Binance Smart Chain halts after $100 million exploit, CZ says

Binance Smart Chain was halted on Thursday evening afterwards detect a “potential exploit”.

Binance CEO Changpeng “CZ” Zhao later confirmed the issue on Twitter, saying: “A farm on a cross-chain bridge, BSC Token Hub, resulted in additional BNB.” The affected BSC Token Hub is the cross-chain bridge between the BNB Beacon chain and the BNB chain, he added.

“The issue is contained now,” CZ wrote. “Your funds are safe.”

“This is an isolated issue on BSC,” a Binance representative said the fortune. BSC Hub and BNB Chain teams did not immediately respond to requests for comment.

CZ also pointed to a Reddit post detailing the exploit, which noted an initial estimate of stolen funds ranging from $100 million to $110 million, adding that about $7 million had been frozen of dollars

Cross chain bridge hijackers are extremely common. Case in point: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks this year alone.

Many on crypto Twitter also noted: “Bridges are weakness.”

CZ he said on Twitter that there is no rush to resume. “We give developers time to fully understand the root cause, implement the fixes, test them thoroughly, and then resume,” he wrote. “Let’s not rush now.”

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