Don’t Call It A Hack: Crypto Reacts To The Binance Smart Chain Exploit And Halt
Was the Binance Smart Chain hacked? In the following article, you’ll find Changpeng Zhao’s exact words about the incident. Everybody else’s opinions, though, are about the halting of the chain. Most people are unaware of what Bitcoinist told you a year ago: the Binance Smart Chain is centralized and advertised as such. It’s not a […]
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Binance’s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is “temporarily paused,” according to the official BNB Chain Twitter account and Binance’s CZ. Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let’s take a look at the details we know thus far. Binance Bridge Can’t Avoid The ‘Bridge Problem’ One of the biggest issues around crypto vulnerabilities often seems to be....
Rumors of a significant hack on the BNB Chain were confirmed by the blockchain's team, with all deposits and withdrawals suspended on the network. BNB Chain (BNB) the blockchain of cryptocurrency exchange Binance, was paused on Oct. 6 due to what it states is “irregular activity” on the network with the team having determined a potential exploit.The official Twitter account of the BNB Chain announced the temporary pause, soon after adding it had found a possible exploit. Binance provided an update that the blockchain was “under maintenance” suspending all deposits and withdrawals.To....
Users now need to ask: how many more protocols are at risk? At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance’s smart contract platform, lost $31 million worth of BNB tokens. While the team initially claimed that they had been the victim of an exploit, they have since deleted all social channels, and due to the nature of the exploit some believe the team liquidated and pilfered user funds — a type of scam colloquially referred to as a “rugpull.” A fork of Ethereum-native yield vault protocol Yearn Finance, Meerkat was just a few hours old when the attack....