifying transactions on a blockchain. “We apologize for the inconvenience and will provide further updates accordingly.”īNB Chain will roll out a new “governance mechanism” to prevent similar cyberattacks from happening in the future. Your funds are safe,” Binance founder and Chief Executive Officer Changpeng Zhao tweeted on Thursday. Most of the remaining funds currently remain in the hackers’ cryptocurrency wallet, while about $100 million is “unrecovered,” according to Binance. The company reportedly managed to freeze $7 million of the funds stolen by the hackers. In response to the breach, Binance temporarily paused transaction processing on the BNB Chain. The hackers reportedly didn’t steal user funds, but rather used the smart contract feature to mint 2 million new BNB coins. A smart contract is a software tool that makes it possible to carry out transactions automatically without manual input. The security flaw that the hackers used to carry out the cyberattack was reportedly found in the cross-chain bridge’s smart contract feature. BEP2 defines a set of technical standards for implementing and issuing digital assets. It connects the BNB Chain with the BNB Beacon Chain, a similar blockchain that makes it possible to carry out transactions using the BEP2 digital asset technology. The cross-chain bridge that hackers targeted in the breach is known as the BSC Token Hub. A cross-chain bridge is a technology that allows users to transfer cryptocurrency, other digital assets and data between two different blockchains. The hackers stole the cryptocurrency using a security vulnerability in a cross-chain bridge connected to the BNB Chain. BNB has an estimated market capitalization of more than $45 billion.īinance disclosed late Thursday that hackers had stolen 2 million BNB coins, worth about $570 million, from the BNB Chain. In 2019, the company launched a blockchain called BNB Chain and a cryptocurrency, BNB, that runs on the blockchain. Hackers have stolen cryptocurrency worth about $570 million from BNB Chain, a blockchain created by cryptocurrency company Binance Holdings Ltd.īinance operates a popular cryptocurrency exchange that ranks as the world’s largest by trading volume.
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