3/7/2023 0 Comments Binance bnb![]() For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets. BNB powers the Binance Chain as its native chain token.Designed to be used for fee reduction on the Binance exchange, its scope was extended over the years. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Onchain Data Shows FTX US Paused ETH Withdrawals for 2 Hours, Users Complain of Withdrawal ErrorsĬrypto.BNB powers the Binance ecosystem and is the native asset of Binance Chain.īNB powers the Binance ecosystem and is the native asset of Binance Chain. Russian IT Firms Lobby for Crypto Payments in Software Exports The exploit has been a topical conversation on social media sites like Reddit and Twitter since the Bnb Smart Chain bridge exploit was first noticed. S ome Redditors questioned the veracity of the numbers stemming from the Bnb Smart Chain exploit Reddit announcement, and others criticized the BNB chain’s decentralization. “However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen.” “Initial estimates for funds taken off BSC are between $100M – $110M,” the Reddit post explains. We apologize for the inconvenience and will provide further updates accordingly.”īnb Smart Chain’s team explained on Reddit that the estimate for the exploit loss is around $100 to $110 million. “We have asked all validators to temporarily suspend BSC. “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB,” CZ said. (ET), Binance CEO Changpeng Zhao, commonly known as “CZ,” tweeted about the affair. “With overcollateralized borrows, they may get $100mm max.”Īt 7:51 p.m. They have around $45 million in on mainnet, another $20 million in bridges (Avalanche and Fantom official),” Green Jeff tweeted. “The attacker’s next moves will probably pull out of bridges back to mainnet and then. At the end of the thread, he noted that the attackers may get around $100 million when all is said and done. The Twitter account operated by Green Jeff Capital summarized the situation. “The team has just announced a temporary pause of Binance Smart Chain. “Several hundred million dollar BNB hack reported,” Will Clemente tweeted on Thursday. “Before the hack, the Bnb bridge exploiter registered as a relayer for this bridge,” one person wrote. We want to thank all node service providers for their quick and attentive response.Īt the time of writing, there’s a lot of speculation surrounding the attack. We know the Community will assist and help freeze any transfers. All systems are now contained, and we are immediately investigating the potential vulnerability. To confirm, we have suspended BSC after having determined a potential exploit. The official Bnb Smart Chain Twitter account added: Thank you for your patience and understanding,” the account said at 6:19 p.m. We apologize for the inconvenience and will provide further updates here. “Due to irregular activity, we’re temporarily pausing BSC. ![]() ![]() Through the official Bnb Smart Chain Twitter account, the team announced the chain pause. Reports further noted that “Tether blacklisted the account” and it pushed Binance to pause the entire chain. dollar during the last 24 hours following an alleged cross-chain bridge attack that saw around two million BNB worth $600 million siphoned. The crypto token BNB is down 4% lower against the U.S. The Bnb Smart Chain team detailed on Reddit that funds “taken off BSC are between $100M – $110M.” Bnb Smart Chain Temporarily Pauses Amid Hack Rumors Sources say that more than $600 million in Bnb tokens were reportedly stolen from the chain’s cross-chain bridge. (ET), the official Twitter account for the Bnb Smart Chain explained that the team was temporarily pausing the blockchain, after citing that it noticed irregular activity.
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